PlatON as described from previous articles can be seen to be more than just a tradeable asset called $LAT, while transactions and other DApps built on PlatON might depend on it to cover transaction cost and what have you, PlatON has since grown to be more than this and the recent article is all the proof you might need.
On Jan 7th 2025, the official X(previously called Twitter) account of PlatON made a publication titled PlatON’s Web3.0 Payments and it reads below
Powered by zero-knowledge proof (ZKP) technology, PlatON enables a full-cycle process of payments, clearing, and settlement entirely on-chain through smart contracts—this is ZKPay.
What’s more, ZKPay completely revolutionizes the current payment verification model by replacing it with blockchain-stored verifications derived from zero-knowledge proof algorithms.
Currently, ZKPay supports:
Single payments resembling a check-like model
Multi-use payments similar to prepaid card top-ups
While the complexity of ZKP adds some delay, through optimization, the entire payment + clearing process takes less than 6 seconds ⏱️.
Products like ZKPay represent true Web3 Payments 💸, breaking through the limitations of traditional payment networks. They allow any two counterparties to transact securely on-chain without third-party verification.
To summarise the above, powered by zero knowledge proof concept, PlatON has overtime created a settlement and clearing based system that uses various blockchain technology to process and clear various payment/settlement system without the need for 3rd party confirmation and all this carried out via a smart contract system.
The concept of blockchain shows that transactions carried out are recorded in a public ledger with all parties involved being able to verify at all time if payment was made and it also provides a safehaven with all data involved being secured at all time with no party having any way to edit or revert transaction after completion.
Currently, ZKPay supports both single payments and Multi-use payments with up time 24/7 all year long and less than 6sec to complete each transaction made. Truly this is a game changer when compared to web2 or other default payment/clearing processes.
For more info regarding how PlatON is changing payment and settlement processes, I would advice you follow their various social medias handle and be the first on the know regarding any and all updates.