Jun 17, 2019 17:00 UTC
Jun 17, 2019 at 17:25 UTC
Two Startups To Enable Amazon Payments In Ether
CLIC Technology, which is a crypto payments firm, revealed on 13th of June, in a press release, that they are to collaborate with B2B blockchain infrastructure company Opporty to jointly develop an in-browser extension allowing customers to make purchases from Amazon with the ether (ETH) cryptocurrency. Due to the strategic partnership between the two DLT startups, Amazon customers will be able to pay for items using ether soon.
The proposed in-browser app, which will be based on Plasma Cash design pattern for off-chain processing of on-chain assets, and will eventually foster a crypto-powered economy among the masses. The idea of Plasma Cash was unveiled by Vitalik Buterin last year. It is considered by many to be Ethereum’s answer to Bitcoin’s Lightning Network.
Currently, on average, the payment platforms built on the Ethereum network can handle about 20 transactions per second, which is way lower than what one might expect from an enterprise-grade financial systems solution. Amazon processes more than 300 transactions per second.
However, with Opporty’s Plasma Cash, CLIC Technology is sure that not only will they be able to process a more significant number of transactions per second but also dramatically reduce the processing weight on the network. The throughput of the Plasma Cash-enabled extension could rival that of Mastercard and Visa, the release notes.
Roman Bond, the CEO of CLIC Technology, commented on the development saying:
“Bringing cryptocurrency to the e-commerce marketplace is the merging of two next-generation industries. We’re excited to be working on this project with Opporty, and to move forward on a number of other ambitious projects with them as well.“
Reports also indicate that two other startups are also considering developing digital payment platforms that would process any ERC-20 and ERC-721 standard-based tokens. If the companies go ahead with the plan, they are likely to become one of the earliest to provide crypto-enabled platforms in the global e-commerce marketplace which as an industry is expected to reach $24.3 trillion figure by 2025.