The latest development in the cryptocurrency industry involves Payy Network’s partnership with Celestia technologies to enhance its scalability. This collaboration marks a significant step towards creating a more efficient and decentralized payment system by integrating Celestia’s modular blockchain architecture into Payy’s zk-rollup-based system.
Payy Network is on a mission to revolutionize the stablecoin payment system and establish itself as the first Self Sovereign Bank. By utilizing zk-validium rollup technology, Payy ensures fast and cost-effective transactions while maintaining a high level of security. However, the issue of data availability has posed challenges for zk-validium rollups, prompting the integration of Celestia’s solution.
Celestia takes a unique approach to blockchain data availability by separating execution, consensus, and data availability in a modular fashion to achieve higher speeds. The platform has outlined plans to increase block sizes to support up to 1GB, surpassing Visa’s transaction per second rate of 24,000. This level of scalability opens up new possibilities for applications on the Payy Network, including fully on-chain games and verifiable web apps.
The partnership between Payy Network and Celestia not only benefits developers but also users. Developers will have access to Celestia’s data availability sampling technology, allowing for lightweight nodes and efficient resource utilization. This enables the network to process a large volume of transactions while maintaining high security standards. Users can expect faster and more complex decentralized applications, providing a seamless experience on the network.
In summary, the integration of Payy Network with Celestia represents a significant advancement in blockchain scalability and decentralized finance. This partnership is set to redefine the landscape of blockchain-based payments and decentralized applications, offering new possibilities for innovation and growth in the cryptocurrency industry.