IEEE Std 2143.1-2020 pdf download – IEEE Standard for General Process of Cryptocurrency Payment

02-25-2022 comment

IEEE Std 2143.1-2020 pdf download – IEEE Standard for General Process of Cryptocurrency Payment.
4.2 Inquiry process Before collecting money from the customer, the payment platform should query the exchange rate from the exchange platform, then lock the exchange rate and quote to customer. In case the payment currency is not the same as the quote currency, the merchant should request the real-time exchange rate between the quote currency and payment currency from the exchange platform. To support all payment currencies, the exchange platform should list every exchange rate it supports. Because the exchange rate fuctuates in real time and the customer needs an accurate and stable payment amount, the exchange rate should be locked for a while before the next exchange rate refresh. The generally employed locked exchange rate is calculated as the real-time exchange rate plus a spread according to the volatility. After calculating the payment amount according to the payable amount and locked exchange rate, a stable price quote is sent to the customer from the cashier. 4.3 Cashier process Cashier is used to display order and payment information to the customer. According to different payment scenes, cashiers show in different forms and may be provided by the payment company or the merchant. Cashier generally includes order information, payment amount, payment method, effective payment time, etc.
4.4 Payment process There are two methods of cryptocurrency payment: on chain transfer payment and wallet balance payment. With on chain transfer payment, customers use external wallet to transfer a crypto to quick response (QR) code collection address through blockchain. Because customers should input the amount of the transfer and miner’s fee, the payment platform should deal with the abnormal situations such as excessive transfer, insuffcient transfer, overdue transfer, etc. Also, any received cryptocurrency should be approved by the risk control module with know your transaction (KYT) and anti-money laundering (AML). For illegal cryptocurrency or transactions, the payment platform will put the digital currency into a dispute account and notify the customers of failure status and reason for failure. If there is any objection, customers can declare legitimacy to the payment company. The cryptocurrency will be returned to customers after approval, otherwise it will be handled by a regulatory authority.

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