Online merchants and consumers alike expect online buying and selling to be easy, efficient, and safe. E-commerce transactions trigger complex automated processes that involve downstream players: banks and payment processors to name just few. In addition, technological advances in smartphones and e-wallets, shifting purchase patterns, and demand for cross-border, multi-currency electronic payments have fueled PSP competition to maintain and increase market share.
New technologies have already simplified and smoothed business-to-business and business-to-customer experiences with mobile payments, e-wallets, and contactless cards. As the online payment processing market grows, user demands for additional payment features and options lead growth in multiple directions.
Providers are under pressure to provide peer-to-peer payments beyond traditional banking models, and to facilitate a cashless society that can enable any purchase, even mechanical transactions such as parking meters or vending machines. These demands create technical challenges for merchants, processors, and users up and down the transaction path.
THE NEW EMERGING INDUSTRY:
AIGO, is an automated blockchain payment gate way, it 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.
What are blockchain-based smart contracts?
Smart contracts represent a next step in the progression of blockchains from a financial transaction protocol to an all-purpose utility. They are pieces of software, not contracts in the legal sense, that extend blockchains’ utility from simply keeping a record of financial transaction entries to automatically implementing terms of multiparty agreements.
SOME OF THE BENEFITS ON WHY AIGO CHOOSES BLOCKCHAIN SMART-CONTRACT
Blockchain-based smart contract benefits
For a wide range of potential applications, blockchain-based smart contracts could offer a number of benefits:
1* Speed and real-time updates. Because smart contracts use software code to automate tasks that are typically accomplished through manual means, they can increase the speed of a wide variety of business processes.
2* Accuracy. Automated transactions are not only faster but less prone to manual error.
3* Lower execution risk. The decentralized process of execution virtually eliminates the risk of manipulation, nonperformance, or errors, since execution is managed automatically by the network rather than an individual party.
4* Fewer intermediaries. Smart contracts can reduce or eliminate reliance on third-party intermediaries that provide “trust” services such as escrow between counterparties.
5* Lower cost. New processes enabled by smart contracts require less human intervention and fewer intermediaries and will therefore reduce costs.
6* New business or operational models. Because smart contracts provide a low-cost way of ensuring that the transactions are reliably performed as agreed upon, they will enable new kinds of businesses, from peer-to-peer renewable energy trading to automated access to vehicles and storage units
THE AIGO ARCHITECTURE
AIGOPay it is designed with both on-chain and off-chain components. The functionality of AIGOpay will
be present in on-chain components, while the Off-chain components will be designed to make user-
friendly user interaction AIGO AI-Payment Chain.
AIGO AIPayment Chain is designed from the ground up specifically to overcome this problem and
facilitate flexibility in transaction mechanics. Innovative AIPayment architecture will pave the way for all corners of the payment mechanism that is very common in our daily lives, both online and offline,
but until now it is not possible or practically inappropriate for the blockchain such as periodic
payments. This chain is intended to be strong and flexible, which allows each trader to design their
own transactions and apply their own business logic.
PAYMENTS AND INSTALLMENTS AI AIGO's payment chain allows traders to sell products and services in installments. To give customers more shopping options, traders can choose to integrate with party extension services and allow customers to pay for their purchases. Credit companies will handle everything customer background checks and manages related risks. Possible implementations include company credit that prepares special withdrawal contracts with installment-based payments scheduled for customer.
THE TOKENS DETAILS
The platform native cryptocurrency is the AIGO tokens which is a cryptocurrency built on the ethereum ERC 20 smart contract. This tokens will be used as a means of transacting on the AIGO decentralized ecosystem.
Token Ticker: AIGO
Total Token Supply: 1,000,000,000 AIGO
Published by ZALIXO