PolyFlow’s Innovative Decentralized Payment Gateway Wins UMY Award at HASHKEY HACKER House Taichu
From December 20 to 22, 2024, the HASHKEY HACKER House Taichu concluded successfully in Hong Kong. As a major event for global blockchain developers, the event attracted numerous innovative projects showcasing the integration of cutting-edge technology and compliance principles. Among the many participating teams, PolyFlow, the first modular PayFi infrastructure, stood out with its innovative Decentralized Payment Gateway solution, earning the UMY Award from HASHKEY for its outstanding technical performance and unique product vision.
HASHKEY HACKER House Taichu was a global blockchain hackathon centered around “compliant innovation,” aimed at exploring how blockchain technology can achieve breakthrough developments within a compliance framework. The event brought together top developers and blockchain project teams from around the world to promote technological innovation, discuss compliance solutions, and demonstrate how technology can create real value in commercial scenarios.
PolyFlow is the first modular PayFi infrastructure that connects RWA (Real-World Assets) with DeFi (Decentralized Finance), introducing a new financial paradigm for PayFi. By offering its core product, PID (Payment ID), as a compliance entry point, and PLP (Payment Liquid Pool) as a funds custody entry, PolyFlow facilitates seamless integration of DeFi with real-world financial ecosystems. Earlier, PolyFlow announced a strategic partnership with Trusta Labs, a Web3 identity and credit infrastructure provider, to jointly drive the innovative application of decentralized credit systems in PayFi payment scenarios. By integrating PolyFlow’s Payment ID (PID) with Trusta Labs’ on-chain wallet address credit scoring, the collaboration aims to build a decentralized credit system that connects DeFi and real-world payment environments.
Based on the future deep integration with Trusta Labs, PolyFlow demonstrated its innovative decentralized payment gateway during the Hackerhouse event, combining its core products PID and PLP to address the basic needs of consumers and merchants for crypto payments while ensuring compliance. The decentralized architecture also provides merchants with additional sources of revenue and financial security.
PolyFlow’s Decentralized Payment Gateway offers one-stop crypto payment services to merchants, consumers, and protocol participants, including:
- Payment Access: Merchants can integrate the PolyFlow gateway to accept crypto payments and secure on-chain funds custody.
- PID Compliance Mechanism: An NFT-based light-compliance identity authentication system (PID) ensures compliance for consumers and merchants while introducing an on-chain credit scoring system.
- Protocol Revenue Distribution: The interest-bearing token in the PLP smart contract allows fair distribution of transaction fee revenues and periodic incentives for protocol participants through the Rebase mechanism.
- Decentralized Security: Funds are secured in smart contract custody, with no privileged roles, ensuring asset safety and transparency.
- Asset Growth: The core contract supports integration with DeFi protocols, helping to grow assets on top of secure fund custody.
This innovative solution received unanimous recognition from the event organizers and participants, with the following key highlights:
- Innovative Payment Process Design: A fully decentralized and efficient process from user payment to fund aggregation, interest-bearing token minting, revenue distribution, and merchant withdrawal.
- Integration of Compliance and Technology: The PID system ensures light-compliance identity authentication, providing merchants and users with a secure and reliable compliance entry mechanism.
- Sustainable Ecosystem Construction: Transaction fee revenues are automatically reinvested into the ecosystem, with scalability for future integration with more DeFi protocols.
The event organizers, HASHKEY, believe that PolyFlow’s product design aligns perfectly with the theme of “innovation and compliance,” showcasing the huge potential of PayFi in real-world business scenarios.
The success of HASHKEY HACKER House Taichu has strengthened PolyFlow’s belief that more like-minded industry partners will join the collaboration, working together to build a healthier and more sustainable blockchain ecosystem.
