Blockchain developers have been hard at work on payment solutions as problems with Web3 persist, including those who are dissatisfied with repeated attacks and are not convinced that other platforms can scale or be secure.

After giving a presentation on the current state of decentralized finance (DeFi) and the steps that need to be taken to improve it on December 8, Radix announced its plan and vision for payments with the launch of its mainnet, Babylon, which it is expected to take place in June next year.

Radix DLT CEO Piers Ridyard noted that decentralized finance always leaves you worried about your money, especially given the industry’s $6 billion smart contract hacks that label crypto, DeFi and Web3 as currently just ‘a big deal’. glorified tech demo’, however, he noted that ‘the Radix technology stack works together to create a radically better platform for Web3.’

“To truly achieve our vision of making DeFi and Web3 mainstream, we now realized the entire stack. Consensus, execution, programming, and user experience had to be built together,” Ridyard said.

Cerberus is the Radix consensus algorithm, and is defined by Ridyard as the world’s first consensus algorithm that does not break atomic composition as it scales.

Web3 Potential

The RDX Works team has worked to provide users with genuine decentralization as well as a user experience that is as secure and easy as they are used to in conventional ways of processing financial transactions.

CPO Matthew Hine gave an example of how to use the wallet with the game ticket in a basketball game, buy products and apply discounts:

“By integrating their payment system with the Radix wallet, they can see any digital asset you choose to show them as if you gave the cashier a physical ticket stub and if they wanted to issue their own Radix discount card, that’s just a badge. . they can create it in two minutes of work. It’s such a simple thing that digital assets are so easy and intuitive to create and interact with, but it’s absolutely key to unlocking the potential of Web3.”

Radix Babylon

Notably, Radix is ​​slated to become the first DeFi network with an end-to-end technology stack with the upcoming Radix Babylon mainnet upgrade, enabling a mainstream-ready user experience, to be delivered in the form of Radix. Wallet.

Furthermore, the CEO of Radix DLT noted:

“Babylon Betanet is delivered before Christmas 2022 and with it a developer preview of Radix Wallet. This is where the real innovation around Web3 and the DeFi user experience can start to blossom.”

Meanwhile, Babylon’s mainnet ships in Q2 2023, which is “when the currently running public Radix network is upgraded to include the full power of Radix Engine, Scrypto, and Radix Wallet.”

When the Web3 ecosystem on Radix goes live, users, assets, and decentralized applications (dApps) can start flowing into the Radix public network.

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