New Whitepaper Released: paper.psifi.app
Welcome to the first installment of our mini-series where we take you behind the scenes of PsiFi, the next-generation app for effortless and secure crypto payments.
In this series, we’ll explore both the sleek user experience and the robust backend technology that powers our platform. Whether you’re a crypto enthusiast, a tech-savvy developer, or an investor, you’ll gain valuable insights into how PsiFi is transforming digital finance.
Over the past month, our team has been hard at work building PsiFi, and we are now just three weeks (yes) away from launching our private alpha. This alpha phase will see all components connected — frontend, backend, and on-chain — running on the testnet to ensure everything operates seamlessly before our public release.
Our user experience (UX) is finalized, and while we’ve already reported on this, we’re continuously making small tweaks to enhance it further. As we bring on initial users in our alpha phase, we’ll focus heavily on user research, listening closely to our early supporters to identify and solve their pain points.
We will present a diagram of our payment flow that is just a small piece of the entire system we’re building. In this series, we’ll delve into how each part of our system operates, starting with the basics and moving into more technical details. We’re excited to share our progress and vision with you and show how PsiFi is poised to revolutionize the way we handle crypto transactions.
Let’s set out to explore the inner workings of PsiFi and demonstrating why our app is a game-changer in the world of digital finance!
The first step in the PsiFi payment process is initiating a payment. When users open the app, they are greeted with a clean and intuitive interface that displays their wallet balances.
The app supports multiple cryptocurrencies (and thus, we can think of it as a multi-currency Venmo experience), including Avalanche, Ethereum, and Solana, providing users with flexibility in choosing the currency they wish to transact with.
This initial step is designed to be seamless, allowing users to quickly access their balances and initiate a payment with just a few taps.
Once the user initiates a payment, they proceed to select the currency, enter the amount, and choose the receiver. The currency selection process is straightforward, offering a variety of supported cryptocurrencies. The interface is user-friendly, ensuring that selecting the desired currency is quick and simple.
Users can then enter the exact amount they wish to send, with the app providing clear feedback to ensure accuracy. Choosing the receiver is equally intuitive, with options to select by PsiFi username, wallet address, or domain name.
The app performs verification checks to prevent errors and ensure a smooth transaction.
Before finalizing the payment, the transaction is simulated to ensure everything is in order. During this stage, the app performs several security checks, including verifying transaction limits and thresholds. A background check on both the sender and receiver is conducted to ensure compliance with security protocols. Additionally, the app calculates the risk factor and assesses any potential issues.
If all checks are passed, the transaction simulation proceeds positively. However, if any issues are detected, the transaction is flagged for review. This step is crucial in ensuring the security and success of each transaction.
After a successful simulation, the transaction is posted on-chain. This involves routing the transaction on the blockchain for execution. Users pay the necessary transaction fees using their personal cryptocurrency. The app ensures that these fees are clearly communicated and deducted appropriately.
Following this, the wallet balances are updated in real-time on the dashboard, reflecting the transaction immediately.
This real-time update ensures transparency and keeps users informed of their current balances.
The final step involves notifying both the sender and receiver about the transaction status. Once the transaction is posted on-chain, both parties receive instant notifications confirming the successful transaction. The app displays a confirmation screen with detailed transaction information, providing transparency and building trust.
Real-time notifications and updates are crucial for maintaining user confidence and ensuring a smooth user experience.
PsiFi is committed to delivering an unparalleled user experience combined with robust security features.
I’m proud of our team and impressed with our rapid progress. Our communication and protocols are strong, and we’re well ahead on reaching the beta version. We’re grateful for the community’s support and eager to address your pain points and advance this space together.
- Jesper Kristensen, CEO
We are excited about the upcoming launch of our private alpha and look forward to gathering feedback from our initial users. Your insights will be invaluable as we continue to refine and enhance PsiFi.
Stay tuned for the next post in this series, where we will dive deeper into the technical intricacies and innovative features that make PsiFi a game-changer in the world of crypto payments.
We invite you to follow us on our social media channels and visit our website to stay updated on our progress and join the PsiFi community. Together, let’s build the future of digital finance.
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www.psifi.app
