UPI system in India will soon host an upcoming decentralized transaction for crypto with a core focus on security and seamless movements of tokens among the community. Per the announcement made by Sonic through an official blog post, the venture is working to bring v2 – SonicUnwrap Protocol – in the days to come.
Briefly speaking, the system will make it convenient for users to buy and sell cryptocurrencies at a higher speed. What gives this system a boost is the fact that it is completely decentralized, including the UX aspect of it. A middle-person will no longer participate in the transaction, making it a p2p transaction entirely.
The launch is tentatively scheduled to happen first in India with an on-ramp/off-ramp feature at the core. Calling it a major step forward, Sonic has said that the same will deal with issues like liquidity in the DeFi sphere, reduce complications, and save the time of the users.
A total of four elements will collectively work to deliver the best of SonicWrap Protocol – Unwrap Wallet Contract, Unwrap OrderBook Contract, Unwrap Express OrderMatch Contract, and Unwrap Proposal Contract.
To start with, the Unwrap Wallet Contract will act as the funding wallet where users will be able to create wrapped assets that will further be used for p2p unwrap orders. Minting and burning of wrapped assets will also receive support from the Unwrap Wallet Contract. This is in addition to enabling Sonic users to seamlessly transfer funds.
A close interaction with Unwrap OrderBook Contract will give users the power to buy or sell assets by placing the order beforehand.
Another feature of Unwrap OrderBook Contract is to keep track of all the orders that are active in the account so that users know the status of their activities.
Unwrap Express OrderMatch Contract works on a line similar to Unwrap OrderBook Contract except for the fact that it is faster, smoother, and more efficient. Unwrap Express OrderMatch Contract relies on the Machine Learning system to find the match for orders; however, it does so only after accepting the requests for matching orders.
While a third party is not involved in the sphere, security has still been kept at the top to assure the users that their transactions are safe. This has been done through Unwrap Proposal Contract, where both parties can vote to agree before commencing a transaction. Called the key to secure trades on the platform, Unwrap Proposal Contract works on a time limit to ensure that transactions are indeed efficient and smooth. It keeps a check on critical pieces of information like the sender of the assets, the receiver of the assets, and the escrow ID, among many others.
Sonic v2 has been dubbed the future of crypto trading. Rightly so, since all types of traders – seasoned or beginners – will be able to avail of the benefits of the protocol.