PlatON Monthly Report: July 2024
01 — Technological Progress
TOPOS Cross-Chain Payment Acquisition System
1）Payment Exchange Service Upgrade: We have significantly revamped the payment exchange service, enabling merchants to easily convert digital currencies to fiat currencies within the payment system through simple operations. This feature has been fully developed, tested, and is now officially launched.
2）Automated Fiat Settlement Channels: The automated Fiat Settlement Channels feature for invoice orders has been implemented, meeting the merchants’ needs for an automatic and convenient conversion from digital to fiat currencies after payment acquisition. This feature has completed development and testing and is now live.
3）Tronstake Module Optimization: The Tronstake module has been upgraded to reduce the cost of TRON’s handling of cross-chain transactions through a TRX staking mechanism. This not only decreases the transaction fees for TRON’s cross-chain transactions but also further reduces the fees for TRON payments within the TOPOS cross-chain payment system, increasing profit margins for partners and providing merchants with greater flexibility in rate adjustments. This feature has been developed, tested, and is now online.
4）Collaboration with Hong Kong MSO Licensed Company: Integration with the fiat virtual account system of a licensed company in Hong Kong has been completed, achieving the functionality of automatically settling to a virtual account after converting digital currencies to fiat. This integration reduces the barriers for merchants to access fiat bank accounts after receiving digital currency settlements. The feature has been developed and tested and is now available.
5）One-Click Order Creation Feature: We are developing a one-click order creation feature that will allow merchants to easily create custom orders for receiving payments priced in fiat or digital currencies through the console. These orders can be sent to customers through any channel to complete transactions.
6）Expanded Exchange Channels in Collaboration with Hashkey OTC: We are working with Hashkey OTC to expand the digital and fiat currency exchange channels, providing merchants with more options for fiat settlements in various countries, enhancing the flexibility and convenience of currency exchange.
TOPOS RemiNet
The TOPOS RemiNet system is collaborating with the Coins.ph exchange to add new remittance channels. This upgrade will offer users more favorable exchange rates while ensuring that remittances can cover a wide network of banks in the Philippines.
TOPOS Wallet
TOPOS Wallet 1.0.0: The wallet’s key management and basic coin charging and withdrawal functions have been developed and are currently in internal testing and optimization.
PlatON Wallet
PlatON Wallet 1.4.6.3: The update has optimized the issues of approve amount fluctuations and precision loss in reverse calculations during the Swap process and has removed the trust wallet entry.
02 — PlatON News
TradeGo and PlatON Successfully Pilot Digital Currency Payments Triggered by Electronic Bills of Lading
On July 15th, 2024, TradeGo and digital public infrastructure PlatON collaborated to successfully complete a pilot (PoC) in a segregated production environment. This pilot was based on a rubber import transaction to China from Thailand with an amount of USD 1.17 million and involved the use of electronic bills of lading (eBL) to trigger cross-border payments in digital currency.
The PoC verified the optimization effects of combining blockchain electronic bills of lading, digital currency, and smart contracts in international trade on trade processes, settlement methods, and payment costs. The pilot demonstrated that, upon simultaneous payment and delivery, it not only mitigated market and credit risks during the transaction process but also achieved a cost savings of up to 90% in both direct and indirect payment costs.
PlatON Forges Strategic Partnership with Digital Currency Service Provider Coins.ph for Payment Services
PlatON, the digital public infrastructure, has established a deep strategic partnership with Coins.ph, the largest digital asset platform in the Philippines, offering comprehensive fiat and crypto services. The payment gateway of Coins.ph will be fully integrated into PlatON’s web3.0 payment and clearing system, TOPOS, offering users a seamless currency exchange service between fiat and digital currencies. Users will be able to conduct instant digital currency exchanges and fund withdrawals through TOPOS, benefiting from the most favorable exchange rates and the lowest transaction fees.
This integration marks a significant step for PlatON in enhancing the user payment experience and provides a broader user access point for Coins.ph. Coins.ph currently has more than 16 million users and is fully regulated by the Central Bank of the Philippines (known as the Bangko Sentral ng Pilipinas), holding licenses for Virtual Currency and Electronic Money Issuer issued by the central bank.
PlatON Makes Inroads in Southeast Asia with LAT Listings on Regulated Exchanges Coins.ph and INDODAX
In July, LAT has been listed on two regulated exchanges in Southeast Asia: On July 18th at 14:00 (PHT), trading of LAT was initiated on Coins.ph exchange, now supporting the LAT/USDT trading pair; On July 25th at 14:00 (UTC+7), trading of LAT was opened on INDODAX exchange.
Coins.ph, a fully regulated exchange by the Bangko Sentral ng Pilipinas (BSP), holds licenses for virtual currency and electronic money issuer; INDODAX, the largest digital currency trading platform in Indonesia, is renowned for its security and compliance. The listing of LAT on these platforms further confirms the influence and potential of PlatON in the regional market.
03 — Ecosystem
TOPOS Joins the Singapore FinTech Association (SFA)
TOPOS, the Web 3.0 payment and clearing system based on PlatON, has officially become a member of the Singapore Fintech Association (SFA). TOPOS aims to reshape payment clearing networks using Web 3.0 technology, connecting global merchants and consumers.
04 — Community Events
PlatON Participates in “What Web3 Means to You” Twitter Space Event
On July 24th, PlatON’s Developer Ambassador ZECK attended a roundtable discussion hosted by Debox Africa on Twitter Space, where he shared insights on the topic “What Web3 Means to You.”
PlatON and Coins.ph Co-host “Coinmunity Wednesdays” Online AMA
On July 24th, PlatON’s Chief Technology Officer James Qu joined the “Coinmunity Wednesdays” livestream hosted by Coins.ph for an exclusive AMA session. He was joined by special guests Armielyn Obinguar and Kristian Quirapas, along with Coins.ph community managers Heyjaffa and ApolloGMI, to discuss cutting-edge ideas in the payment industry.
PlatON Launches CoinMarketCap Follow-to-Win Event
On July 24th, PlatON launches a CoinMarketCap follow-to-win event. Users who follow PlatON’s official profile on CoinMarketCap will have the opportunity to win a grand prize of $20.
PlatON Philippines Community Launches $150 LAT Giveaway
From July 14th to July 21st, by following the Twitter accounts @PlatONNetworkPH and @PlatON_Network, liking and sharing the event post, and tagging 3 friends in the comments, participants will have a chance to win a total of $150 worth of LAT rewards.
