Special Announcement goes here!
PsiFi is proud to unveil its latest innovation: Psift (Psi Finance Transfer — pronounced ‘sift’) — at psift.com. You can sign up today for early access. Note: This is the same signup as psifi.app.
The psift app which has just been completed in private Alpha, is set to transform the way people send and receive value (money), making cryptocurrency transactions as simple and seamless as ever. With psift, we are finally able to build on the rails that fintech was dreaming of decades earlier. Our goal is to improve the payment UX to meet the level of innovation and revolution brought by blockchain technology.
Psift is akin to an “intents-based payment” app or even more broadly an “intent-based value transfer” system: just specify the value going from Person A to Person B, and it transfers effortlessly, automatically, in your preferred currency specified ahead of time.
Are you an ETH maxi? Fine. Only holding Solana? That’s cool too. Only believe in BTC? Great. It doesn’t matter.
Psift is PsiFi’s groundbreaking solution that abstracts all the complexities of cryptocurrency transactions, allowing users to send value effortlessly. Whether it’s $20 or any amount in local currency, by psifting, Person A can send money to Person B without worrying about the intricacies of tokens or networks.
PsiFi’s advanced backend technology takes care of all the complicated processes involved in crypto transactions. When a user initiates a transfer, they simply input the amount they want to send, in their local currency. Our system automatically handles the conversion, selects the optimal token and network, and completes the transaction securely and efficiently. The recipient receives the exact value sent, without any additional steps or confusion.
Psift eliminates the barriers that often deter people from using cryptocurrency for everyday transactions. It’s incredibly easy to send and receive money.
Merchants can benefit from reaching a broader customer base and reducing barriers to adoption of crypto payments.
Psift drives mainstream adoption of digital finance, making it accessible to everyone.
In today’s fast-paced world, convenience is key. Psift eliminates the barriers that often deter people from using cryptocurrency for everyday transactions. By making it incredibly easy to send and receive money, we’re paving the way for widespread adoption of digital finance. PsiFi’s commitment to innovation and user-centric design ensures that our platform remains at the forefront of the digital finance revolution.
Here, we provide a breakdown of what happens on the backend. More details will come out later (it’s a lot more complicated than this), but this will get the simple but, from at least a UX perspective, powerful idea across.
Note that no further specification is necessary. Not which token, which network, etc.
1. Initiating the Transfer:
•Amanda holds ETH and wants to send Bob $20 equivalent.
• Using Psift, Amanda inputs the amount ($20) and initiates the transfer by simply specifying Bob as the recipient.
2. Finding the Optimal Route:
• PsiFi’s backend finds the most cost and time-efficient route to process the transaction.
• This involves selecting the optimal token and network for the transfer.
3. If Bob Uses PsiFi:
• Swap and Bridge: The system performs necessary swaps and bridges to convert Amanda’s ETH to Bob’s preferred currency (this can be specified ahead of time and changed anytime), in this case, SOL (Solana).
• Notification: Bob receives a notification about the incoming transfer, and upon acceptance, the amount is credited to his account in SOL (this can also be cash).
4. If Bob Doesn’t Use PsiFi:
• Swap: The system swaps Amanda’s ETH to the preferred currency.
• Escrow Smart Contract: The swapped amount is held in an escrow smart contract.
• Invitation: An invitation is sent to Bob to set up a PsiFi account to receive the funds. We will cover this in a follow-up article specifically how users on PsiFi can send funds to users not having the PsiFi app yet.
5. Account Setup and Final Transfer:
• Bob Sets Up Account: If Bob decides to accept the invitation, he sets up his PsiFi account.
• Bridge to Solana: The system bridges the amount to Solana, ensuring Bob receives the $20 equivalent in SOL.
• Final Swap: If necessary, an additional swap is performed to complete the transfer.
6. Handling Expiry and Return of Assets:
Whether it’s splitting a bill, sending a gift, or paying for services, Psift makes it simple. We will follow up with more technical details at a later date.
PsiFi is dedicated to making digital finance accessible and effortless for everyone. Stay tuned for more exciting updates as we continue to innovate and transform the way the world handles money.
Q: What is the difference between PsiFi.app and psift.com?
Psi Finance at PsiFi.app is on a broader mission to revolutionize finance via our simple products with extreme attention to the user experience. Psift (sift) is our first product at psift.com and the only product we will focus on for a while.
Learn more and sign up for updates today at psift.com and psifi.app.
