With the support of Web3 Foundation Grants Program ❤️
Virto team is glad to announce the completion of the initial development of its
payments pallet, a payments primitive that enables any blockchain
in the Polkadot and Kusama ecosystems to deliver a simple
and secure experience when paying for real world goods and services.
Web3 Foundation funds research and development teams building the technology stack of the decentralized web. It was established in Zug, Switzerland by Ethereum co-founder and former CTO Gavin Wood. Polkadot is the Foundation's flagship project.
Virto Network aims to build the best decentralized infrastructure for marketplaces with local impact in the Polkadot ecosystem. To ensure the success of marketplaces, it's Virto's responsibility and pursuit to provide marketplaces with a secure and convenient payment system. With this goal and expectation the Virto Payments Pallet was born.
Virto Payments Pallet tries to tell people a story of trust, which starts with trustless. Imagine you want to start your own business, what would be the most challenging part? Many answers may already come to mind, among which the word trust appears often. For example, how could you build the trust with your business partners? How could you gain trust from your customers every time they purchase from you? How could your trust other services and goods whenever you buy? We know it's not easy to start with just naive trust, that's why Virto's purpose is to build the Payments Pallet with a trustless design. People could pay each other easily using the pallet. The payment from buyers will always be locked first and only be released to sellers once the buyers confirmed to have received the product or services. The Payments Pallet also allows the creator of the payment to trigger cancel with a buffer time and the recipient to dispute the payment request of sender.
How does Virto Payments Pallet achieve the desired functionality? As the fundamental part of LIP, it's an escrow like system that allows people to pay with cryptocurrency for any product or service from the real world, it has been redesigned from the ground up to be highly configurable to serve the needs of the Virto Network as well as any other Substrate based chain that wants to engage with real-world assets.
We are very excited about what this milestone represents for the future of Virto Network, Payments Pallet is just the first step in our path towards making blockchain technology usable in the day to day life of common users and making decentralized commerce with social impact the default way of conducting business in the world of Web3. Now it's the time to showcase together with our first partners what the world of interoperable decentralized marketplaces will look like and how this technology can help on-board a new wave of non technical users, first to Kusama and soon after to the rest of the Polkadot ecosystem.
All the information you need to know more about Virto Network, Local Incentives Protocol or use it for building marketplaces can be found here in our website.