The Good Tech Companies - Crypto Without Banks? CrossFi’s CEO on the Future of Decentralized Payments

Starting point is 00:00:00 This audio is presented by Hacker Noon, where anyone can learn anything about any technology. Crypto without banks? Crossfee's CEO on the future of decentralized payments. By Ashan Pandey. In this exclusive interview, Crossfi CEO Alex Mamasedakov shares insights into the evolution of Crossfi, a project revolutionizing crypto payments by bridging traditional finance and DeFi. Discover how Crossfi's cutting-edge blockchain technology enables seamless transactions and scalability, paving the way for a new era of financial freedom. Ashan Pandey. Hello, Alex. I'm excited to have you here for our

Starting point is 00:00:36 Behind the Startups series. To begin, could you tell us about your journey and the inspiration that led to the creation of CrossFi? Alex Mamacitakov? Hi Ashan! Thank you for having me here today, looking forward to sharing some inside the kitchen of CrossFi. So, long story short, the idea for CrossFi came to me when I realized a major issue in the crypto space. Many people were earning cryptocurrencies but faced significant challenges when trying

Starting point is 00:01:03 to spend them on everyday purchases. This problem was especially prevalent among those without access to traditional banking services. My goal was to create a solution that would allow anyone, anywhere in the world, to use crypto for payments, even without a bank account. It was crucial to make this tool intuitive, secure, and free from third-party control. After conducting extensive research and development, R&D, we developed on-chain transactions and non-custodial payment solutions integrated with traditional financial systems. This marked the beginning of CrossFI.

Starting point is 00:01:37 Ashant Pandey. CrossFI chain features a modular architecture that combines both Cosmos and EVM functionality. Could you explain how this dual approach enhances scalability and compatibility in the blockchain space? Alex Mamasitikov, CrossFI is built on a multi-VM, virtual machine, architecture, enabling seamless integration between Cosmos and EVM ecosystems. This means that two types of addresses, Cosmos-compatible and EVM-compatible, coexist within the network. On the Cosmos side, the architecture leverages Tendiment's consensus mechanism, which enhances decentralization and security. At the same time, the EVM, Ethereum virtual machine, provides scalability and compatibility with existing blockchain applications. By combining these strengths, we've created a high-performance blockchain capable of processing over 1 million transactions per second.

Starting point is 00:02:31 This modular design also divides user roles. The Cosmos component focuses on validators, while the EVM component supports developers building decentralized applications. This makes integration with other ecosystems smoother and accelerates blockchain development. Ashan Pandey, your platform bridges the gap between traditional finance and DeFi. How does the Cross-FI application simplify interactions between fiat and cryptocurrencies? What challenges did you face when creating non-custodial instant payments? Alex Mamasitikov. We essentially built an

Starting point is 00:03:05 alternative banking system with a full infrastructure that includes processing and an automated banking system, ABS. This allowed us to manage both fiat and cryptocurrency assets in a unified way. One of the key challenges was implementing on-chain settlements so that blockchain transactions could be treated as equivalent to fiat transactions. Another major hurdle was ensuring security. We successfully completed PCI DSS certification, making us one of the few solutions with full on-chain compliance with this security standard. Achieving this level of security, typically required only in the banking sector, was a significant milestone for us. Ashan Pandey. With the ambitious goal of supporting up to 1

Starting point is 00:03:46 million operations per second, what technological innovations drive CrossFi Chain's performance? How do you ensure reliable security at such high throughput levels? Alex Mamasitikov. Our target was to achieve transaction speeds of around 200 milliseconds, matching the standards of modern payment systems for settlement between merchants and acquirers. This required extensive research and deep development of both the blockchain and the fast payment protocol. The challenge was significant, but our dedicated team delivered these innovations. This protocol enables the efficient processing of massive transaction volumes while maintaining the security and stability needed for high-performance operations. Ashan Pandey. DeFi products like CrossFIXAPP and XStake offer advanced financial services.

Starting point is 00:04:37 What unique benefits do these products provide to both experienced traders and newcomers to DeFi? Alex Mamasitikov. Our main goal with these products is to simplify access to yield generating protocols. For example, XStake supports more than 12 blockchains and various protocols, allowing users to earn yield without deep knowledge of DeFi. We aim to create an intuitive ecosystem that helps newcomers quickly adapt while providing advanced tools for experienced traders to manage their assets effectively. Ashan Pandey. Security is crucial for both DeFi and traditional finance. What security measures have been integrated into the Cross-FI ecosystem to protect user assets and data? Alex Mamasitikov. We have implemented advanced security standards, including PCI DSS

Starting point is 00:05:18 certification, which is typically required for banking and payment systems. We have also completed AML, anti-money laundering, and KYC, know your customer, audits, demonstrating compliance with international regulations. Additionally, our smart contracts have undergone independent technical audits. User data is fully protected and accessible only to the client, ensuring a high level of security across our platform. Ashant Pandey. Looking ahead, what trends in the cryptocurrency and digital finance space do you believe will have the most significant impact on CrossFi's strategy? Alex Mamacitakov. I believe the key trend will be the widespread accessibility and understanding of crypto, where users fully control their assets through personal wallets.

Starting point is 00:06:03 Empowering people to be the custodians of their own funds is critical. Our project is focused on increasing trust in the crypto market and driving mass adoption. We see this as essential for the future growth of both CrossFI and the broader industry. Don't forget to like and share the story. Tip Vested Interest Disclosure. This author is an independent contributor publishing via our business blogging program. Hacker Noon has reviewed the report for quality, but the claims herein belong to the author. Hashtag D-Y-O-R. Thank you for listening to this Hacker Noon story, read by Artificial Intelligence. Visit HackerNoon.com to read, write, learn and publish.

The Good Tech Companies - Crypto Without Banks? CrossFi’s CEO on the Future of Decentralized Payments

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