👀About Streaming Payments

Streaming payments via ctrlX are designed to tackle a range of everyday predicaments. It centers around you, your funds, and the recipient. Join ctrlX!

Streaming payments are a revolutionary technology in the world of finance, enabling secure and seamless transactions between individuals and businesses without involving a third party. Unlike traditional payment methods, streaming eliminates the need for one-time payments or periodic transfers.

With money streaming, payments transform into a continuous flow of funds, ensuring a steady and predictable income for the recipient. Money streaming is a game-changing technology with the potential to transform transaction methods in the digital age.

Technically, a stream is a second-by-second movement of money (tokens) from the sender to the recipient. When the stream starts, the declared amount is fixed on the sender's account, giving the recipient a payment guarantee. During the stream, a fixed amount is withdrawn from the sender's account and credited to the recipient's account every second.

A stream continues until one of the participants decides to cancel it or the sender's balance hits zero. The recipient can partially withdraw received funds at any time, and the stream settings can be changed according to the needs of the sender or recipient.

Why Do We Use Blockchain and Cryptocurrencies?

Financial streaming payments are implemented on the blockchain due to its characteristics that make it ideal for processing financial transactions.

The blockchain is a chain of blocks that stores information about transactions and their storage. In other words, blockchain technology can be referred to as an improved database mechanism that enables an open exchange of information within a single network. Each block contains information about the number of transactions, and the data is stored chronologically to facilitate sequential access. The chain cannot be deleted or altered without consensus from the network.

Thus, the blockchain is used to create an indefinite and immutable record, such as tracking payments, orders, invoices, and other transactions.

Blockchain also provides a secure and transparent way to store and transfer data. Each transaction is recorded in the blockchain and stored permanently, making it ideal for finance and fast, secure, and transparent payment transactions between network participants. Additionally, blockchain offers unique advantages, such asautomatic execution, allowing for for automatic payments when certain conditions are met.

While banking systems could implement streaming payment technology, it would be expensive. It’s hard to imagine a bank transferring a small amount, like $2, from the sender's account to the recipient's account every second. Therefore, streaming technology is implemented in the blockchain.

Cryptocurrency payments are faster, cheaper than bank payments, and considerably safer. They are independent and reliable.