Minipay’s payment application, headed by Michal Borowiecki, employs Near Field Communication (NFC) to ensure payment activities more fluid and convenient for customers who are used to settling retail purchases by touching their phones. By utilizing Minima’s covenant, Minipay will place the consumer experience at the core of payments. Until now, cryptocurrencies have been more effective at holding wealth than conducting conventional transactions, such as retail purchases.
Michal Borowiecki said: “It is an extraordinary honor to succeed at the Minima Innovation Challenge. This achievement will allow me to commit additional time to working on Minima, bringing not only one but multiple initial minidapp concepts to fruition, and expanding my commitment to the Minima ecosystem. What intrigues and impresses me very much about Minima is its emphasis on decentralization, as it is the most important aspect of blockchain technology, together with its tiny carbon footprint and scalability.”
Michal continued; “Minipay may theoretically be deployed on any blockchain supporting L2 payment channels. Minima featuring L2 and p2p communication (Maxima) created from the beginning and being lightweight enough to operate fully on the cell phone makes it considerably simpler to create and deploy a comprehensive, seamless platform.”
The Minipay application will transform payment a simple and friendly as imaginable. This will be accomplished by providing benchmark on-chain transfers with specified payments, by displaying a QR code for the payer to scan, or by transmitting the notification (address, sum, tokenid) through NFC technology for the payer to scan contactlessly – thereby generating, transacting on, and resolving off-chain payment channels. When a payment channel is created, instantaneous payments and contactless transfers are possible even in the brief lack of an internet service.
Presently, cryptocurrency are mostly utilized as a reserve of wealth and a vehicle for speculative trading, but their use as a way of daily payment has been restricted. If a cryptocurrency, like as the Minima token, transforms into a daily means of exchange, this will strengthen its safety and price stability, as well as promote its acceptance among decentralized individuals and companies.
Minima’s Head of Partnerships, Adam Feiler, stated: “Dealing with Minipay has shown Minima protocol’s versatility and its potential to make a significant influence on the financial industry. By utilizing our decentralized blockchain, Minipay will revolutionize the payment sector and be a leader in promoting higher financial inclusion worldwide.”