In the shift to a cashless world, a globally connected system enabling the open, instant, secure and low cost movement of value is of paramount importance.
Such a system will need to meet a series of very demanding standards.
Millicent is designed to meet them all.
To support the world’s financial infrastructure requires the ability to process thousands of transactions per second, and settle them near-instantaneously.
Millicent’s uses a Directed Acyclic Graph (DAG) based-consensus, which records information in an asynchronous manner, reaching high speeds, with sub-second finality.
Forbes has described DAG as the next evolution of Distributed Ledger Technology, ideal for applications with high scalability requirements.
The needs of every use case in the world cannot be solved with a single solution. Third parties, e.g. enterprises and financial institutions, should be able to easily create custom networks with bespoke parameters for specific use cases.
The ideal architecture for a global financial framework, Millicent is based on Cosmos SDK architecture—designed to become a network of networks, scaling horizontally to create a globally interoperable system that is able to comply with any number of different regulatory jurisdictions or unique use cases.
With full liquid reserves held in accounts at the central bank, Millicent's stable-value digital currencies, denoted in familiar denominations (e.g. £GBP and €EUR) are ready for use on and off-chain — from the supermarket to the metaverse, you'll only need to use one wallet.
The Millicent mainnet supports WebAssembly (WASM), ensuring a wide-range of dApps can easily be ported from existing chains, and allowing a wide pool of developers to build on Millicent.
This allows developers to create powerful financial services and applications—without the traditional barriers to entry—and make user experiences so good, that most people won't even realize they're using DLT.