BEIJING, March 25,
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 lightweight software architecture for payment
systems on a blockchain multiplexing platform. Through
multiplexing, and real-time exchange rate processing, it provides
users and merchants with a more flexible, convenient and secure
payment experience. This payment system is expected to
revolutionize cross-cryptocurrency payments.
WiMi named it, MultiChainPay Hub. The system works with a number
of crypto blockchain networks to support cross-cryptocurrency
payments. Where the buyer can pay in one currency and the seller
automatically receives another currency of his/her choice. This
maximizes the convenience of the buyer and thus increases sales.
With the built-in cryptocurrency exchange, cross-cryptocurrency
payments can be processed using real-time exchange rates so that
both the buyer and seller receive the cryptocurrency of their
choice. To ensure that payments are fast, efficient and secure,
MultiChainPay Hub's lightweight software architecture includes five
key steps.
Payment initialization: The buyer initiates checkout on the
shopping platform, which sends the offer to the MultiChainPay Hub
on the merchant's cryptocurrency blockchain network. The Hub
records the offer on a smart contract, which then generates a
cross-chain transaction message to be sent to the cryptocurrency
network of the buyer's choice.
Request messaging: Through internal messaging routers and
bridges, messages are passed between different cryptocurrency
networks to eventually reach the recipient.
Payment execution: Sub-component that handles payment creation
and recording, and generates an invoice to send to the buyer on the
corresponding smart contract. Payments are processed through
MultiChainPay Hub's cryptocurrency exchange.
Response messaging: Similar to request messaging, response
messages are passed through the paths of different cryptocurrency
networks to ensure that they eventually reach the original network.
Messages are deserialized and delivered for finalization.
Payment confirmation: By updating the relevant offer record on
the smart contract, the MultiChainPay Hub sends a new message
containing a copy of the relevant deposited funds and proof of
purchase. This signals that the payment is complete and the
merchant can withdraw the money.
WiMi's MultiChainPay Hub has a built-in cryptocurrency exchange
that ensures accurate cross-cryptocurrency payments through
real-time exchange rate processing. The cryptocurrency exchange
deposits the converted net amount into the merchant's account,
which is hosted on the native cryptocurrency blockchain network.
The MultiChainPay Hub makes e-commerce payments easier by realizing
the goal of buyers paying in one cryptocurrency and sellers having
the option of another cryptocurrency.
MultiChainPay Hub solves the problem of cross-cryptocurrency
payments during transactions through its unique lightweight
software architecture and multiplexing.
Multiplexing: MultiChainPay Hub allows payments between
different cryptocurrency networks through multiplexing. This allows
buyers and sellers to choose cryptocurrencies respectively,
simplifying payments to the greatest extent possible.
Real-time exchange rate processing: Built-in cryptocurrency
exchanges and real-time exchange rate processing ensure accuracy
when paying across cryptocurrencies. This mechanism provides buyers
and sellers with real-time market prices, reducing the risk of
exchange rate fluctuations.
Lightweight software architecture: MultiChainPay Hub utilizes a
lightweight software architecture that makes it easy to integrate
into a variety of e-commerce systems. This design reduces system
complexity, increases platform flexibility, and reduces the overall
system burden.
Automated payment process: MultiChainPay Hub eliminates the need
for human intervention from payment initialization to final
confirmation. This automated process increases payment
efficiency.
Payment system integration: MultiChainPay Hub is designed to be
easily compatible with different e-commerce platforms. Its ability
to adapt to a variety of technical differences and protocols makes
it easy for merchants to use the payment system for e-commerce.
WiMi's MultiChainPay Hub is expected to play an increasingly
important role in the digital payment space. First, it will provide
users and merchants with a more convenient, secure and efficient
payment experience through continuous innovation and function
expansion. And it will continue to optimize the platform to meet
the evolving demand for digital payments, thereby gaining a larger
share of the market. Secondly, MultiChainPay Hub is expected to
become one of the preferred payment solutions for global e-commerce
platforms. With the increasing demand for digital payments,
multiplexing will enable merchants to accept multiple
cryptocurrencies more flexibly, increasing the convenience and
flexibility of global commerce. We will work with major e-commerce
platforms to drive the promotion and adoption of MultiChainPay Hub
globally. Finally, the successful application of MultiChainPay Hub
will inject new vitality into the entire cryptocurrency ecosystem.
By facilitating the widespread use of cryptocurrencies in
e-commerce, it is expected to accelerate the adoption and promotion
of digital currencies. We look forward to seeing MultiChainPay Hub
contribute to driving the innovation and development of future
digital payments, creating a more open, convenient and intelligent
payment ecosystem for users and merchants.
MultiChainPay Hub marks an innovation in the field of e-commerce
payment, bringing an unprecedented payment experience to users and
merchants. Through multiplexing, real-time exchange rate processing
and other advanced technologies, it successfully solves many
challenges in cross-cryptocurrency payments and creates new
possibilities for wider application of cryptocurrencies in
e-commerce. In the future, WiMi will continue to dedicate itself to
continuous technological innovation to meet the needs of users and
merchants for more efficient and flexible digital payments, and
MultiChainPay Hub will continue to lead digital payments,
contributing to the construction of more convenient and secure
payments.
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
This press release contains "forward-looking statements" within
the Private Securities Litigation Reform Act of 1995. These
forward-looking statements can be identified by terminology such as
"will," "expects," "anticipates," "future," "intends," "plans,"
"believes," "estimates," and similar statements. Statements that
are not historical facts, including statements about the Company's
beliefs and expectations, are forward-looking statements. Among
other things, the business outlook and quotations from management
in this press release and the Company's strategic and operational
plans contain forward−looking statements. The Company may also make
written or oral forward−looking statements in its periodic reports
to the US Securities and Exchange Commission ("SEC") on Forms 20−F
and 6−K, in its annual report to shareholders, in press releases,
and other written materials, and in oral statements made by its
officers, directors or employees to third parties. Forward-looking
statements involve inherent risks and uncertainties. Several
factors could cause actual results to differ materially from those
contained in any forward−looking statement, including but not
limited to the following: the Company's goals and strategies; the
Company's future business development, financial condition, and
results of operations; the expected growth of the AR holographic
industry; and the Company's expectations regarding demand for and
market acceptance of its products and services.
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.
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SOURCE WiMi Hologram Cloud Inc.