Among the latest news within the crypto industry, Payy Network has revealed it will adopt Celestia technologies to improve its scalability. A major milestone towards the formation of a highly efficient and decentralized payment system, this collaboration integrates Celestia’s modular blockchain architecture to enhance the data availability and capacity of Payy’s zk-rollup-based system.
Payy Network: A Vision for Decentralized Payments
Payy Network is developing a next-generation stablecoin payment system and aims to become the first Self Sovereign Bank. Using the zk-validium rollup, where updated transaction data are retained of the blockchains for efficiency, Payy supports its fast and cheap transaction rate without compromising on security. Nevertheless, there are some issues in zk-validium rollups, especially with data availability (DA). This is where the role of Celestia comes into the picture. With the integration with Celestia, Payy can protect itself and other nodes from stalling validators, as well as open the path to better scalability and more stable decentralized applications on the network.
Celestia: Breaking the Barriers of Blockchain Scalability
For blockchain data availability, Celestia brings a special solution that is different from all other blockchains. It organizes itself in a modular way, separating execution, consensus, and data availability in order to achieve a higher speed. Recently, Celestia shared its roadmap on how it plans to increase block sizes to go as high as 1GB to improve transactions per second (TPS), which will surpass Visa’s TPS rate of 24,000. While Payy is built to support the payment stack of several millions of users, this level of scalability will foster entirely new categories of applications like fully on-chain games and verifiable web apps.
What the Partnership Means for Developers and Users
The move to a decentralized data availability layer enables the Payy Network to open up expansive opportunities to developers who wish to build on Celestia. Celestia’s data availability sampling technology allows users to perform an activity with the least possible resource utilization through means of lightweight nodes. This makes it possible for the network to accommodate a huge volume of transactions as it strives for efficiency and high security. Consumers will be able to run their DApp on higher throughput environments than before, which will be more complex and faster.
In conclusion, Payy Network’s integration with Celestia means a leap forward in blockchain scalability and decentralized finance (DeFi). When it integrates, the two projects are poised to overhaul the existing possibilities regarding blockchain-based payments and decentralized applications.
Source: https://blockchainreporter.net/payy-network-partners-with-celestia-for-next-level-scalability-and-speed/