WiMi Developed a New Cryptocurrency Payment System Model Based on Polygon Blockchain

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Feb 28, 2024, 08:30 ET

BEIJING, Feb. 28, 2024 /PRNewswire/ -- WiMi Hologram Cloud Inc. (NASDAQ: WIMI) ("WiMi" or the "Company"), a leading global Hologram Augmented Reality ("AR") Technology provider, today announced that it developed a new cryptocurrency payment system model based on the Polygon blockchain after realizing the huge potential of blockchain technology. The Polygon distributed ledger network has the advantage of being fast, improving the performance of the blockchain. The model, by combining the security of the Bitcoin blockchain with the efficiency of the Polygon distributed ledger network, provides users with a fast, secure and low-cost alternative, making it an ideal choice for micropayments.

The model focuses not only on the efficiency of payments, but also on protecting the privacy and independence of users. By managing user transaction data through a secure e-wallet, users can enjoy the convenience of digital payments without sacrificing privacy. The linked e-wallet utilizes advanced encryption technology to ensure that the user's personal information and transaction data are properly protected. This feature not only improves payment security, but also provides users with a more private online shopping experience.

Polygon blockchain benefits:

High throughput: Polygon blockchain greatly improves transaction processing speed by adopting sidechain and multi-chain structures to achieve high throughput. This feature allows small payments to be confirmed in a short period, thus enhancing the user experience.

Low transaction fees: Polygon's transaction fees are relatively low compared to some mainstream blockchain networks. This enables businesses and users to reduce costs when making digital payments, prompting more people to adopt cryptocurrencies for their transactions.

Payment diversity: Polygon supports multiple cryptocurrencies, providing users with a wider range of payment options. This diversity allows businesses to better meet the needs of different users, thus increasing the flexibility of the platform.

Based on Polygon, WiMi designed smart contracts to handle the core logic of the payment system. Smart contracts are responsible for managing user balances, processing transaction requests, verifying payment information, and interacting with e-wallets. The contracts are designed with security, efficiency and flexibility in mind to meet the needs of different scenarios. To realize the protection of user privacy and independence, WiMi's technical team developed a secure e-wallet system. The wallet system is responsible for storing users' cryptocurrency assets, managing transaction records, and communicating securely with smart contracts. The wallet system utilizes advanced encryption technology to ensure that users' private keys and transaction information are properly protected.

In addition, to solve the problem of long transaction confirmation time in traditional blockchain networks, WiMi adopted a fast transaction confirmation mechanism. By confirming on Polygon, transactions can be validated more quickly, thereby improving the real-time nature of the payment system. This may involve other means to optimize transactions to ensure their validity and security.

The payment system model framework supports multiple cryptocurrencies, not just limited to Bitcoin. By combining it with Polygon's multi-chain structure, users can choose to make payments using different cryptocurrencies. This increases the flexibility of the system and the freedom of choice for users.

In the digital era, this cryptocurrency payment system model based on the Polygon blockchain brings changes to the e-commerce field. By taking full advantage of Polygon's high throughput and low transaction fees, the model not only enables fast, secure and convenient micropayments, but also emphasizes the importance of user privacy and independence through a secure e-wallet system. This promotes the wider application of cryptocurrencies in e-commerce, providing users and businesses with more choices and a superior payment experience.

The framework of this payment system model is based on the Polygon blockchain, taking into account key components such as smart contracts, e-wallet systems, multi-currency support and other key components to form a comprehensive and efficient system. Through strict implementation of security audits and testing, the model not only meets users' expectations for fast and secure payments, but also provides more competitive payment options for businesses.

In the future, WiMi's Polygon-based payment system model will continue to lead the development of e-commerce payments and promote the widespread use of cryptocurrencies globally. The curtain of the digital economy era has already opened, and we are looking forward to more convenient, secure and diversified payment methods.

About WIMI Hologram Cloud

WIMI Hologram Cloud, Inc. (NASDAQ:WIMI) is a holographic cloud comprehensive technical solution provider that focuses on professional areas including holographic AR automotive HUD software, 3D holographic pulse LiDAR, head-mounted light field holographic equipment, holographic semiconductor, holographic cloud software, holographic car navigation and others. Its services and holographic AR technologies include holographic AR automotive application, 3D holographic pulse LiDAR technology, holographic vision semiconductor technology, holographic software development, holographic AR advertising technology, holographic AR entertainment technology, holographic ARSDK payment, interactive holographic communication and other holographic AR technologies.

Safe Harbor Statements

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Further information regarding these and other risks is included in the Company's annual report on Form 20-F and the current report on Form 6-K and other documents filed with the SEC. All information provided in this press release is as of the date of this press release. The Company does not undertake any obligation to update any forward-looking statement except as required under applicable laws.

SOURCE WiMi Hologram Cloud Inc.