WiMi Developed a Lightweight Software Architecture for Payment Systems on a Blockchain Multiplexing Platform

Rhea-AI Summary

WiMi Hologram Cloud Inc. developed MultiChainPay Hub, a payment system on a blockchain multiplexing platform, revolutionizing cross-cryptocurrency payments. It offers real-time exchange rate processing, lightweight software architecture, and automated payment processes for efficient and secure transactions.

Positive

• WiMi's MultiChainPay Hub enhances cross-cryptocurrency payments through multiplexing and real-time exchange rate processing.
• The system's lightweight software architecture simplifies integration into e-commerce systems, increasing platform flexibility.
• MultiChainPay Hub automates the payment process from initialization to confirmation, enhancing payment efficiency.
• WiMi aims to optimize the platform continuously to meet the evolving demand for digital payments, expanding its market share.
• MultiChainPay Hub is expected to become a preferred payment solution for global e-commerce platforms, enabling flexible acceptance of multiple cryptocurrencies.
• The system is anticipated to inject vitality into the cryptocurrency ecosystem by promoting widespread use in e-commerce and accelerating digital currency adoption.

Negative

• None.

Cryptocurrency Market Analyst

The introduction of WiMi's MultiChainPay Hub represents a significant step forward in addressing the complexities of cross-cryptocurrency payments in e-commerce. The multiplexing feature, which facilitates transactions across different blockchain networks, is poised to enhance the utility of cryptocurrencies by providing greater flexibility for both buyers and sellers. By allowing a buyer to pay in one currency while the seller receives another, MultiChainPay Hub could potentially expand the customer base for merchants by catering to the preferences of crypto users. The real-time exchange rate processing minimizes the risk associated with volatility in crypto markets, a critical factor that often deters merchants from accepting cryptocurrencies.

From a market perspective, the adoption of such technologies by e-commerce platforms could lead to an increased volume of cryptocurrency transactions, which might have a positive impact on the liquidity and stability of the crypto market. Furthermore, the ease of integration into existing e-commerce systems could accelerate the adoption rate, making MultiChainPay Hub a competitive player in the digital payment solutions space. As the system gains traction, WiMi could see an uplift in its market valuation, contingent on the successful deployment and user feedback.

E-Commerce Technology Expert

E-commerce platforms are constantly seeking ways to streamline the payment process to improve customer satisfaction and conversion rates. The lightweight software architecture of MultiChainPay Hub is particularly noteworthy, as it promises to reduce system complexity and enhance flexibility. This could be a game-changer for small to medium-sized e-commerce businesses that may lack the resources to develop or integrate complex payment systems.

The automated payment process from initiation to confirmation, devoid of human intervention, could significantly reduce the margin for error and fraud, thereby increasing the security and efficiency of online transactions. However, the long-term success of MultiChainPay Hub will depend on its reliability, security and the ability to maintain compliance with evolving regulations in the digital payments space. As e-commerce continues to grow, solutions like MultiChainPay Hub that simplify and secure digital payments will be pivotal in shaping the future of online retail.

Financial Technology Analyst

WiMi's MultiChainPay Hub could potentially disrupt the traditional payment processing industry by leveraging blockchain technology. The integration of a built-in cryptocurrency exchange within the payment system is a notable innovation that could reduce dependency on external exchanges and streamline the transaction process. This vertical integration strategy may result in cost savings for both WiMi and its clients, which could be passed on to end-users in the form of lower transaction fees.

However, the scalability of the system and its ability to handle high transaction volumes without compromising speed or security will be critical factors in its widespread adoption. Additionally, the response of traditional financial institutions and payment processors to this innovation will be worth monitoring, as they may either seek to develop competing solutions or explore partnerships with WiMi to leverage its technology.

Investors should monitor the user adoption rate post-launch and any strategic partnerships that WiMi may establish, as these will be key indicators of the product's performance and its impact on WiMi's financials.

