Crossway

Have you ever send funds to a wrong address and later realized when there is literally nothing to do? Or worse, did you ever send it to an address that do not exist at all?

Multi-chain/Cross-chain payments are one of the most common use cases of Web3 that witnesses not millions but billion dollar volume transactions. Even after such popularity, there are major loopholes and point of failure in this architecture. Enters "CrossPay - A 2-Factor Authentication and verifiable identity backed payment solution". CrossPay uses time-bound, 2FA and verifiable identity mechanisms to execute transactions cross-chain powered by Hyperlane. Our system ensures that the sender is well-aware of who is receiving the payment and approve the transaction forward.

Below is the basic overview of all the steps involved in executing one transaction cross-chain via CrossPay.

1. User connects wallet with CrossPay and verify the wallet by signing a message.
2. Fill the transfer details like receiver address, amount and chain and click send.
3. A individual time-bound (5mins for now) is deployed specifically for that transaction where the funds get deposited.
4. A incoming request pops-up in the receiver's dashboard.
5. The reciever signs a message with metamask to confirm it's identity and request for approval to the sender.
6. The sender receives the message containing the verified address of the receiver.
7. The sender verifies it and provides it's approval and the token is transferred from the contract to the receiver wallet, the contract gets destroyed using self-destruct and the transaction life-cycle is completed.

All these steps need to take place within 5 min of the initial executing. Past 5 mins the sender receives the token and the contract is destroyed using self-destruct.