II. Lighting Network Payment
What is cross-chain?
Take most familiar cryptocurrencies BTC and ETH as example. Because cryptocurrencies use different calculation models and verification methods, their own valuable currencies can only be circulated in the same technology range. Different chains and currencies are independent. Cross-chain, as the name suggests, is to act as a bridge between chains and chains. Through technology, value can be circulated between chains and chains.
What is mapping?
Our mapping technology mainly stores the amount of cryptocurrency exchange we need to be stored in MAS Pay wallet MainNet. MAS Pay wallet will generate equivalent cryptocurrency lightning tokens for storage or exchange. For example, Xiaomei deposits 5 BTCs on MASPay, MASPay generates 5 lightning bit tokens, Dabao also deposits 10 ETHs on MAS Pay wallet, and MAS Pay wallet generates 10 lightning ether tokens. The process of generating equivalent lightning tokens is called mapping.
What is a smart contract?
Smart contract is a special protocol used in the development of contracts in a blockchain and is used primarily to provide conditions for verification and execution of smart contracts. Smart contracts contain code functions and can interact with other contracts, make decisions, store data and transfer Ethereum.
What’s Lightning Network ?
MASFi has developed a mainnet called MAS Pay , through token swap method in MAS Pay mainnet, the transfer/receipt can be quickly arrived and more convenient to exchange assets in different currencies.
The mainnet mainly was built for multi-technology service blockchain platforms such as universal smart contracts, cross-chain integration, and advanced conditional payment.
What’s MASX token ?
MASX is a MASFi-based application token developed by the MASFi team. The development of MASFi chain focuses on the provision of technical services such as lightning network payment, cross-chain cooperation, and smart contract development. The developed MAS Pay can be used as a lightning network payment. Applications such as gas fee, cross-chain cooperation related charges and sub-chain of MAS Pay, smart contract production fee developed on the MAS Pay MainNet.
How to use lightning network payment?
To use the lightning payment function, you must deposit the currency you want to operate into MAS Pay. In Android and IOS version, click the function button in the middle to go to lightning payment page and choose to do lightning payment. Follow the prompts to select the payment wallet to be deposited and fill in the transfer information, click to confirm, wait a short while, the deposited currency will be displayed at the total amount of lightning payment page. To use MAS Pay wallet for quick transfer/receipt, please click the currency you want , click the button for lightning transfer/receipt, fill in the information or scan the code according to the prompt. Meanwhile, you can experience fast transfer feature provided by MAS Pay wallet.
* While using Lightning Transfer, please fill in the MASX Lightning Payment Address.
Can I transfer out my cryptocurrency in the lightning network ?
If the cryptocurrency is to be transferred out of MAS Pay wallet, please click on the currency you want to propose. Here, take Bitcoin as an example. Click “Propose” to fill in the general currency collection address and amount. To export coins to the general wallet, both MASX and BTC gas fee are deducted. At the same time, BTC gas fee will be deducted from the proposed amount. After confirming, the currency will be transferred to the general wallet.
Do I need to pay gas fee for using lightning?
When using MAS Pay wallet’s lightning payment function, you need to deposit the currency into MAS Pay wallet. Take Bitcoin as an example. The process of depositing only consumes BTC as gas fee. If there is already a transfer/receipt amount in MAS Pay wallet, only MASX will be consumed during the transfer process. To put the cryptocurrency from MAS Pay wallet to the general wallet for use, it costs MASX and BTC both.
What’s the difference between lightning payment and general wallet payment?
The lightning payment page provided by MAS Pay wallet is a functional interface for cross-chain asset swap. Through mapping technology, different cryptocurrencies can be converted into chain and achieve exchange of different cryptocurrencies rapidly.
For example, Bob wants to exchange 1BTC for 3ETH with Alice, both of them only need to deposit the required amount into MAS Pay wallet, exchange through the chain mapping technology, Bob and Alice can instantly receive BTC and ETH, without trading trouble steps such as other pipelines are exchanged for the required currency, so it is different from the function of general wallet as asset storage.
Why the transaction fails even my wallet has enough assets to pay for gas fees?
Because Bitcoin’s trading model is calculated in UTXO, the full name is Unspent Transaction Outputs, which is a no-cost transaction. The blockchain is used to illustrated and can be regarded as a decentralized public account. Each node can perform verification and data backup for each transaction, but no node has a book record of all account balances, so every time a transaction occurs, the miner must confirm the entire blockchain. Whether the amount transferred has not been spent or the correct amount of money to be transferred in the chain assets. In short, it is best to follow the one-in-one-out principle in the operation transfer/receipt process. If you use the one-input and multi-out operation, MAS Pay wallet will jump out tips of the transaction failure (the assets and gas fee are sufficient), then you have to transfer Bitcoin (or USDT of the bit protocol) in order to transfer assets again.
Do you have to use MAS Pay to use the lightning payment function?
To experience the fast transfer/receipt of lightning payment, you have to download MAS Pay Wallet APP for use. When using MAS Pay for lightning payment, a special set of transfer/receipt will be preset.When depositing/removing coins into MAS Pay wallet, transaction details will also be displayed in the general wallet, with different address information, users can better distinguish whether the assets are stored in/out of MAS Pay wallet.