By Danish Yasin
The inception of blockchain-based solutions has made profound changes to the financial sector. While centralized platforms have rapidly gained ground, owing to their first-mover advantage, Satoshi’s original idea behind a peer-to-peer payment system has finally started to take off with the advent of decentralized finance (DeFi).
Today, the total value locked in DeFi has exceeded $50 billion, representing a significant shift away from centralized platforms.
PhoenixDAO is one such platform that is facilitating individualized decentralized transactions.
Overview of PhoenixDAO
PhoenixDAO is a community-led, decentralized platform that is reinventing digital identity across the world by deploying tailor-made solutions. The platform was developed to cater to the specific requirements of modern users while facilitating the Web 3.0 app. It will operate through a Decentralized Autonomous Organization (DAO).
The ecosystem comprises protocols in the areas of identity and authentication. However, to penetrate the world of DeFi, the team has built an exclusive payment system called PhoenixDAO Payments.
PhoenixDAO Payment System – Facilitating Quick Payments
PhoenixDAO Payments is a collection of open-source smart contracts deployed on the Ethereum blockchain. A combination of PhoenixDAO’s Identity management and payment protocol puts anyone implementing it naturally ahead.
An example of this is what Numio is building leveraging PhoenixDAO protocols. The payment solution from Numio is intended to allow users to utilize their debit card (at a future point in time) for making payments at stores and currently facilitates quick and efficient peer-to-peer, peer-to-business, and business-to-business transactions.
PhoenixDAO Payments uses specialized Phoenix Authentication and Identity protocols to secure each payment occurring within its network.
Numio: Phoenix’s First Use Case
Numio is a non-custodial Ethereum-based mobile wallet/app that facilitates quick and inexpensive transfers within ERC-20 tokens. The platform uses zkRollups for instant payments P2P (peer-to-peer) and will support point of sale (PoS) payments.
Recently, the wallet has integrated with PhoenixDAO to add support for PHNX tokens to the platform, both as a means of payment and utility. With this integration, Numio users will be able to transfer PHNX tokens to become eligible for cashback rewards. Additionally, customers paying with PHNX at supported stores will receive a fee discount.
Furthermore, as part of a long coming relationship, Numio has agreed to spend part of the revenue generated from KYC/AML in-app to buy PHNX tokens from the secondary markets, which will then be staked for a full year. The instant rewards from staking the tokens will be donated to the Foundation to support growth.