Decentralized crypto payment and wallet infrastructure for B2C enterprises

Pay Protocol is a Decentralized crypto payment and wallet infrastructure for B2C businesses.

Pay Protocol empowers retailers and fintech with a self-custodial crypto checkout and Wallet-as-a-Service (WaaS) infrastructure. It enables B2C businesses to seamlessly acquire, manage, self-custody, and disburse crypto — all with full in-house control.

As the first open-source, keyless alternative to MPC wallets, Pay Protocol deploys every wallet (including each sub-wallet) directly on smart contracts. Through the use of smart contracts, Pay Protocol ensures that every transaction is transparent, secure, and fully controlled by the clients.

Unlike traditional payment systems, Pay Protocol eliminates the need for private keys and centralized management. Instead, it offers a keyless system that enables businesses and customers to retain complete ownership of their assets, greatly reducing the risk of inside misconduct, external hacking, and third party risk.

The platform uses advanced techniques to optimize transaction costs, reducing gas fees by up to 95%. Additionally, Pay Protocol integrates multi-signature security, ensuring that critical actions like fund transfers require approval from multiple trusted parties.

Businesses can easily integrate Pay Protocol into their existing systems via APIs, making it simple to accept cryptocurrency payments and deposits across different blockchain networks.

The Pay Protocol solution utilizes a keyless, pure smart contract solution, meaning that no customer private key information is stored or indirectly managed in the system services provided. It offers peer-to-peer network services for users with decentralization and security equivalent to that of Layer 1 public blockchains.

The MPC solution, on the other hand, uses private key sharding technology and mathematical encryption principles to secure servers and reduce the risk of private key loss. The downside is the need for server maintenance and ensuring the security of all server nodes, as well as the reliability of the encryption scheme.

Pay Protocol does not require server security. Even in the extreme case where the Pay Protocol payment server is compromised, user funds remain secure. However, currently, Pay Protocol only supports a keyless solution within EVM-compatible environments.

Learn more...

Pay Protocol's multi-signature solution is a system-wide multi-signature approach, which is more suitable for serving B2B clients compared to traditional wallet multi-signature solutions.

The system multi-signature involves multiple super admins who collectively manage the permissions of multiple smart contracts. This is more complex than the single wallet multi-signature management solution and requires the configuration of more system business parameters to adapt to different B2B scenarios.

For this purpose, Pay Protocol's backend management system includes a system multi-signature configuration module, which not only manages wallet security but also includes system security policy configurations (such as financial personnel allocation, setting the hot wallet addresses, and defining the amount transferred daily from cold contracts to hot wallets). This offers more practical and personalized configuration options for Web3 payment business scenarios.

Learn more...

In EVM environments, gas fees are closely tied to the amount of data stored on the blockchain. By optimizing the storage structure and utilizing data compression technologies, Pay Protocol is able to reduce the amount of data stored in contracts, thus lowering gas consumption.

While most of Pay Protocol's regular business contracts are developed using Solidity, the core transaction parts are developed using lower-level assembly language. Additionally, the use of contract mapping technology and off-chain computation dramatically reduces gas costs when the results are finalized on-chain.

Learn more...