CoinPOS Activates Cryptocurrency Value, Leading the New Mobile Payment Trend
Since the birth of Bitcoin, the two concepts of cryptocurrency and block-chain have been tightly tied together, but the current hot speculation seems to obscure the true value of cryptocurrencies. Most of the block-chain-based applications only stay on the surface, which obviously cannot extend the life cryptocurrency. This is confirmed by the sharp drop in the cryptocurrency at the end of 2018. Only when the cryptocurrency is conveniently used for daily payment, its value can be presented longer and more completely. CoinPOS (http://www.cpos.pro/) will not only support offline payment of physical, but it is also available to “buy” other encrypted digital assets through the CoinPOS system.
With the further popularization of the blockchain concept and the evolution of the Internet, offline payment under cryptocurrency is nothing new. In some countries and regions where cryptocurrency is more popular, simple scenarios of offline payment have emerged, such as in Singapore. For example, some cafes already support bitcoin payments, but because the operation process is cumbersome, and the transaction fee is high, and there is no unified platform, scale benefits cannot be formed. According to statistics, there are only 14,000 merchants accepting bitcoin payments, and there are 40 million cryptocurrency holders worldwide, not to mention that offline payments only take less than a tiny part of cryptocurrency payments. As its name “CoinPOS” implies, it is the POS machine for Coins, which is a credit card machine that supports cryptocurrency. CoinPOS has released its own token CPOS. The entire operating system includes a POS machine, PASS card, and CPOS digital wallet. The relationship between the three is a bit like the UnionPay payment system we use today.
CPOS unifies the payment standard and can realize the exchange of multiple currencies.
Based on blockchain technology, CoinPOS has developed a two-dimensional code standard and a new communication protocol for face-to-face micro-payments. It supports an offline generation of payment QR codes even if users are not connected to the network. The transaction can be completed quickly. In addition, according to the flexible Token management mechanism, CoinPOS can realize most of the equity authentication functions with the support of the basic hardware facilities, and support the free exchange of multiple currencies.
Operation time will be significantly shortened by scanning or swiping the card.
User’s access threshold has been lifted by the Internet, while at the same time the user’s time concept has been strengthened. The reason why cryptocurrency can be popular as a means of payment in the future is not only because of its security, but also the less operating time. The reason why QR code scanning is fast because the QR code itself contains less information, i.e. only the ID is necessary to match the user identity and complete the payment. The blockchain itself has anonymity, and the amount of information contained in the current cryptographic QR code is much higher than that contained in the ordinary two-dimensional code, so the scanner needs to process more information in the scan code. The CoinPOS offline payment function compresses the information contained in the two-dimensional code by using an encryption algorithm, so that the payment code is as small as possible, thereby shortening the operation time.
The transaction fee will be extremely low or zero.
Each CoinPOS device is equivalent to one node. Before the CPOS public chain is developed, all ERC20 cryptocurrencies can be used on CoinPOS. The developer’s digital wallet can be docked to the CPOS API first, and then generate smart contracts on the platform. Individuals can use it. Different countries or regions can set different transaction fees according to actual conditions. Wallet payment can be used within the period of a smart contract.
Due to the large fluctuations of the cryptocurrencies, users can choose CPOS as a relatively stable intermediate currency to exchange with others, and directly consume the CPOS stored in the digital wallet or PASS card. The entire micro-payment process will become very easy, and users can set the maximum amount they are willing to pay directly. The merchant can charge the user fee by scanning the QR code. The handling fee is borne by the user. There are no transaction fees generated when consuming the CPOS stored in the digital wallet or PASS card.
The CPOS service allows digital wallet developers to access existing users and gain access to many of the cryptocurrency pioneers who use cryptocurrencies in real life.
The size of the users is directly proportional to the size of the merchants who support CoinPOS system as a means of payment. Once the offline payment reaches a certain size, the problems such as transaction costs, privacy protection, payment fraud, remittance delays, and accounting of cryptocurrency may be thoroughly solved.
Within 5 years, the number of cryptocurrency holders will exceed 1 billion. By then, cryptocurrency will appear in all aspects of people’s lives, and the true value of the blockchain will finally be realized.