Failsafe is the first non-custodian payment network that fixes scalability issues of traditional blockchains by moving all transfers off-chain. We've developed a "plug-and-play" product that covers use cases ranging from custodian online wallets (like Paypal), credit cards (like Visa) to entire banking system. Unlike volatile and slow blockchains, Failsafe serves as both store of value and medium of exchange.
Traditional banking sector is prone to insolvency and corruption, while Failsafe hubs are provably solvent and all relationships with clients are insured / secured by blockchain layer.
At first glance our hubs look similarly to traditional banking system and the Internet's hub-and-spoke topology. But unlike trusted, custodian and opaque banks all the relationships between users and hubs are cross-signed and enforceable on a public blockchain "court", which makes the assets actually ownable yet instantly transferable towards anyone off-chain through the network of channels eg Alice-HubEU-Bob or Alice-HubEU-HubUS-Carol.
The blockchain layer is rarely touched and used purely as "arbiter with memory", storing the insurances. With use of uninsured balances we even can cover users who cannot afford blockchain layer fees (the 50% of population lives on $2/day) - which makes Failsafe scalable for all value transfers on Earth.
We fixed Bitcoin's Lightning. We've took the Lightning Network, fixed their capacity/liquidity issues with credit lines ("uninsured" balances) and implemented layer 2 functionality natively in layer 1 itself, tailoring both to each other and dramatically reducing the complexity of our off-chain protocol.
Lightweight Node. Our verifying full-node is built to routinely run on laptops, mobile phones and even smart watches without any inconvenience for the end user. The node processes very few rebalancing transactions and doesn't require significant resources unlike full nodes of other blockchains.
Trust-less. All digital assets in user wallets possess the same qualities as golden bars, physical cash and Bitcoin - they are ownable, non-custodian and censorship-resistant. Even in transit we use hashlocks to make the sequence of payments atomic: they execute all or none at all.
Scalable. Failsafe hubs operate independently from each other and only share common settlement layer: the system is has nearly no cap on scalability: 1,000,000+ transactions per second off-chain require just a few rebalance transactions per second on-chain.
Lowest Fees. Forget ridiculous 2-4% of Visa and Paypal. All Failsafe hubs charge 0.1% with no hidden fees, thanks to lack of fraud by design, lower number of round trips and no compliancy burden. Unlike archaic credit card credentials "secured" by SMS one-time-codes, Failsafe uses strong client-side cryptography where payment signature simply cannot be forged without compromising user's device.
More Decentralized. There's no central server and central point of failure in Failsafe. The hubs are non-custodian and Failsafe provide ways to limit risks (associated with "uninsured" balances to negligible level. Blockchain as arbiter will always be on your side. Our consensus algorithm is more secure than Proof-of-Work: identities-based Proof-of-Stake. There are 300 shares in total and they are distributed to public people 1-for-1 which provides largest Nakomoto coefficient which means highest decentralization.
Configurable and Multiasset. Failsafe supports not just currencies but any numerical assets: stock, utility tokens, voting shares, securities. There's on-chain moderation process to avoid unnecessary bloat, but it also lets offered tokens to be highly customizable. You want to regulate it? Be our guest - issuer can choose different regulation policies that covers their own issuances, but don't impact other assets and FSD.
Taking the best. Failsafe takes leading concepts from blockchain space: Lightning (routable network of payment channels) + Ripple (we extend a payment channel with credit lines) + ERC20 (configurable assets, backed tokens, "colored coins" etc) + Tezos (self-amendable ledger via on-chain governance) + Proof-of-Stake (we use identity instead of money stake).