NewPay – Breaking the Ceiling of Digital Wallet

NewPay – Breaking the Ceiling of Digital Wallet

Oct 25th 2018| Investment By:Translated by Sakura
NewPay consists of functions such as creating, importing and exporting wallet, scanning code for transfer, and Near Field Communication (NFC) payment.

In early September, Newton project released a beta version of blockchain product NewPay, a digital wallet with functions such as creating, importing and exporting wallet, scanning code for transfer, and Near Field Communication (NFC) payment. The author found that, in addition to the normal payment performance, NewPay has four major features:

- Lightning settlement: according to Newton's announcement on collected data, real daily scenario is about 5000 TPS and the speed to create a block is 3 seconds. After experiencing the product by the author, speed of trade confirmation is in fact within 3 seconds, and that is enough to support most transaction scenarios.

- Micro-payment: the payment amount can be as precise as to the 18th decimal places. In contrast, bitcoin can only support 8 decimal places. This feature, while not highly technical, echoes Newton's ongoing "ground truth business scenarios," which, after all, may only be needed in real business areas such as supply chains and energy.

- DID (Decentralized ID): NewPay collects user identity information to form NewID after user login, and integrates it into user transaction information to form user credit to use in e-commerce, supply chain, finance and other scenarios. NewID, however, unlike traditional account system, does not adopt the way of the traditional centralized for storage, but stored in the local users, on this basis, through the asymmetric encryption algorithm, and makes the NewID can be put on "ma jia", external recognition will be the "ma jia", "ma jia" under the real information is only visible to the user's own, and only when the user authorization to the outside world. This ensures that user data is owned by the user and that users can even price their data in the future. This feature perfectly solves the contradiction between the "anonymous" features of blockchain and real business requirements.

- malleability: NewPay has reserved space for future DApps that users can purchase directly from NewPay, and Newton will also provide support for built-in application development tools. It is not hard to imagine that NewPay will become an entry level application of Newton's ecology, and NewID will become the unified account system of the entire Newton ecology.

NewPay will also use cross-link technology to manage the assets of NEW, BTC, ETH and other digital currencies in the future, and will also have decentralized social functions, NewPay said on its website. Clearly, Newton's desire was to create an entire ecology

The future of NewPay will be more than just a digital wallet, but it will be an entire business ecosystem. At present, Newton's official website has listed six major industrial applications including retail, payment, supply chain, finance, agriculture and games. Among them, the first application, NewMall, will be launched at the end of the year. Newton has already won several major customers in these industries, and these applications will be loaded by NewPay. Newton's core technologies, including NewChain, NewIoT, NewNet, NewAI and atomic hash, determined that NewPay could be the first digital wallet to achieve that vision. The Newton's official website can download the beta NewPay (https://www.newtonproject.org/).

The official version of NewPay is coming online, according to the team.