CHIMPION: AN EASY AND SEAMLESS CHANNEL ADAPTING TO CRYPTOCURRENCY PAYMENTS

aaaadon (25)in #exchange • 6 years ago

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Changing or switching over to a new system or technology isn’t a task that can easily be accomplished within a short space of time without any challenges, flaws and hiccups. When a phenomenon or a process becomes an integral part of a person or an institution, turning away from such accustomed process to a new one could mar the objectives or aims of such institutions hence, since it is expected that such challenges could occur in system transitions , it is advised that caution and patience should be applied when embarking on such voyage. Online sales of goods and services have been around the corner these past years and it remains very clear and an indisputable fact of the gains and contributions of this form of trading to the world. These online businesses since inception till now have adopted the paper-based currency as a form of payment and there are capable and efficient fiat based payment processing systems and facilities which facilitate fiat based online payment processes during the cause of the online trading. However, with the cryptocurrency here with us and accompanied by its advantages, some online trading platforms are willing to adopt this currency as a form of payment but to their utmost dismay, there are limited or no crypto payment processing systems which would help them accept and process crypto payments made by their customers, is that not a form of disenfranchisement from the use of Cryptos? The absence or little presence of e-commerce targeted Crypto payment processing systems remain one of the clogs in the wheel that hinders the speedy switch over of fiat based e-commerce systems to crypto e-commerce based systems.

INTRODUCING CHIMPION

Cryptocurrency and the blockchain technology remains one of the technologies that its advent has revolutionised, positively shaken up and rebranded many sectors of life. The development of Chimpion cryptocurrency is aimed at speeding up the wider embracement of Cryptocurrency as a means of payment or settling of financial transactions; to achieve this feat, the e-commerce platform is expected to play a vital role.

The Chimpion Cryptocurrency provides a simple but most efficient crypto payment processing system which will seamlessly connect various e-commerce interfaces to its (Chimpion) blockchain network in order to help the e-commerce platforms process and accept crypto payments from their customers as well as accomplishing the various processes associated with crypto payments. The Chimpion blockchain allows e-commerce platforms operating on its network to set any coin or token of their choice as their base currency in addition to the provision of funds transfer settlement services which ensure that funds or money exchange between buyers and sellers are adequately, completely and diligently carried out with the appropriate documentation. Furthermore, Chimpion offers wallets for the safekeeping of their customers crypto funds as well as the provision of real-time cryptocurrency exchange price update on their (e-commerce service providers/merchants) e-commerce storefront applications; no wonder it’s easy to adopt crypto payment in e-commerce via Chimpion cryptocurrency/blockchain.

The public and transparent ledger is one of the hallmarks of the blockchain technology and it is equally a well-known fact that before any record is added to this public ledger, there needs to be an agreement by the participating nodes of the blockchain network, and this process is normally called validation. The Chimpion blockchain adopts a consensus validation process known as the delegated proof of stake where nodes that will earn the right to validate or add a new record will emerge through the number of stakes(cryptocurrency) it can boast of and also by a voting process carried out by members of the Chimpion blockchain participating nodes. This method of validation helps to remove the monopoly witnessed in the proof of stake validation technique whereby nodes with the highest stakes in crypto can only validate records without being subjected to a voting process.

Chimpion token economy: The activities of the Chimpion system is being fueled by a dual token economy system – CHIMP and BNANA utility tokens. CHIMP is used to promote the adoption of Chimpion cryptocurrency among e-commerce merchants; this is achieved by rewarding e-commerce merchants who adopt Chimpion cryptocurrency in their online or e-commerce trading platforms. Buyers who hold BNANA token stands a chance of getting promotional offers and discounts from the e-commerce merchants when they make purchases with CHIMP or any other cryptocurrency.
BNANA has a maximum supply of 100,000,000,000 BNANA tokens and hosted on the EOS blockchain protocol. BNANA is earned by participating in bounties which uplift the cause of the Chimpion project.