BEIJING, March 25, 2024 /PRNewswire/ -- WiMi Hologram Cloud Inc. (NASDAQ: WIMI) ("WiMi" or the "Company"), a leading global Hologram Augmented Reality ("AR") Technology provider, today announced that it developed a lightweight software architecture for payment systems on a blockchain multiplexing platform. Through multiplexing, and real-time exchange rate processing, it provides users and merchants with a more flexible, convenient and secure payment experience. This payment system is expected to revolutionize cross-cryptocurrency payments.

WiMi named it, MultiChainPay Hub. The system works with a number of crypto blockchain networks to support cross-cryptocurrency payments. Where the buyer can pay in one currency and the seller automatically receives another currency of his/her choice. This maximizes the convenience of the buyer and thus increases sales. With the built-in cryptocurrency exchange, cross-cryptocurrency payments can be processed using real-time exchange rates so that both the buyer and seller receive the cryptocurrency of their choice. To ensure that payments are fast, efficient and secure, MultiChainPay Hub's lightweight software architecture includes five key steps.

Payment initialization: The buyer initiates checkout on the shopping platform, which sends the offer to the MultiChainPay Hub on the merchant's cryptocurrency blockchain network. The Hub records the offer on a smart contract, which then generates a cross-chain transaction message to be sent to the cryptocurrency network of the buyer's choice.

Request messaging: Through internal messaging routers and bridges, messages are passed between different cryptocurrency networks to eventually reach the recipient.

Payment execution: Sub-component that handles payment creation and recording, and generates an invoice to send to the buyer on the corresponding smart contract. Payments are processed through MultiChainPay Hub's cryptocurrency exchange.

Response messaging: Similar to request messaging, response messages are passed through the paths of different cryptocurrency networks to ensure that they eventually reach the original network. Messages are deserialized and delivered for finalization.

Payment confirmation: By updating the relevant offer record on the smart contract, the MultiChainPay Hub sends a new message containing a copy of the relevant deposited funds and proof of purchase. This signals that the payment is complete and the merchant can withdraw the money.

WiMi's MultiChainPay Hub has a built-in cryptocurrency exchange that ensures accurate cross-cryptocurrency payments through real-time exchange rate processing. The cryptocurrency exchange deposits the converted net amount into the merchant's account, which is hosted on the native cryptocurrency blockchain network. The MultiChainPay Hub makes e-commerce payments easier by realizing the goal of buyers paying in one cryptocurrency and sellers having the option of another cryptocurrency.

MultiChainPay Hub solves the problem of cross-cryptocurrency payments during transactions through its unique lightweight software architecture and multiplexing.

Multiplexing: MultiChainPay Hub allows payments between different cryptocurrency networks through multiplexing. This allows buyers and sellers to choose cryptocurrencies respectively, simplifying payments to the greatest extent possible.

Real-time exchange rate processing: Built-in cryptocurrency exchanges and real-time exchange rate processing ensure accuracy when paying across cryptocurrencies. This mechanism provides buyers and sellers with real-time market prices, reducing the risk of exchange rate fluctuations.

Lightweight software architecture: MultiChainPay Hub utilizes a lightweight software architecture that makes it easy to integrate into a variety of e-commerce systems. This design reduces system complexity, increases platform flexibility, and reduces the overall system burden.

Automated payment process: MultiChainPay Hub eliminates the need for human intervention from payment initialization to final confirmation. This automated process increases payment efficiency.

Payment system integration: MultiChainPay Hub is designed to be easily compatible with different e-commerce platforms. Its ability to adapt to a variety of technical differences and protocols makes it easy for merchants to use the payment system for e-commerce.

WiMi's MultiChainPay Hub is expected to play an increasingly important role in the digital payment space. First, it will provide users and merchants with a more convenient, secure and efficient payment experience through continuous innovation and function expansion. And it will continue to optimize the platform to meet the evolving demand for digital payments, thereby gaining a larger share of the market. Secondly, MultiChainPay Hub is expected to become one of the preferred payment solutions for global e-commerce platforms. With the increasing demand for digital payments, multiplexing will enable merchants to accept multiple cryptocurrencies more flexibly, increasing the convenience and flexibility of global commerce. We will work with major e-commerce platforms to drive the promotion and adoption of MultiChainPay Hub globally. Finally, the successful application of MultiChainPay Hub will inject new vitality into the entire cryptocurrency ecosystem. By facilitating the widespread use of cryptocurrencies in e-commerce, it is expected to accelerate the adoption and promotion of digital currencies. We look forward to seeing MultiChainPay Hub contribute to driving the innovation and development of future digital payments, creating a more open, convenient and intelligent payment ecosystem for users and merchants.

