Hips Merchant Blockchain Features
Modern exchanges can handle hundreds of thousands of transactions per second and have a matching latency in the microseconds. These speeds are significantly faster than the current blockchains available hence the need to develop a very fast blockchain that can provide an equal experience in financial transactions. The real world usage case simply demands a technology that can provide a better or similar experience. If not, public adoption will fail.
A widely adopted, completely on-chain Merchant Payment Protocol will have a comparable transaction throughput from an underlying blockchain in order to scale.
The protocol as such is being built for a blazingly fast public blockchain which can support over 50,000 transactions per second with block times of 400 milliseconds and a transaction cost of roughly $0.00001. With such capacity, it would theoretically be able to support the activity on Visa, Mastercard and all the US-based exchanges combined.
The Blockchain is interchain linked with Hips Merchant Protocols (smart contracts) on public blockchains like Ethereum, Solana etc via decentralized oracles and is designed for merchant transactions regardless if they are mobile, in-store or e-commerce. The smart contracts are designed for larger transactions where the transaction cost is a fraction of the product price.
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The combination of supporting several other blockchains at a later stage will give the Merchant Protocol a stable and scalable foundation. The blockchain at this point will allow developers to deploy Personal Tokens, Loan Tokens, Decentralized finance tokens, Organizational Tokens, NFT Tokens, Crowdfunding Tokens and other dApps with near real-time transaction speeds and very low transaction cost. This will also be made easier with the Merchant Token wallet, a non custodial wallet that will fit into the ecosystem to provide a seamless transaction experience to users.
In terms of fees in this regard, the Hips Merchant Blockchain utilises the interchange concept from the payment card industry where the dApp / token is the “card issuer” that gets the major part of the transaction fee.
And the fees for these transactions will be divided as follows:
a) 50% of the transaction fee is interchange and goes to the dApp / token and can be utilized by the contract or the contract owner.
b) 25% of the transaction fee is burned to secure that Merchant Coin (MEO), is deflationary.
c) 25% of the transaction fee goes to the block creator.
