More than a month ago, Newton Project released a beta version of the blockchain product NewPay. This is a digital wallet with the ability to create, import and export wallets, and more functions like scanning code payment and NFC near-field payment.

NewPay

Please Note: This is a Press Release

After the author’s experience, it is found that in addition to the normal payment performance, NewPay also has four main features:

Lightning settlement

According to the data announced by Newton, the speed in actual daily scene reaches 5,000 TPS, whereas projects like EOS and Ethereum could reach only 3,000 TPS & Visa could reach 2,000 TPS. During the author’s experience, it is found that the transaction confirmation speed is about 3 seconds indeed, which is enough to support most commercial scenarios.

Micropayment

The payment is accurate to 18 decimal places. In contrast, Bitcoin can only support up to 8 decimal places. Although this feature does not have a very high technical threshold, it echoes Newton’s ongoing concept of “landing on real business scene”. After all, such a precise amount may only be needed in real business areas such as supply chain and energy.

DID(Decentralized ID)

After logging in, NewPay collects the user’s identity information to form a NewID, and integrates it into the user’s transaction information to form the credit of the user, providing the use for e-commerce, supply chain, finance and other scenarios. What the difference between NewID and the traditional account system is that NewID is not stored by traditional centralized way, but stored in the local user account. On this basis, NewID can put on the “vest” through the asymmetric encryption algorithm. What the outside will recognize is the “vest”, while the real information under the “vest” is only visible to the user and can only be seen by the outside when the user authorizes. This ensures that the user data is owned by the user, and the user can even price his or her own data in the future. This feature perfectly resolves the contradiction between the “anonymous” property of blockchain and real business needs.



Extensibility

NewPay has reserved a layout for future DApps. Users can purchase these DApps directly in NewPay, and Newton will also provide support for built-in application development tools. It is not difficult to imagine that NewPay will become the entry-level application of Newton’s ecology with the NewID becoming the unified account system. This feature directly raises the ceiling of digital wallet products by several orders of magnitude.

According to Newton’s official website, NewPay will also use cross-chain technology to realize asset management of various digital currencies such as NEW, BTC, ETH, etc., and the decentralized social functions will also be offered. The ambition of Newton to create a complete ecology is basically clear.

At present, the beta version of NewPay can be downloaded on the Newton’s official website (https://www.newtonproject.org/) and the official version is also about to go online based on the revealing news by the team. The author will continue to follow.

Media Contact

  • Company Name: Newton Project
  • Contact Person: Peng Qingying
  • Email: newton-ir@newtonproject.org
  • Phone: (+86) 17611706692
  • Country: Singapore
  • Website: https://www.newtonproject.org

Posted by Oliver Dale

Editor-in-Chief of Blockonomi and founder of Kooc Media, A UK-Based Online Media Company. Believer in Open-Source Software, Blockchain Technology & a Free and Fair Internet for all.


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