Phonon DAO’s new alpha test open sources the same closely guarded and secure infrastructure as Apple Pay, Visa, and Mastercard, and combines with it the benefits of blockchain technology. The goal of the testnet is to test the Phonon technology stack, get feedback from users, and identify bugs in any software components.
More details can be found at https://www.youtube.com/watch?v=KGzdnTdFA9Y&t=9s
The technology being tested will include the Phonon Applet, Phonon Client, and the Phonon Wallet. During the announced testnet, debug logs will be turned on by default to allow the collection of data to understand the performance of the network and highlight any bugs or issues that may arise. Two hundred testnet users will be asked to use the Phonon protocol.
The launch of the Phonon testnet signals a new way for users to move around their Web3 assets and navigate the decentralized market with both privacy and speed. Developers of the protocol consider it to be Satoshi’s “digital cash” vision realized – utilizing a peer-to-peer system that enables private off-chain transactions for all blockchains.
With the launch of Phonon Protocol, Phonon DAO hopes to become a serious Web3 challenger to established payments processors. The team of developers spent the last 18 months ensuring that Phonon would work with any blockchain. Further details can be found at https://discord.gg/phonon
The Phonon community is driven by its belief that payment transactions should be instant, private, and secured. Previously, traditional payment platforms, such as Visa, Mastercard and Apple Pay, leveraged silicon-based secure elements in smartphones and credit cards to securely sign and process transactions.
However, this also meant that cryptocurrency assets – which are inherently decentralized – would encounter challenges in any transaction. Phonon addresses this with its new open-sourced payments protocol that uses the same secure elements as the world’s largest payment processors.
This latest technology enables the off-chain transfer of digital assets and currencies between secure devices by wrapping them with immutable cryptographic properties. This makes Phonon capable of more transactions per second (TPS) than Visa or Mastercard while having no fees and still being secure and anonymous.
Interested parties can find more information by visiting https://phonon.network
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