Electroneum (ETN)’s instant payment is now live. This centralized and decentralized platform lets you complete a POS or online checkout instantaneously. Instead of waiting minutes for a transaction to manifest on blockchain, or waiting for 24 hours for a bank release your funds, Electroneum’s platform lets the recipient send goods immediately, thanks to its never-before-seen ability to guarantee the funds. Here’s how Electroneum’s instant payment works.
One Reddit user tested the speed and was able to get an instant notification from USA to Japan in 2.7 seconds with a single refresh. The transaction appeared on blockchain within a few minutes after. Additionally, the user tried a USA to USA transaction. They were able to send Electroneum in 3-4 seconds with instant payment.
Instant Payments For Electroneum And Other Cryptos
This news affects all cryptocurrency users, not only people invested in Electroneum (ETN). This is because the patent covers more than just Electroneum.
According to ETN founder Richard Ells, their patent is still awaiting approval. He elaborated, “There is no other cryptocurrency that is poised to reach so many users. There is no other cryptocurrency that has solved the problem of instantaneous transactions that will allow cryptocurrencies (not just ours!) to be spent online or in shops, restaurants, cafés etc.”
This is all thanks to Electroneum’s hybrid model: It’s both a centralized app and a decentralized blockchain. It enables ETN to instantly confirm to a vendor that an Electroneum user has the funds in the wallet. In short, the app ring-fences the sender’s funds, which prevent them from double spending. Furthermore, this platform lets you sign up for a subscription, thereby letting you make regular payments to vendors.
Electroneum’s instant authorization platform could represent a turning point for the company. This patent would apply to all cryptocurrencies beyond ETN, like Bitcoin, Ethereum and other major cryptos. If all goes well, it will soon be possible to instantly pay and subscribe to anything, using all coins and tokens.