Snappy payments is based on a set of protocols that allow for decentralized collateral management, fast payment approvals and trustless dispute resolution. Merchants can now accept payments even before the corresponding transactions are logged on the distributed ledger, thus decoupling the payment process from the transfer of funds on the blockchain. Small-size collaterals guarantee that payments succeed every time and are managed independently by the Snappy smartcontract. The smartcontract operares autonomously and does not place any trust on the system operator or any other third-parties (e.g., Oracles).

By replacing the slow on-chain finality with Snappy’s off-chain payment authorization, we shrink the payment latency down to a few seconds, regardless of the performance of the underlying blockchain. In fact, our protocols are blockchain-agnostic and can operate on top of any ledger that supports smartcontracts.

The Snappy Payments' protocols along with their security proofs have been peer-reviewed and accepted at the prestigious Network and Distributed Systems Security (NDSS) Symposium 2020 [link].