Galina Tackles Payment Processing with New Ethereum Tech
MIAMI, FL / ACCESSWIRE / October 24, 2021 / Flex the tech, a battle cry you hear come from Phil Gallina when it comes to the various projects he’s a part of. Known throughout the crypto industry for pushing the envelope and being on the cutting edge of what’s coming in the blockchain universe. Gallina decided it was time to try his hand in the payment processing space.
Utilizing a new protocol within the Ethereum platform, ERC-1363, Gallina set out to change the way people process payments. To understand a bit better Ethereum is one of the most commonly known crypto currencies in the world. It is synonymous with Bitcoin and they are often referred to in the same breath.
What makes Ethereum different from Bitcoin is that it’s whole purpose is to allow individuals to develop various forms of technology off of it’s platform. To those familiar with technology think of Ethereum as an open source platform that invites others to build on it to make any type of technology they desire.
Within Ethereum there are Ethereum Request for Comment (ERC) and Ethereum Improvement Proposal (EIP) this essentially allows the community at large the ability to request changes to not only Ethereum itself but also the way in which it’s used. ERC-1363 is an improvement in the way that Ethereum is used.
Gallina sought out to use ERC-1363 which now gives users the ability to create invoices, pay for services, and even create subscriptions using the popular Ethereum Coin. Gallina wasn’t simply going to stop at creating a usage with that functionality. Phil, being Phil wanted to take things a step further and solve another problem. Ethereum is known to have high transaction costs which would make using ERC-1363 cost prohibitive for any and all businesses wishing to utilize that piece of technology.
Gallina who from previous projects had an expert knowledge of xDai sought to bridge the gap between ERC-1363 and xDai. xDai is known for having low transaction costs and fast transaction speeds, ideal for merchants. Merging the two pieces of technology Gallina was able to create $Epay. Utilizing both ERC-1363 and xDai $Epay is able to utilize the popularity of Ethereum and reduce transaction costs to mere pennies and exponentially increase the speed of transactions. A revolutionary breakthrough for those in the cryptocurrency space, while inching one step closer to bringing this technology to the mainstream.
Not stopping there Gallina leveraged the newly created $Epay technology and implemented the ability to instantly convert Ethereum to a stable token. To those unfamiliar with what a stable token is, it’s a token based on the cost of the U.S. Dollar and remains a stable price thus making it a safer investment to that of the ever volatile crypto market where prices can swing rapidly in a matter of seconds. To a merchant wishing to transact using crypto currency it’s an attractive piece as they don’t need to worry about price fluctuations at the point of sale.
Gallina has since improved upon $Epay allowing it to transact all forms of cryptocurrency while converting it immediately into Stable coin or token. Giving it immense capabilities in the commerce sector of the world. As the world starts to adopt crypto currency more and more, having a piece of technology such as $Epay to seamlessly bridge the gap to the mainstream public is increasingly necessary. This was evidenced when $Epay made its public debut at the Rolling Loud Music festival in Miami Florida. Patrons of the Loud Club were able to transact using $Epay and were taken back by how seamless, easy and quickly the transactions were able to go through. Oftentimes being much faster than those using a standard credit card Point of Sale System. As the mass adoption of blockchain technology continues to grow more and more tools such as $Epay will be leading the way in making it easy for people to start taking cryptocurrency in their places of business.
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