Payment systems are used in various way of rendering payment service both in domestic and international affairs. This consists of a major service provided by banks and other financial institutions online. Traditional payment systems include negotiable instruments such as cheques and documentary credits such as letters of credit. With the advent of computers and technology communications, a large number of alternative electronic payment systems have emerged.
Modern payment systems use cash substitutes as compared to traditional payment systems. This includes debit cards, credit cards, electronic funds transfers, direct credits, direct debits, internet banking and e-commerce payment systems.
Payment systems may be physical or electronic and each has its procedures and protocols. Regularity has allowed some of these systems and networks to grow to a global scale, but there are still many country-specific and product-specific systems. Examples of payment systems that have become globally available are credit card(Master Card, Visa and others) and automated teller machine networks. Other specific forms of payment systems are also used to settle financial transactions for products in the equity markets, bond markets, currency markets, futures markets, derivatives markets, options markets. Additionally, forms exist to transfer funds between financial institutions. Domestically this is accomplished by using Automated clearinghouse and real-time gross settlement (RTGS) systems. Internationally this is accomplished using the SWIFT network.
A True Decentralization
For some while now the payment method or system is been in play as intermediaries hosting for payment transaction using several types of cards such as credit, debit, prepaid, and fee cards. Payment gateway systems such as PayPal or stripe and e-wallet systems such as apple wallet and google wallet are developed in the payment card environment.
AIGO aims to develop chains that will eventually have their own lives, without having to be regulated by each central entity (AIGO-Mainnet) To meet the development and initial launch needs, we will use a centralized model to gradually move to a one-on-one hybrid, where the role of the community in development will grow. With the decentralization model being our main goal, all AIPayment components are being developed in open-source, making it possible for people to lead. We expect service providers and developers to start marketing paid services on this chain network, taking technology and user experience to the next level. As an initial effort to spread the AIPayment decentralization model, we can develop prototypes from our services, such as wallets & exchanges.
A New Integrated Payment System
AIGO system is designed as a free, smart source code project built around a customized smart contract
a chain that coordinates transaction behaviour. This can be arranged as a simple transaction, among others, repayment payments, split payments, per-use payments, exchange rate corrections, or a combination of the above.
Businesses will be able to use decentralized payment mechanisms such as making new ones according to their needs in the business world. We believe that the solution offered by AIGO will create business opportunities for external companies that can build additional services above SmartContract and contribute to advancing AIGO Ecosystems. These services can include but are not limited to credit facilities, transactions, insurance, arbitration and others.
The Vision of AIGO
Is to overcome a peer-to-peer payment base blockchain network that allows flexibility and scalability of payment cards over a decentralized platform. Like the Protocol will be able to facilitate transactions between customers and traders, eliminate intermediaries along the way, save large amounts of funds for traders and customers, increase overall efficiency and reduce risk. The adoption of blockchain has the advantage of being able to increase the use of cryptocurrency for everyday transactions.
At now, many obstacles prevent the purchase of goods with cryptocurrency if the holder does not convert to fiat currency. Adopting many crypto payment networks such as AI-Payment can result in cryptocurrency holders being able to transact directly with traders without having to go through additional banking layers. By promoting protocols for high and large transaction volume industries.
The AIGO Platform Overview
below is the grasp of how the AIGO AI-Payment will be.
ANN Thread: https://bitcointalk.org/index.php?topic=5155901