What Is a Decentralized Payment Network and How Do They Work?: А Deep Dive by Hermez

Hermez is a decentralized zk-rollup focused on scaling payments and token transfers on the Ethereum network to greatly decrease the cost of transactions while supporting community projects through its Proof-of-Donation mechanism

Hermez Network

Trust Wallet

MetaMask

Ethereum

Shiba Inu

Chainlink

UNUS SED LEO

Uniswap

Viberate

SPECTRE AI

Aventus

Image Generation AI

UBXS Token

DMAIL Network

Jesus Coin

ParagonsDAO

Bytom

ParaSwap

Cajutel

Zedxion

FractonX

Brainers

Wall Street Baby

Boba Network

The all-new ZKBase platform consists of three main parts: ZKSwap, the innovative Layer 2 AMM DEX utilizing ZK-Rollups technology, payment service ZKSquare, and an NFT minting center and marketplace called ZKSea. With an all-new-look user interface, NFT support, unlimited token listing, smoother withdrawal, optimized efficiency, and multi-chain support, ZKSpace aims to implement EVM-compatible ZK-Rollups and bring the community more layer 2-based products in the near future.

ZKBase

Validity

Syscoin was created in 2014 by Sebastian Schepis — one of the co-founders of the company that created what became the Oracle Project Manager, an enterprise management system. Following the success of Project Manager, Sebastian has gone on to consult for large corporations like Lockheed-Martin, Bank of America, General Dynamics, Verizon Wireless, and several others

Today, Syscoin as an open source project is led by the non-profit Syscoin Foundation with board members including Jagdeep Sidhu (Foundation President and Lead developer) and Michiel Näring, Syscoin Foundation Vice President.

SYS Labs, an enterprise, leads the development of flagship apps and systems built on Syscoin, including Rollux (OPStack L2), SuperDapp, Pegasys DAO (DEX), and Luxy (NFT marketplace).

Syscoin

Efinity is a cross-chain NFT platform developed by Enjin and built on Polkadot. Efinity was created as the next generation blockchain for digital assets with the aim of adapting to the challenges of the world of non-fungible tokens (NFTs), according to the project.

The main specialization of the Efinity project is the NFT space. With the protocol, traders and gamers can create, distribute, transfer, sell and buy NFTs. Efinity aims to remove barriers to entry into the NFT space/decentralized gaming, and to simplify user experience and digital asset governance.

Efinity Token powers the entire Efinity ecosystem, EFI aims to prioritize the generation, transfer and purchase of tokens using an inter-chain infrastructure of protocols resulting in lower transaction fees. As for incentives, rewards on PoW blockchains with NFT functionality go to miners who create/trade tokens, thereby forming a community.

One of the long-term goals of Efinity is to become a hub for both fungible and non-fungible tokens, accepting tokens from any other chain, facilitating the pricing and exchange of NFTs, increasing transaction volume, and creating network effects.

In December 2021, the project won the Polkadot parachain auction, and in March 2022, Enjin launched their flagship parachain Efinity on the Polkadot Relay Chain — a blockchain platform that provides a decentralized parachain network where people havecontrol over their data and identity.

Efinity Token

BitKan

Kleros (PNK) is a decentralized dispute resolution project that launched in July 2018. It is an open-source online dispute resolution protocol that uses blockchain and crowdsourcing to adjudicate disputes fairly.

Kleros offers a middleman service for decentralized applications (DApps) and their users. If the service provided by the application does not create a dispute, Kleros acts as a trustless third-party service for payment.

When a dispute does occur, however, each party can apply for arbitration through the Kleros arbitrators that are selected from the owners of PNK tokens. PNK is an Ethereum-based ERC-20 utility token with a fixed supply.

At this point, the jurors can make a decision that will favor either party. The arbitration fees are distributed to all arbitrators in the form of ETH; jurors who have issued a minority decision lose part of their PNK tokens for the benefit of the majority of jurors. This decision can be appealed, at a cost. The stated mission of Kleros is to offer easier access to justice and improve individual freedom.

Kleros charges a cost that is payable in ETH and is provided by the parties to the dispute or drawn from the funds previously locked in escrow.

