Minima, a layer-1 blockchain focused on decentralized physical infrastructure network solutions (DePIN), is partnering with Mercury FX, a global currency payment solution, to develop an alternative to SWIFT, the world’s largest payment messaging network.
According to a July 24 statement shared with CryptoSlatethis proof of concept will leverage Maxima, Minima’s information transport layer protocol, which allows users to exchange information by performing a small amount of work from their device, called Transaction Proof of Work (TxPoW).
The company stated that Máxima would ensure that messages are encrypted and can only be read by the recipient. This method, he argues, improves the security of the system by increasing the number of hash functions.
Why Maxima?
According to the statement, an innovative alternative to SWIFT is needed in the global financial system as traditional financial infrastructure faces several challenges, including high operational costs, slow processing speeds and vulnerabilities to cyber-attacks.
However, Maxima’s capabilities promise faster transaction times, reduced latency, and improved security by encrypting messages with the recipient’s public key. Moreover, the fully decentralized nature further strengthens the security of the system.
The collaboration therefore aims to set a new standard for global financial communications by addressing SWIFT vulnerabilities and improving overall security, efficiency and compliance in international payments.
Hugo Feiler, CEO of Minima, stated that the collaboration between the two companies could lead to a paradigm shift in the way money moves across borders. He added:
“We are at a pivotal moment in the evolution of financial technologies. This trial is not just about proving Maxima’s technological capabilities, but about setting a new standard for global financial communications in the areas of security, efficiency, speed, costs and compliance.”
This view was also echoed by Alastair Constance, CEO of Mercury Global, who stated:
“By using Maxima in our payment systems, we expect improved efficiency, lower costs and faster transactions, as well as a quantum leap in the increase in data that can be sent with a payment.”
The companies stated that feedback from this trial will be crucial as they refine and expand the use of Maxima for global financial messaging.