Wirex is about to introduce its cutting-edge App Chain, called Wirex Pay. As a pioneer in the crypto payment industry, Wirex has consistently been at the forefront of innovation.
What is an App Chain?
An App Chain, or application-specific blockchain, is a dedicated network tailored to serve a particular application or use case. It's designed to optimise performance, security, and functionality for that specific application, offering a more streamlined and efficient experience compared to general-purpose blockchains.
With Wirex Pay, Wirex is taking a monumental leap into the future of payments, harnessing the power of Zero-Knowledge (ZK) technology to bring its award-winning payment infrastructure and its 6 million strong customer base into the on-chain realm. Here are some of the standout features of Wirex Pay:
- ZK-Powered & EVM-Compatible: Wirex Pay is built on Zero-Knowledge technology, ensuring compatibility with the Ethereum Virtual Machine (EVM).
- High Throughput & Minimal Latency: Designed for rapid transactions, ensuring users experience swift and efficient payments.
- WXT as Gas Token: The Wirex Token (WXT) powers Wirex Pay, serving as the primary gas token for all transactions.
- Secure Interoperability: Wirex Pay offers near-instant and secure interoperability with all other Polygon chains.
- Unified Liquidity: Users benefit from automatic, seamless access to the shared liquidity of all Polygon chains.
- Payment-Focused Chain: Wirex Pay is specifically tailored for payment use cases, ensuring optimal user experience.
- Central Role of AA: Account Abstraction (AA) lies at the heart of Wirex Pay, forming the backbone of the new on-chain infrastructure.
Demystifying Polygon CDK
The Polygon Chain Development Kit (CDK) is an open-source and modular codebase developed by Polygon, designed to empower developers to launch their own ZK-powered Layer 2 chains on Ethereum. Any developer deploying a chain using the Polygon CDK will be launching a ZK-powered L2 on Ethereum. By connecting to a shared ZK bridge, every chain is also seamlessly interoperable – connected to every other. Together, these chains form what is often referred to as the value layer of the internet.
Why Wirex Chose Polygon CDK: The Value Propositions
Wirex's decision to adopt the Polygon CDK for Wirex Pay was based on the numerous benefits the CDK offers. Not only does it provide high modularity and customisability, but participating chains also benefit from the massive liquidity that exists across all networks, while maintaining the highest levels of scalability, security, and sovereignty. This ensures that Wirex Pay will be part of a vast, integrated ecosystem of ZK-powered L2s on Ethereum.
WXT: The Fuel Powering Wirex Pay
The upcoming Wirex App Chain will utilise WXT, the Wirex Token, as its primary gas token. This strategic move not only adds a new utility dimension to WXT but also anticipates a high demand for the gas token, given the increasing demand for on-chain payment infrastructure.
Pioneering Payment Use Cases for Wirex Pay
At the heart of Wirex's new on-chain payment infrastructure lies Account Abstraction (AA). One of the inaugural use cases for Wirex Pay will be the introduction of non-custodial Debit Cards (both Visa and Mastercard) directly linked to AA balances. This groundbreaking feature will enable both individual users and enterprise entities, including DAOs, to make crypto payments anywhere Visa is accepted.
The Future of Payments on Scalable ZK-Powered Infrastructure
Building a real-life payment use case on-chain is just the beginning. It represents Wirex's commitment to driving crypto payment mass adoption. By leveraging ZK-powered infrastructure, Wirex ensures that Wirex Pay is not only scalable but also offers unparalleled security and speed.