ETE Project Cross industry payment system based on block chain

Mobile game payment and game anti cheating

For 10 years, the game industry has been undergoing a major shift. The first is the impact of the broadband Internet, and then the rise of Steam. The game machine model, which dominates the game industry since the 80s of last century, is being challenged by the ubiquitous “free game” model. Today, digital games account for 87% of the $108 billion 900 million annual revenue of the entire game industry, a real subversive. At the same time, almost all game publishers are cheating on players, and the third party game plug-in behavior is extremely painful. Statistics show that the cost of cheating prevention mechanisms invested by 90% game operators in late operation and maintenance is as high as 80%, and there has been no real effective solution.

Block chain technology can be applied to upgrade cross-border business, create new cross-border payment methods, and promote cross-border business development. The current traditional cross-border payment methods are mainly faced with 3 major pain points:

1) long period of liquidation

2) higher formalities

3) and sometimes, cross-border payment fraud leads to cross-border capital risks.

The block chain technology to create a payment point, excluding the third party financial institutions of the intermediate links, not only can all-weather payment, instant arrival withdrawals, easy and no invisible cost, it can also help reduce cross-border capital risk and cross-border payment and settlement services to meet the demand for convenience

Solutions for ETE cross-border e-commerce payments

First, ETE establishes a decentralization global settlement system. The core mechanism of this system is mainly to solve following three problems:

1. Reducing cross-border payment risks

The gateway system is introduced to solve the trust problem of transfer remittance between non acquaintances. Gateways are generally held by the main body of credibility, such as banks, third party organizations, etc. The relationship between the user and the gateway is reflected as a debt relationship throughout the system. If the user A needs to remit the user B through a block chain purse, the gateway between the user generates a debt with the A and generates a claim with the B, by transferring the B’s claim to the A’s claim to B and clearing it, the transaction is completed in the change of the balance between the two parties. This debt and debt relationship will be stored on several servers through the distributed network. The server will communicate with P2P in order to avoid all kinds of risks brought by a single centralized server. The system ensures data security through a certain encryption technology.

2. Improving the efficiency of cross-border payment

In the traditional wire transfer payment, the telegraphic transfer of the importer is finally completed by the bank. Interbank payment is usually done by the central trader. Every intermediary has a local database, which is an authoritative general ledger, which records all account balances and transaction flows. In this transaction with intermediate participants, it is bound to pass through two complex business processes: firstly, all the banks involved in the payment must account for the transaction information and synchronize all the transaction information to the intermediate clearing party. Secondly, the central trading party should carry out the final payment after the debit and credit of different accounts are offset. Therefore, in the traditional cross-border payment, it is necessary to deal with a very complex transaction. By solutions using Ethernet ETE payment, because all participating nodes in the block network maintain the authentication information together, the consistency of information is guaranteed. Therefore, the use of Ethernet ETE payment does not require complex information synchronization and reconciliation, which greatly improves the efficiency of cross-border payments.

3. Zero handling fee penetrating payment for global circulation

In the traditional cross-border payment, banks need to reserve a large amount of foreign exchange and set up separate reserves for each related bank, so a large amount of reserves is needed for cross-border payment. In the ETE payment system of the ether energy, when cross-border payment is made, it can get rid of the participation of the associated banks and directly pay for the real time, and only need to pay a small amount of miners’ expenses. Therefore, ETE payment provides a solution better than the traditional way of telegraphic transfer for cross-border payment.

In the future, by replacing the US dollar in the world, it will become the world’s only recognized currency for designated transactions, settlement and reserves. It will probably be a digital currency based on some intelligent block chain technology.  Block chain digital currency with AI features inherent to the center, completely according to the agreement, the transaction equity issuance and circulation of the whole process can be consensus, no one can control the price agreement, all open source, hackers can attack almost etc. once recognized by most countries in the world government, using the characteristics of digital currency agreement it is now compared to all legal tender (especially the product: Americans can easily cheat us) incomparable superiority. Such a product of human intelligence, which is formed by the Internet revolution and the development of high technology, is likely to become one of the dual track currencies in many countries in the world in parallel with its legal tender in the long term (International trade single use digital currency, domestic use of legal currency digital currency double track). Although the Chinese government recognized the status of digital money (which must be based on block chain), it only stays at the level of virtual assets (which will not change in a long time). Japan has raised the number of digital currency (bitcoin) to the same position as legal tender. Based on the cash block chain technology, the revolution of the digital monetary system to the existing banknote system and the revolution of the paper currency system to the metal monetary system 300 years ago are all the inevitable manifestation of the progress of human productivity, and also the inevitable trend of human development.