Payment Agreement

Payment system is an important part of the economic and financial system, is the basis of a country's economic and financial operation. A secure and efficient payment system is not only conducive to the close organic linkage of various financial markets, improving financial services, promoting financial innovation, facilitating economic growth and meeting the growing demand of the public for payment services, but also conducive to preventing financial risks, maintaining financial stability and strengthening public confidence in money and its transfer mechanism.

Third-party payment uses payment settlement methods. According to the classification of payment procedures, settlement methods can be divided into one-step payment methods and step-by-step payment methods, the former including cash settlement, bill settlement (such as checks, promissory notes, bank drafts, promissory notes), remittance settlement (such as wire transfer, online payment), the latter including letter of credit settlement, letter of guarantee settlement, third-party payment settlement.

In social and economic activities, settlement falls under the category of trade. The core of trade is exchange. Exchange is the unification of two opposing processes: delivery of the subject matter and payment of money. Between free and equal normal subjects, exchange follows the principles of equivalence and synchronization. Simultaneous exchange, which means that delivery and payment are mutually conditional, is a guarantee of equivalence.

In order to meet the market demand of simultaneous exchange, third party payment was born. The third party is an "intermediate platform" for the payment of funds between buyers and sellers in the absence of credit guarantee or legal support, where the buyer pays for the goods to a third party other than the buyer and the seller, and the third party provides secure transaction services. The essence of its operation is to establish an intermediate transition account between the recipient and the payer to enable a controlled pause in the transfer of funds.Only when both parties agree can they decide where the funds will go. The third party acts as an intermediary for custody and supervision, and does not bear any risk, so it is exactly a payment escrow, and the payment guarantee is realized through payment escrow.Douglas AMC payment public chain will restructure the ecology of third-party payment.：

Also considering the impact of the total amount of assets on the conversion real-time, we introduce a payment protocol system (i.e., bank/custodian system) to solve the liquidity problem. On the edge chain this module manages the user's investment assets through contracts and is able to obtain returns on the main chain after a certain period of time.

A more detailed analysis of the real operation of the Douglas AMC payment protocol based system can be broken down into 5 parts：A payment operation transaction T is generated on Douglas AMC, which is signed and forwarded to the chain for validation by multiple validation nodes on Douglas AMC that are responsible for listening and forwarding to the chain. Process 1 Desired payer sends a transaction, each validation node listens to include the on-chain account, payment amount：

Process 2 Verify that the node captures and signs each transaction

Process 3 Encapsulation while uploading data to Douglas AMC's master chain

Process 4 Each node of Douglas AMC public chain is involved in verifying the validity of the signature and the validity of the data (by multiple signatures to determine whether the data was uploaded by non-colluding verification nodes separately) The verification process is guaranteed by the module of the signature.

Process 5 Once the verification is passed, the data is saved to the chain and the payment process is completed