A Brief Explanation Of AGATE’s Multi-blockchain Architecture
While the existing micropayments solutions are either impractical due to very slow blockchain settlement processes or such systems limit a user’s ability with the limitation in number of available coins. This has rendered the payments arena, the core with which Blockchain Technology was introduced, inefficient, resulting in low awareness of using crypto-assets as a mode of payment across the globe.
Gathering some of the brilliant minds in the payments industry, Agate has designed a banking grade platform that has the potential to serve millions of customers simultaneously and process their transactions in real-time. Capitalizing on the power of Blockchain Technology, Agate has introduced its AGT Token that is the core of Agate’s Blockchain.
Agate’s sophisticated architecture allows users to manage multiple crypto-assets (17 cryptocurrencies) using its one-stop app solution while providing a complete set of decentralized blockchain applications in 12 different modules. A comprehensive crypto-infrastructure for everyday banking transactions and a gateway for millions to connect and develop the ecosystem, Agate’s Multi-Blockchain Architecture comprises of 4 different layers:
Agate’s Multi-Blockchain Architecture
Taking the best out of every set of Blockchain network, Agate Blockchain is a package of best features that is till date one of the most efficient ecosystems, yet agile and cheap to offer comprehensive solutions to users within a single place.
The different layers of Agate’s Blockchain architecture include:
Layer 01 – Different Cryptocurrencies on Different Blockchain
With the Testnet of the Blockchain platform already live, Agate’s AGT coin, an ERC 20 compatible cryptocurrency is at the core of every transaction within the blockchain ecosystem. With Agate’s platform, users can presently deposit, store and transact in five different crypto assets include Bitcoin, Ethereum, Litecoin, Bitcoin Cash, and Ripple. However, still in the developmental phase, a full set of decentralized blockchain system will have the ability to support over 17 different cryptocurrencies that is expected to be released by Q4 2018.
Layer 02 – Agate’s User or Merchant Apps
Designed to handle millions of transactions simultaneously with near instant settlement speeds, Agate’s Blockchain platform offers complete cryptoeconomy solutions while providing a variety of applications for user as well as merchants, making crypto-adoption a smooth experience.
The User-Facing Functionalities include
– Multi-Currency Wallet
– Exchange Cryptocurrency to iFiat, a stable cryptocurrency
– iBucket Wallet for storing and transacting in iFiat tokens
– Ability to spend via crypto-Debit Card
– Transfer for Crypto-Assets directly to Bank Accounts with a support of over 25 different currencies in over 50 different countries.
The Merchant-Facing Functionalities include
– Agate Payment Gateway API
– Agate Payment Gateway App/Plug-Ins
– Agate POS Terminal
– iFiat-Based Transactions
– Spend via Debit Card
– Transfer of iFiats directly to banking accounts.
Layer 03 – iFiat Ecosystem Running of Agate Blockchain
Introducing iFiat tokens, a Fiat pegged-cryptocurrency that runs of Agate’s iFiat ecosystem, which uses Agate’s decentralized blockchain, it aims to resolve the most fundamental issues revolving around the mass adoption of cryptocurrencies. While most users have a concern of crypto-volatility, Agate’s iFiat ecosystem eliminates the very volatile nature of such digital assets, paving way for users to adopt crypto-payments smoothly. An iFiat token is a highly stable cryptocurrency and pegged at a ratio of 1:1 with the underlying asset say US Dollar.
Using the iFiat ecosystem the payments are processed in real time and while a customer will have the ability to pay in 17 different cryptocurrencies; the same is converted instantly into an iFiat token and stored on the merchant’s iBucket wallet, helping users to realize the full dollar value of the products and services being sold.
Layer 04 – Gateway to Fiat Economy
With Agate’s iFiat ecosystem, a user is enabled with a support of multiple different Fiat currency including USD, EUR, GBP, JPY and AUD with present support of US Dollars. Every iFiat tokens are fully redeemable into any of the given Fiat currency and can be instantly loaded onto physical/virtual debit cards or Bank Transfers. This gives users full freedom to exchange their cryptocurrency with Fiat currency at any point in time, offering a gateway to Fiat economy.
With the Mainnet Launch of Agate’s platform expected in Q1 of 2019, all ERC 20 Agate tokens will be swapped with AGT coins in the ratio of 1:1, marking an independent existence of Agate’s Blockchain within the Blockchain space.
With multiple developments planned in a phased manner, Agate’s Multi-Blockchain Architecture holds the potential to disrupt existing use-case blockchain solutions while creating mass-awareness for complete adoption of cryptocurrencies in daily lives.
To find out more, visit https://www.agatechain.org/
Read the white paper here.
Name: Hamed Taghvaei
Telegram Group: https://t.me/AgateChain_Group
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