In order to facilitate user of money transaction system, a Hong Kong based Octo3 Technology Foundation has introduced new mechanism for payments with the name HAZZA in the country from October 3. This was disclosed by its Chairman Ajmal Samual here on Monday while talking to group of journalist at local hotel.
Elaborating the salient feature of "HAZZA", he said that it is an initiative to build a democratized and unified payment network by migrating Octo3's proven technology onto block chain. The platform will be owned and guided by a not-for-profit foundation, and governed by the HAZZA network community. HAZZA Tokens will be created to have an access to HAZZA network. The HAZZA network will be developed and governed through a decentralized autonomous organization (DAO) model. The HAZZA network is planned to be made available to anyone around the world through a set of Open APIs.
The goal is to allow the world's merchants, global payment networks, acquirers, issuers, alternative payment method providers (APMs), payment service providers (PSPs) and other participants (eg device manufacturers, POS providers, the crypto community etc.) to access a low-cost, minimal-engagement, decentralized payment network. Its aim to reduce, barriers and inefficiencies from the payment industry, while encouraging innovations and creating new business opportunities for participants who would benefit from a healthy, open ecosystem.
He further said that the Foundation is dedicated to the cause of democratizing the payment industry and furthering financial inclusion. Thus it intends to make Octo3's technology available to all participants through the HAZZA network, thereby fulfilling our ultimate vision of creating a global payment network. This should allow the provision of wider acceptance at lower transaction costs for all participants. Going forward, the Foundation will continue to remain innovative and responsive to the needs of our participants and the payment industry.
He said that payment network technologies are generally proprietary in nature and closed in order to function in the existing centralized payment ecosystem. To fulfill our goal of democratizing the payment industry, we will transfer the current Octo3 solution to an open access system for all and build the HAZZA network with the following principles in mind:
The HAZZA network is designed to be open to any participants. The processing network should provide a set of standard Open APIs for unified communication /protocol among participating entities. Decentralization also entails that participants should direct how HAZZA operates and develops over time,
The HAZZA network should facilitate and enable the participants to connect to other participants seamlessly. Participating service providers should be able to use a set of Open APIs to integrate and register their identities on the HAZZA network. Participants could easily publish their service scopes and capabilities to the HAZZA network.
The service providers could also define their requirements for potential clients, such as KYC level. As such, they could have exposure across the HAZZA network's community and could promote themselves to the HAZZA network proactively, making their services accessible and readily available for merchants, participants and the HAZZA network. With HAZZA network as the marketplace, the marketing efforts by service providers could be optimized with service publishing functions.
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