BEIJING, Aug. 8, 2024
/PRNewswire/ -- WiMi Hologram Cloud Inc. (NASDAQ: WIMI) ("WiMi" or
the "Company"), a leading global Hologram Augmented Reality ("AR")
Technology provider, today announced that it developed a layer-2
blockchain payment channel rebalancing model technology. By
building an additional protocol layer on top of the main chain, the
layer-2 network aims to increase transaction speed and reduce costs
without sacrificing the security of the main chain. The payment
channel technology, as an implementation of the layer-2 network,
allows users to conduct transactions off-chain and interact with
the main chain only at the beginning and end of a transaction,
effectively reducing the number of on-chain transactions and
providing a viable solution for high-frequency transactions.
WiMi believes that the efficient operation of a payment channel
requires a mechanism to ensure the liquidity and continuity of
transactions between the two parties to the channel, and this is
where the rebalancing model comes in. The rebalancing model ensures
that the payment channel can operate stably under various
transaction scenarios by adjusting the allocation of funds between
the two parties on a regular or on-demand basis. In addition,
security is always a core consideration in payment system design.
When designing a payment channel rebalancing model, advanced
encryption technologies and security protocols must be employed to
protect against potential security threats such as
fraud, theft and cyber-attacks.
The secure payment channel rebalancing model for layer-2
blockchain is an innovative solution designed to improve the
efficiency and security of transactions. First, the design of the
two-layer network allows for a secondary layer to be built on top
of the main chain, which is dedicated to processing many payment
transactions. In this way, the primary chain avoids congestion
caused by excessive transaction volumes, while maintaining its
security and decentralized nature. The layer2 of the
network manages the establishment, maintenance, and closure of
payment channels through smart contracts to enable fast transaction
processing. The establishment of a payment channel typically
involves two counterparties who create a multi-signature wallet by
depositing a certain amount of cryptocurrency on the
main chain. This wallet acts as an intermediary between the two
parties' transactions, and all payment operations take place within
this channel and not directly on the main chain. This approach
reduces the dependence on the main chain, thereby reducing
transaction costs and time.
The rebalancing mechanism is a core part of the payment channel,
which ensures that liquidity and funding are balanced in the
channel. The rebalancing mechanism is triggered when one party
needs more liquidity to process a transaction. This process may
involve the transfer of funds from one participant to another, or
the introduction of new funds into the channel from outside.
Rebalancing can be accomplished through automated smart contracts
that automatically perform rebalancing operations when a funding
imbalance is detected.
Security is another key point of the payment channel rebalancing
model. To protect transactions from fraud and attacks,
this model utilizes multi-signature technology, which means that
any transaction requires the signatures of all participants in the
channel to be valid. In addition, the code of the smart contract
undergoes a rigorous security audit to ensure that no
vulnerabilities can be exploited. In addition, the model may also
integrate a dispute resolution mechanism to deal with possible
off-chain fraud. In the event of a dispute between
participants, such as one party claiming that an unrecorded payment
has occurred, the dispute resolution mechanism can step in and
utilize predetermined rules and evidence to resolve the
dispute.
In addition, to improve the flexibility and scalability of the
system, the secure payment channel rebalancing model for the
layer-2 blockchain is designed with compatibility with other
blockchain technologies in mind. This means that the model can not
only run on a specific blockchain platform, but also operate across
chains to provide support for a wider range of application
scenarios.
WiMi's secure payment channel rebalancing model of layer-2
blockchain realizes fast, safe, and automated payment processing by
constructing a layer-2 network on top of the main chain and
utilizing smart contracts, multi-signature technology, and dispute
resolution mechanisms. This model not only improves transaction
efficiency and reduces costs, but also ensures the stability of the
payment channel and the liquidity of funds through the rebalancing
mechanism and security design.
With the continuous progress of blockchain technology and the
expansion of application scenarios, the secure payment channel
rebalancing model of WiMi's layer-2 blockchain will likely become
an important development direction in financial technology. The
model not only improves the efficiency and security of transactions
through smart contracts and rebalancing mechanisms, but also
provides a practical solution for high-frequency payment scenarios.
In the future, with the further development of technology and the
in-depth demand of the market, the model is expected to realize
wider application and promote the digital transformation of the
financial industry. However, the development of any technology is
not without challenges. During the implementation of the secure
payment channel rebalancing model of the layer-2 blockchain, it is
necessary to face various challenges, including technical security,
regulatory compliance, and user acceptance. Therefore, when
developing and deploying this model, enterprises must consider
these factors comprehensively to ensure the feasibility and
sustainability of their solutions.
In conclusion, the future of WiMi's layer-2 blockchain's secure
payment channel rebalancing model is promising. As the global focus
on financial inclusion and environmental sustainability increases,
the model is expected to contribute to the realization of these
social goals while providing efficient payment solutions. Through
continuous technological innovation and optimization, the model is
expected to become the mainstream method of financial transactions
in the future, bringing users a more convenient, secure, and
low-cost payment experience.
About WIMI Hologram Cloud
WIMI Hologram Cloud, Inc. (NASDAQ:WIMI) is a holographic cloud
comprehensive technical solution provider that focuses on
professional areas including holographic AR automotive HUD
software, 3D holographic pulse LiDAR, head-mounted light field
holographic equipment, holographic semiconductor, holographic cloud
software, holographic car navigation and others. Its services and
holographic AR technologies include holographic AR automotive
application, 3D holographic pulse LiDAR technology, holographic
vision semiconductor technology, holographic software development,
holographic AR advertising technology, holographic AR entertainment
technology, holographic ARSDK payment, interactive holographic
communication and other holographic AR technologies.
Safe Harbor Statements
This press release contains "forward-looking statements" within
the Private Securities Litigation Reform Act of 1995. These
forward-looking statements can be identified by terminology such as
"will," "expects," "anticipates," "future," "intends," "plans,"
"believes," "estimates," and similar statements. Statements that
are not historical facts, including statements about the Company's
beliefs and expectations, are forward-looking statements. Among
other things, the business outlook and quotations from management
in this press release and the Company's strategic and operational
plans contain forward−looking statements. The Company may also make
written or oral forward−looking statements in its periodic reports
to the US Securities and Exchange Commission ("SEC") on Forms 20−F
and 6−K, in its annual report to shareholders, in press releases,
and other written materials, and in oral statements made by its
officers, directors or employees to third parties. Forward-looking
statements involve inherent risks and uncertainties. Several
factors could cause actual results to differ materially from those
contained in any forward−looking statement, including but not
limited to the following: the Company's goals and strategies; the
Company's future business development, financial condition, and
results of operations; the expected growth of the AR holographic
industry; and the Company's expectations regarding demand for and
market acceptance of its products and services.
Further information regarding these and other risks is included
in the Company's annual report on Form 20-F and the current report
on Form 6-K and other documents filed with the SEC. All information
provided in this press release is as of the date of this press
release. The Company does not undertake any obligation to update
any forward-looking statement except as required under applicable
laws.
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SOURCE WiMi Hologram Cloud Inc.