Author: Emre Gunen
PlatON is committed to becoming the "VISA of Web3" and building an open global payment infrastructure.
The shift from Web2 to Web3 in the financial sector presents a huge market opportunity, similar to the shift from web applications to mobile applications a decade ago. The global Web3 market is expected to reach $5.5 trillion by 2030, further highlighting its potential.
Experts believe that attracting retail users to blockchain and its ecosystem through payment infrastructure is key.
Although blockchain technology is revolutionary in financial infrastructure, the current decentralized payment model has not yet met the complex needs of the business world. Therefore, creating an open payment network system similar to VISA may help to easily achieve the transition from Web2 to Web3.
Tokenized open payment system
PlatON is an open financial infrastructure initiated and promoted by the LatticeX Foundation, dedicated to providing stability and performance that can match the traditional financial system. The platform builds a trustless digital economic system through its infrastructure, covering payment and clearing systems.
PlatON provides Internet basic protocols with computing interoperability. Source: PlatON
PlatON relies on verifiable computing and blockchain technology to ensure the security and accessibility of data. The market platform it builds not only promotes the flow of global data and the sharing of algorithms, but also realizes peer-to-peer (P2P) computing resource sharing. PlatON also supports the development of artificial intelligence by providing a large and compliant data channel, contributing to the construction of a future driven by a trustless digital economy.
In order to break the barriers between Web2 and Web3, PlatON launched the Web3.0 payment and clearing system TOPOS (Tokenized Open Payment Operating System), which helps financial institutions link to real-world assets (RWA) through Tokenized Money and builds a global open payment and clearing system for Web3. TOPOS is similar to Visa/Mastercard, which does not directly provide payment services, but sets standards for payment behaviors on the underlying blockchain.
TOPOS has established a framework for transaction management without direct processing, similar to Visa. Source: PlatON
Users can mint their own "MONEY" in Web3, a process that securely completes controlled value transfers at three levels: value locking, payment logic, and authorization mechanisms. Merchants can hold Web3 assets in a non-custodial manner and rely on acquiring institutions, wallet services, and tokenization institutions to complete payments and value exchanges.
The path to fully decentralized payments
PlatON has launched key products such as TOPOS MINT and TOPOS RemiNet to enhance system functionality. TOPOS MINT ensures compliance with regulatory standards and supports the full token life cycle, while TOPOS RemiNet provides efficient and low-cost cross-border remittances with real-time transaction processing capabilities.
In addition, the TOPOS full-chain acquiring payment system supports multi-currency digital transactions around the clock, ensuring secure and instant payments on the PlatON blockchain. The system supports innovative payment methods such as QRPAY, a payment method that uses QR codes, and the ZKPAY model that uses zero-knowledge proofs for payment verification.
By developing supported application scenarios, PlatON provides financial institutions with a secure, efficient and flexible way to issue and manage digital assets. By implementing advanced asset tokenization capabilities, PlatON promotes financial innovation and provides users with a more convenient cross-border payment and multi-currency transaction experience.
Digital currency as a new payment tool
Based on TOPOS, PlatON has made some key achievements in the construction of its Web3 infrastructure. Singapore DCS Card Centre is the first heavyweight financial institution client to sign up with PlatON, and is the first to launch the payment token DUSD on the PlatON network. PlatON has also expanded its acquisition and acceptance service scope by cooperating with third-party payment service providers such as All IN Pay and dtcpay. In addition, PlatON and TradeGo successfully piloted the triggering of digital currency payments through electronic bills of lading, verifying that the combined application of blockchain electronic bills of lading, digital currency and smart contracts can optimize the international trade payment process and significantly reduce transaction costs.
Looking ahead, PlatON is focusing on enhancing its technological foundation and ecosystem to increase the capacity, efficiency and security of payments and transactions.
As the financial industry embraces Web3 technology, it is on the cusp of a major transformation that promises more transparency, decentralization, and user empowerment. This change not only improves the efficiency of cross-border transactions, but also opens up new avenues for users to adopt digital currencies as a standard payment method.
