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What is mesh payment
Mesh payments are a new type of payment completely powered by the blockchain. This payment technology allows for low cost, secure and peer-to-peer transactions to take place in a decentralized manner where users control the flow of data and send value to one another. This is achieved by utilizing the power of blockchain technology to serve as an intermediary between 2 parties without compromising on person’s privacy or personal information while connecting them together seamlessly .
With this, the Mesh payment method is offering users an alternative to the traditional payment methods and a way for individuals to control their data and privacy as well as getting rewarded for acting as a node for others by storing and forwarding their data. The Mesh does not have a central authority or governance structure meaning that each user or node can choose what data to store or forward making it highly secure and peer-to-peer .
How does mesh payment work
Mesh payments are built on the principles of decentralization. This means that there is no central authority or middleman involved in the transaction. This means that you can send token to anyone around the world with no intermediary and you won’t need any permission to engage in a transaction. It also enables fast transactions between users which is not less than 3 seconds. It is a free payment solution that not only works offline but also supports cross-blockchain communication.
This is how mesh payment works
Step 1. Setting up a node [1] – This is the process of setting up a node on your computer to manage and confirm payments for multiple wallet addresses.
Step 2. Running and maintaining the Blockchain [2] – The blockchain is the record of all transactions that have happened through mesh network. This blockchain is managed by nodes, which means that there will be computing power made to process transactions, thus generating necessary fees for space creation and transaction confirmation.
Step 3. Receiving and sending funds [3] – This is the process of any transaction. In this step, the sender proposes to pay a certain amount to the receiver, and the receiver checks if sender has an available balance in his wallet to make payment. The sent tokens are immediately moved into recipient wallet’s Balance on approval by the network.
The process of sending money is as simple as looking in your wallet and confirming that you have enough tokens to fill a message.
Pros and cons of mesh payment
There are no transaction fees for mesh payments as the smart contracts which are being used in the system to run everything for users and therefore you will save a lot of money. Mesh payment is great for peer-to-peer transactions so there is no risk when sending money to someone or receiving money from someone else. Mesh payment is great for sending payments to anyone around the globe with no intermediary or any regulatory issues.
Pros and cons of mesh payment :
Pros:
– Its non-custodial nature makes it safer than other payment systems. No one can hold your money or asset with Mesh Payment system. So you don’t need to worry about your assets getting stuck in the system.
Cons:
– It is not widely used yet, and therefore, there are not as much commercial use cases yet as there would be otherwise.
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Title:What is mesh network? – Quora [ARTICLE END]
What is mesh network? A wireless community networking system. A wireless community networking system. What is the difference between mesh networking and wifi networking? This depends on how you define your terms. WiFi is a standard for wireless LANs; mesh networking is not. Mesh networking is about creating overlapping networks of individual devices in a peer-to-peer manner with minimal centralized control.
Who is using mesh payment
Mesh payment is being utilized by many merchants and companies in order to streamline their business processes. The platform is also used for micro jobs as well as for execution of transactions on the blockchain with no need for more paperwork, agreements, approvals and third party involvement. Many companies are also using mesh payments to fund their online businesses and startups.
MeshPayment is being used by a number of companies on a daily basis. It is easy to use and does not need any approval from many institutions or parties. This transparency makes it as one of the best payment platforms for businesses.
Lonely Wolf Technology Lwtc is using mesh payments in order to accept payments for the services and products provided by them. They are mostly famous for providing web hosting and domain registration services.
Microworkers.com is a company that helps people to earn some money by doing small jobs online. Microworkers accepts payments from clients through mesh payment.
Coinhive uses mesh payment in order to provide transaction capabilities for their micro tasks which can be completed on web browser through javascript.
How to set up a mesh payment account
Setting up a mesh payment account is also very easy. You can set up your Mesh payment account by visiting the website here and clicking on signup. Alternatively, you can do this on the app which is available for both android and iOS phones. When you have entered all the details that are required in the very short sign up form, you will get a notification on your phone to complete your registration and so you need to follow up on the request and complete your sign up process. Once you have created your payment account, you will need to take a picture of your ID card and you will thus use your phone’s camera to take a picture of the QR code displayed on the screen and after that it is as easy as “1 two three”. You should then be able to log in with your email address and password with an option to use Facebook or not.
It is also important to note that even though this institution offers the service, it does not actually handle them. All the money will be directly sent to you.
To purchase products on mesh, you need to go to the app, go to account and then to the transaction section. Here all your messages are displayed just as they were sent from other mailrooms. However, at this point you will also see what is available in your payment history and again, it isn’t much. This is because there hasn’t been that many people using the service and therefore, there isn’t that many things to buy.
