There is no secret rocket science behind the working of the Elite Cash system. The Elite Cash System is a combination of some unique components, features, functions, and technology. Elite Cash is a cryptocurrency-based project that is on a mission to enable local stores and online merchants to accept payments in cryptocurrencies.

Today in this blog post we are taking a look at the architecture overview of the Elite Cache system. It will help you to not only understand the functionality better but also help you to know the functions and features.

Components of Elite Cash

As mentioned above, Elite Cash is a combination of many components and some of them are listed below.

Elite Cash Core

The Elite Cash core is the heart of the entire Elite Cash system. Since this is the core of the project, we kept it highly secure but transparent to the user at the same time. It is responsible for maintaining merchant accounts and balances, tracking exchange rates and most importantly - managing transaction lifetime flows. The benefits of such a solution are listed below:

  • Transparency: The Elite Cash Core smart contract code will remain open for review by third parties. Additionally, all data stored by the smart contract can be audited.
  • Pseudonymity: All participants in the transaction are operating under aliases, so no personal information will be disclosed to the public. However, we need to do KYC (depending on merchant jurisdiction) to some extent, but this information will also remain off the core.
  • Security: Security is top-notch because of the blockchain itself - all actions will be recorded, thus it's almost impossible to make changes in data and confirmed transactions. This is further supported by the fact that the Elite Cash core will run on the main ETL chain, so security will be ensured by the entire ETL ecosystem.
  • Scalability: The Elite Cash Core will run on the main ETL chain, thus it theoretically will have access to all the computational and storage resources of the ETL blockchain.
  • No final costs: Due to the way ETL resources are managed, participants in the system do not pay for transactions, but stake funds to use storage, computational, and network resources as needed. If a merchant decides to stop using Elite Cash, all resources at stake for processing the transaction may be refunded.

Performance: Another benefit of ETL is its speed. It already handles thousands and it will be no surprise if it started handling millions of transactions per second.

Core Services

Elite Cache's core services help the core communicate with the outside world. Small in size and designed to be self-contained, they allow for greater scalability of our systems. There are 3 main services that work with Elite Cash Core:

  • Relays: Allow users to accept payments in crypto on behalf of Elite Cash Core.
  • Oracles: Track the relay payment address and notify the core when payment is received.
  • Gateways: It is responsible for processing the elements of the merchants. ETL cash core in fiat or crypto.

Merchant Interfaces

How the merchant performs desires actions are decided on the interface of the system. Merchant interface has various important components including Customer Web Interface, Merchant Web Panel, Merchant Mobile App, POS Integration, And many other custom integration.

All these interfaces have to be set up to ease the merchant's job with Elite Cash. However, we didn't forget about the customers, in a similar way, we are also providing great UI and UX to the users.

  • Web and app interfaces that help users to perform desired actions easily.
  • Modern-day design elements, framework, and standards to make is user friendly and easy to understand.
  • Secure and transparent process.
  • Highly effective and time-saving.
  • Instant notification or payments.

Etherlite Cash Wallet

With Elite Cash, customers have the option of using any app to make payments. But there is a dedicated wallet app specifically designed for merchants, which makes crypto payments instant and fully secure. Here are some of the features of Elite cash Wallet:

  • Native iOS and Android applications.
  • Deterministic wallet with a single seed phrase to backup all private keys across all cryptocurrencies.
  • Monitoring and managing balances at multiple addresses from the same wallet, showing fiat equivalents with current exchange rates
  • Faster transaction confirmation.
  • Supports ELC and Ethereum tokens.

The project is also backed by Liquidity Reserve (pool of tokens), many payments gateways, and a complete system that will grow and grow more.

Elite Cash is a revolutionary project that will bring cryptocurrency-based payment solutions to everyone’s phone. Users of Elite Cash whether merchant or consumer can make/receive the payment instantly and in the most secure way. With ELC users will make a good profit by using and holding ELC Token, and there are many more benefits users can avail in this ecosystem.

Elite Cash will revolutionize the payments space by replacing the traditional mode of payment with robust, fast, and secure methods. There are a lot of benefits with ELC for users and investors as well. Thus, invest in ELC tokens today and help Elite Cash uncover the true power of digital assets.

Originally Published at https://ecency.com/