IFSB Capacity Building on Blockchain Based Digital Payment System Presented By Mr. Abdullah Han Guangyu Co-Founder & Managing Director HLC Foundation www. qitmmer.io https://github.com/qitmeer
CONTENTS PART ONE Overview of the Project PART TWO Q Payment Solution PART THREE Business Development
LOGO ONE Overview of the Project This project is partnership with Central Bank of Nigeria in order to provide Qitmeer payment system Solutions to build a decentralized, cost-efficient, approximate real-time, inter bank and cross boarder payment platform to connect rural banks to each other and to national commercial banks, using Qitmeer network payment system based on BlockDAG. This effectively brings rural banks into the domestic financial system and increases access to the communities in which they operate.
LOGO Q Payment Solution Objectives The Q payment platform is aiming to service millions of previously unbanked Nigerians with this Q payment solution as the first financial inclusion in the Africa region. This project is a blockchain based solution to the Nigerian payments system. However, it will operate as the country’s first Qitmeer Blockchain based payment network for cross boarder payment, settlement, domestic remittances, and Tokenization of Naira.
LOGO ONE Current Traditional Payment System Key Issues: Central Bank Settlement Mechanism 1 High Cost of Operations, Branches, ATMs, etc. BANK C BANK A 2 Complex Clearance and Settlement System Cross Boarder Payment Transfer Slow 3 Clearing Mechanism 4 Lack of AML/KYC Traceability Solution A B C D BANK B BANK D -50 70 -80 120
Blockchain-based Q Payment Solution ONE Disruptive Clearance and Settlement System PoW and UTXO model with collaboration model enables a secured, traceable and scalable ledger Central Bank for all banks. Users Fast Local and Cross Boarder Payment Settlement Ledger Business Up to almost Visa transaction per second enables the Ledger high speed of transactions inter countries or cross Mechants Ledger boarders Ledger KYC/AML Management and Traceability Ledger Traders Cash settlements are hard to trace, however all token transactions histories are recorded in the blockchain Commercial Commercial Bank A Bank B Cyber Resilience and Secured System Same secured level as Bitcoin which has been proved for more than 10 years guaranteed by consensus and algorithms
ONE Comparison between Traditional Payment and Q Payment
ONE Comparison between Traditional Payment and Q Payment Index Traditional Payment Q Payment Clearance and Settlement Local Transfer Cross Border Payment Remittance Peer to Peer Transaction Per Second NA As fast as VISA (TPS) Transparency
LOGO Q Payment Solution Benefits to Central Banks ONE 02 Improve Speed of Improve Cost-efficiency 01 Transaction Settlements It will increase efficiency and reduce Transaction settlement, especially for reconciliation costs in securities cross boarder payment settlement can be clearing and settlement done in seconds Ability to 24 *7 Operation 06 Improve Payment System Overcome the Limitations of 03 It doesn't need the central Existing Systems operator to be online – The system is resilient and can cope with cyber attacks any asset 05 04 Reduce Operational Risks Permit the recording of transactions of and Running Cost money, equities, bonds, over-the counter It cuts operational costs which banks are derivatives- as well as cash, allowing targeting and reach the customers at the multiple simultaneous changes to the ledger edge of wireless and not just bank accounts.
LOGO Q Payment Solution Benefits for Tax Collection ONE Consistent Data Set Verifying in Jurisdictions Helping multinational companies Verifying judgements and assumptions provide a consistent data set for involved in establishing the profit global multiple tax authorities businesses make in different jurisdictions Tracking Payments Data Supply More Visibility Tracking where and when VAT Giving tax authorities and other Giving more visibility to micro has been paid, and in doing so regulators more confidence in transactions such as those done reduce VAT fraud the data supplied to them by individuals as part of the sharing economy
LOGO ONE Q Payment Solution Benefits to Users and Consumers Rapid Local and Cross-boarder Payment Easy Registration for an Account Lower Cost of Transactions Facilitate Trade Finance Transfer money at any time without No Need to always bring cash operation time limitation
TWO Overview of Qitmeer Network Qitmeer is the first public chain that is dedicated to serving the Cutting Edge Public Chain ecosystem of ethical finance, socially responsible investment and Islamic Based on Block DAG Finance, which aims to act as the overall financial infrastructure to seamlessly converge all these areas, thereby enhancing financial inclusion. Act as the Guardian for the Core Qitmeer is a new generation-public chain based on Block DAG which Financial Ethical Values adopts a collaboration model in the mining over the traditional competitive model, thereby achieving a desirable balance of typical blockchain metrics, such as the security, openness, fairness and scalability. Ecosystem Focuses on Ethical Finance and Financial Inclusion Reserving Base Currency For Asset Tokenization Security Openness Fairness Scalability
Technology Overview LOGO TWO VM compatible BLOT compatible J.P. Morgan Quorum™ Layer-2: off-chain Payment + eWASM Layer-1: native Payment WASM Toke n Payment Layer 1 (native) + Layer 2 Token/Asset/Liquidity Cross-chain Atomic-swap ILP compatible BlockDAG Fiat Currency
LOGO TWO Technical Underlying Structure Consensus: Pow + BlockDAG PoW GhostDAG Inclusive Spectre OP_TOKEN asset issuance CONSENSUS mechanism Assets backed up by base currency BLOCKDAG UTXO DATA STRUCTURE Cross-chain Interoperation with all the mainstream blockchain network
LOGO TWO Technology Highlights Inclusion Security Multiple cross-chain protocols Nearly Real Time Instant Confirmation. to integrate various use cases. Highly scalable throughput secures mainstream adoption. Fairness Scalability Fair Mining model based on Fast confirmation to seconds order, cooperation high throughput to thousands order. Assets Authentication Measure Intrinsic Value Require an ecosystem endorsement Guarantee Tokens are reserved by native currency, for anchors to issue asset. which is mined by Proof-of-work.
LOGO TWO Digital Asset Wallet for E- Naira As a professional digital asset wallet, it has unique competitive advantages that a set of mnemonic words can create a multi-chain wallet, making it easy to backup; Users can hold their private keys and complete smart contract matching without trusting a third party, which is efficient and transparent. It supports cross-chain transactions of various public chains, and it enables users to experience the advantages of Qitmeer public chain in terms of security and fast transactions. The KYC registration will be the first step for users to have their digital wallet account where all data will be uploaded to central bank private data system for verifications and tracking with daily limitation of transaction controlled according to central bank rules. KYC Registration Ultimate security Fast Payment Settlement Diverse DApps Iphone: https://testflight.apple.com/join/gAyuTI6A https://app.kahf.io/ Android:
LOGO TWO Digital Currency Exchange Digital currency exchange is a peer-to-peer Exchange run by code. It usually exists as an application (DApp). It is a place where people can trade digital currencies directly without a middleman Easy to Use, Easy to Access, Advanced Trading Functionalities, KYC/AML Available
LOGO Digital Payment System Model THREE Digital Currency Tokenization of Naira is best viewed as a form of infrastructure or foundational layer for Backed by Equivalent Amount of Fiat Currency digital currency that will generate immense Fiat Deposits value for the digital asset's ecosystem E- Naira could help create a tipping point for Central Issuer/Wallet much broader digital currency adoption by Entity /Custodian successfully addressing concerns around volatility, the tokenized Naira payments Issuance of Fiat- Backed Digital Currency system could be designed to flow as easy as sending messages without compromising regulations control, monetary policy, personal Digital Currency Exchanges Merchants privacy, and increase the influence of Naira globally. Trading of fiat-backed digital currency
LOGO Central Bank Digital Currency (CBDC) Design Principles THREE
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