Swiss payments company Centi has achieved a groundbreaking milestone at FinovateEurope by processing over one million micropayments in just 24 hours, with each transaction amounting to precisely one cent.
Centi’s platform is engineered to support seamless, instant transactions of any size, providing an extensive range of financial applications that span across banking, fintech, and beyond. Each stablecoin token, backed by a Swiss bank guarantee and valued at one cent, exemplifies Centi’s commitment to security and adherence to regulatory standards.
Using stablecoin tokens on the BSV blockchain, Centi has demonstrated unparalleled transaction speed and cost-efficiency capability. Centi’s technology ensures median processing times fall below three seconds, equaling the convenience of contactless credit card payments and outperforming the “instant payments” banks are offering.
The sum of just $5 covered transaction fees for processing over one million transactions, in stark contrast to traditional credit card networks which could incur over $100,000 for the same volume, or the Ethereum blockchain which might cost around $3 million.
With a vision to expand transaction processing capabilities to an impressive 20 million transactions daily by 2024, including sub-penny transaction capabilities, Centi is propelling the industry towards efficient micropayments and financial inclusivity, in line with the European Central Bank’s objectives.
‘Our showcase at FinovateEurope is not merely a display of technological prowess but a testament to our dedication to redefining the payments landscape, ‘ said Bernhard Müller (Founder and CEO of Centi).
‘We are setting new precedents for speed, cost-efficiency, and security, thereby heralding an era of universally accessible and inclusive financial transactions’.
Unbounded scaling with Teranode
The new world record comes as the BSV Association R&D team recently announced groundbreaking features for Teranode that will significantly boost network efficiency and speed, pushing the BSV blockchain’s capabilities to 1 million transactions per second in the not-too-distant future.
Teranode solves vertical scaling challenges on the BSV blockchain by serving high-volume transaction nodes for enterprise and government use. Whether contracting with nodes or running their own, these clients drive the Teranode initiative.
The Teranode upgrade is critical for BSV blockchain’s unbounded scaling potential and will deliver faster, more secure and cheaper transactions for all.
The BSV blockchain will be able to scale to any size required, maintaining speed and the lowest possible network fees. This contrasts with the artificially limited networks in the market. Despite media and social hype claiming these alternative chains are the ‘money of the future,’ these networks cannot be used as money since they can only process limited transactions per second. This artificial limitation creates high fees and long waits.
The digital economy demands a network that can process big data at speed and securely. With Teranode, the BSV blockchain is simultaneously a global digital payments network that can handle any data requirements, from Internet of Things (IoT) applications and devices to enterprise or government contracts.