1Money Network Design
The 1Money Network is built using Byzantine Fault Tolerance for instant payments. It is a broadcast-based system designed to provide high-performance, secure, and fault-tolerant stablecoin payment settlements. Transactions on the network are final after a consistent broadcast of a valid transaction. The 1Money Network processes transactions within milliseconds, while offering the same level of security as traditional blockchains. It addresses the limitations of existing broadcast-based systems, including liveness vulnerabilities and fixed validator sets. Our innovative solutions for account recovery and committee reconfiguration ensure the long-term sustainability and security of the network.
The network features a reliable governance model, robust account recovery mechanisms, and an efficient and flexible fee model. By adopting the validator model, the 1Money Network eliminates the need for staking and slashing.
Key features that set the 1Money Network apart from existing payment solutions include:
Instant Transaction Confirmation: Users can send and receive stablecoins in under a second.
Fixed, Low-Cost Fees: The network offers industry-low transaction fees, with plans for free "gasless" transactions through ecosystem partners.
Native Multicurrency Support: Designed to accommodate multiple stablecoin tokens across various fiat currencies, paving the way for a truly global network.
Stablecoin-based Network Fees: Transaction fees on the network are charged in the same stablecoin used, eliminating the need for users to hold multiple tokens.
Built-in Compliance: First Layer 1 protocol to feature native, embedded compliance mechanisms that automate sanctions controls, establishing a new standard for compliance innovation and network integrity.
Unparalleled Scalability: With the capacity to handle over 250,000 transactions per second (TPS) and potential for unlimited growth, 1Money is prepared to meet global demand.
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