❓FAQ

Basic Terms

Streaming Payments

Streaming payments are a second-by-second movement of money (tokens) from the sender to the recipient. These financial streaming payments are implemented on the blockchain and cryptocurrencies.

Web3

Web3 refers to the third generation of the World Wide Web, focusing on decentralization and utilizing blockchain technology including decentralized applications (dApps), smart contracts and cryptocurrencies.

Blockchain

The blockchain is a chain of blocks storing information about transactions and their storage. In simpler terms, blockchain technology functions as an improved database mechanism enabling an open exchange of information within a single network.

Smart Contract

A smart contract is a self-executing contract with agreement terms written directly in code. The code and its embedded agreement exist on a decentralized blockchain network, enabling automated enforcement and execution of contract terms without intermediaries like banks or legal institutions.

In simpler words, a smart contract is a digital agreement that enforces itself without intermediaries.

Protocol

A protocol is a set of rules, structures and procedures ensuring security, management, and information exchange in a distributed network.

Crypto Wallet

A crypto wallet (cryptocurrency wallet) is software facilitating interaction with the blockchain, allowing sending and receiving of cryptocurrencies. It’s analogous to a regular wallet in the world of digital assets. It has a unique address for receiving payments and sending cryptocurrency to another address.

Cryptocurrencies

Cryptocurrencies are digital or virtual value tokens using cryptography to secure and verify transactions. They are decentralized, i.e., not controlled by any government or financial institution, relying on blockchain, a distributed ledger technology called, to record every transaction and make data manipulation nearly impossible.

Gas

Gas is a unit of measurement used to determine the cost of performing an operation on the blockchain network. Gas costs are determined by market dynamics of supply and demand.

About ctrlX

How Does Streaming Work?

Imagine Anna intends to pay Mike 5000 MATIC over the course of January. Anna deposits 3000 MATIC into ctrlX and sets the start time for January 1st and the stop time for February 1st. Mike's crypto earnings increase every second starting from January 1st. By January 10th, Mike has earned around 1000 MATIC and can withdraw this amount wholly or partially.

If Anna decides to retrieve her tokens at any point during January, she can cancel the stream and receive the remaining amount that has not yet been paid to Mike.

What is the Minimal Stream Amount?

The minimum stream amount is 5 MATIC.

How Can I Create a Stream?

To create a stream, log into the ctrlX app, connect your crypto wallet and complete the stream creation form.

Can I Cancel Streams?

Yes, it depends on the stream settings. There are four options: both sender and receiver; sender only; recipient only; nobody. We’ve detailed this in a guide.

How Can I Withdraw Funds?

Since tokens are transferred at the smart contract level, you must withdraw funds from the smart contract to your crypto wallet to access them. A guide on this is available here.

Can I Modify the Stream?

No, once a stream is created, it becomes a fixed entity on the blockchain.

Is the Protocol Secure & Transparent?

Ensuring the security of the ctrlX streaming protocol is paramount for our team. We’ve invested a significant effort in creating a secure and reliable streaming protocol. Our contracts lack owners or administrators, and you can review the smart contract code on Polygon.