Kleros

QuickSwap [Old]

Founded in 2018, SuperRare is the leading curated marketplace for onchain art with more than US$300M in total sales and US$180M earned by artists. As one of the earliest champions of perpetual artist royalties, SuperRare is working to improve discovery while decentralising the art market. Core to SuperRare is $RARE, a token offering utility as a currency on the marketplace, a staking based reputation system, and DAO governance rights.

SuperRare is governed by $RARE token holders through RareDAO and sits atop Rare Protocol, an ecosystem focused on unifying the currently fragmented NFT landscape to supercharge the industry’s ability to revolutionise the economics of human creativity through onchain innovation.

SuperRare

WaykiChain

Handshake is a decentralized permissionless system that is intended to incentivize a distributed network of computers to operate a system for domain name ownership.

Under Handshake, every peer is tasked with validating and managing the root DNS naming zone, with the objective of providing an alternative to current certificate authorities and naming systems.

Different participants across the internet such as social networking handles and domains rely on a centralized approach. This means the systems depend on a system of honesty — and are still prone to cyber attacks and fraud.

Handshake aims to eradicate this problem by creating a decentralized internet that relies on a peer-to-peer system.

Handshake

xDai is a cryptocurrency that is pegged to the US dollar. The xDai chain is a stable payment blockchain that is designed for fast and inexpensive transactions. STAKE is secured by proof-of-stake consensus. xDai was founded on Oct. 1, 2018.

STAKE is a multi-chain staking token that is designed to secure the payment layer. Staking allows validators and delegators to provide transaction consensus and receive staking incentives for block production. It is only required for consensus providers, not everyday on-chain transactions.

xDai was created by the POA Network, an open-source public side-chain of Ethereum founded in April 2017. It offers a framework for smart contracts which provides developers with an easy and effective way to code on Ethereum, while also leveraging the POA Network capabilities.

STAKE

Liquity

Telos

LRC is the Ethereum-based cryptocurrency token of Loopring, an open protocol designed for the building of decentralized crypto exchanges.

In 2020, the average daily trading volume of the entire cryptocurrency market fluctuated in the approximate range of $50-$200 million. Most of that trading is conducted on centralized cryptocurrency exchanges — online platforms operated by private companies that store users’ funds and facilitate the matching of buy and sell orders.

Such platforms have a number of downsides common to all of them, so a new type of exchange — decentralized— has emerged to try to alleviate these disadvantages. However, fully decentralized exchanges are not without their own flaws.

Loopring’s purported goal is to combine centralized order matching with decentralized on-blockchain order settlement into a hybridized product that will take the best aspects of both centralized and decentralized exchanges.

LRC tokens became available to the public during an initial coin offering (ICO) in August 2017, while the Loopring protocol was first deployed on Ethereum mainnet in December 2019.

Loopring

Aragon

Metis is an Ethereum Layer-2 scaling solution aiming to solve the blockchain trilemma: that blockchains cannot be decentralized, secure, and scalable simultaneously. It also strives to solve Ethereum's biggest challenges: speed, cost and scalability.

Metis wants to help developers create and manage existing decentralized applications (dApps), while also supporting developers and entrepreneurs who want to build and launch new dApps. It also integrates the Decentralized Autonomous Company (DAC) framework into its Layer 2 infrastructure to help developers and businesses move from Web 2.0 to Web 3.0.

Metis

NEST Protocol

Wanchain is a distributed ledger that allows for cross-chain transactions and the interoperability of multiple chains. Although Wanchain facilitates transactions between blockchains, it is also a stand-alone blockchain that runs autonomously. The protocol acts as a distributed ledger that processes and maintains records of cross-chain transactions.

Transactions on Wanchain do not only occur between different public blockchains but between private chains as well. As an Ethereum (ETH) fork, Wanchain enjoys some of the properties of the Ethereum blockchain. The protocol securely and autonomously processes applications via smart contracts.  The use cases for Wanchain include decentralized exchanges (DEXs), lending and borrowing platforms, stablecoins, crowdfunding, multi-currency payments and settlements.

The platform is totally decentralized and requires no custodian party to manage or confirm transactions. Unlike other cross-chain systems, Wanchain does not rely on a third-party platform to authenticate transactions. The locked account mechanism is used to secure and manage accounts on the network, eliminating third-party interferences.