MultiChainPay Hub marks an innovation in the field of e-commerce payment, bringing an unprecedented payment experience to users and merchants. Through multiplexing, real-time exchange rate processing and other advanced technologies, it successfully solves many challenges in cross-cryptocurrency payments and creates new possibilities for wider application of cryptocurrencies in e-commerce. In the future, WiMi will continue to dedicate itself to continuous technological innovation to meet the needs of users and merchants for more efficient and flexible digital payments, and MultiChainPay Hub will continue to lead digital payments, contributing to the construction of more convenient and secure payments.

About WIMI Hologram Cloud

WIMI Hologram Cloud, Inc. (NASDAQ:WIMI) is a holographic cloud comprehensive technical solution provider that focuses on professional areas including holographic AR automotive HUD software, 3D holographic pulse LiDAR, head-mounted light field holographic equipment, holographic semiconductor, holographic cloud software, holographic car navigation and others. Its services and holographic AR technologies include holographic AR automotive application, 3D holographic pulse LiDAR technology, holographic vision semiconductor technology, holographic software development, holographic AR advertising technology, holographic AR entertainment technology, holographic ARSDK payment, interactive holographic communication and other holographic AR technologies.

Safe Harbor Statements

This press release contains "forward-looking statements" within the Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," and similar statements. Statements that are not historical facts, including statements about the Company's beliefs and expectations, are forward-looking statements. Among other things, the business outlook and quotations from management in this press release and the Company's strategic and operational plans contain forward−looking statements. The Company may also make written or oral forward−looking statements in its periodic reports to the US Securities and Exchange Commission ("SEC") on Forms 20−F and 6−K, in its annual report to shareholders, in press releases, and other written materials, and in oral statements made by its officers, directors or employees to third parties. Forward-looking statements involve inherent risks and uncertainties. Several factors could cause actual results to differ materially from those contained in any forward−looking statement, including but not limited to the following: the Company's goals and strategies; the Company's future business development, financial condition, and results of operations; the expected growth of the AR holographic industry; and the Company's expectations regarding demand for and market acceptance of its products and services.

Further information regarding these and other risks is included in the Company's annual report on Form 20-F and the current report on Form 6-K and other documents filed with the SEC. All information provided in this press release is as of the date of this press release. The Company does not undertake any obligation to update any forward-looking statement except as required under applicable laws.

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SOURCE WiMi Hologram Cloud Inc.

What is WiMi Hologram Cloud Inc.'s latest development in the field of digital payments?

WiMi Hologram Cloud Inc. developed MultiChainPay Hub, a payment system on a blockchain multiplexing platform.

How does MultiChainPay Hub revolutionize cross-cryptocurrency payments?

MultiChainPay Hub offers real-time exchange rate processing, lightweight software architecture, and automated payment processes for efficient and secure transactions.

What are the key features of MultiChainPay Hub?

The key features include multiplexing for payments between different cryptocurrency networks, real-time exchange rate processing, lightweight software architecture, and automated payment processes.

How does MultiChainPay Hub enhance e-commerce payments?

MultiChainPay Hub simplifies payments by allowing buyers and sellers to choose cryptocurrencies, providing real-time market prices, reducing system complexity, and increasing payment efficiency.

What role is WiMi's MultiChainPay Hub expected to play in the digital payment space?

WiMi's MultiChainPay Hub is expected to provide users and merchants with a more convenient, secure, and efficient payment experience through continuous innovation and function expansion.

How does MultiChainPay Hub contribute to the cryptocurrency ecosystem?

MultiChainPay Hub is expected to inject new vitality into the cryptocurrency ecosystem by facilitating the widespread use of cryptocurrencies in e-commerce and accelerating digital currency adoption.