PayProtocol, Danal's virtual asset payment company, will start a corporate open beta of PayChain, an on-chain financial infrastructure aimed at expanding the Paycoin (PCI) ecosystem.

PayProtocol said on Aug. 10 it will run the PayChain open beta from Aug. 10 through Nov. 30. Participating companies will be recruited on a rolling basis during the period.

PayChain is an infrastructure that records the process from payment to settlement confirmation in units of digital settlement slips called Receipt. It is designed to record only information needed for forgery and tampering verification on-chain, while allowing only authorised participants to access detailed information.

Through this, it aims for the infrastructure to handle settlement, documentation and tax responses that companies adopting virtual asset payments have processed manually.

Paycoin (PCI) is used across the operation of the PayChain network. The structure uses PCI for participants' staking, including validators, network governance and the operation of facilitators responsible for verifying and executing AI agent payments, including a Paymaster that supports network fee processing without a separate gas token.

PayProtocol plans to first build the settlement infrastructure and then expand PayChain into an open network supporting virtual asset payments, token issuance, digital asset management and automated payments between AI agents. It also envisages expanding PCI's use from a payment method to the overall operation of the network.

In this open beta, companies considering adopting virtual asset payments, including stablecoins, can apply regardless of size. Participating companies can verify settlement scenarios tailored to their own business on the testnet.

PayProtocol will provide technical support related to integration during the open beta process and reflect test results in future mainnet design. After the mainnet launch, it plans to grant participating companies early ecosystem infrastructure partner status.

Jung-wook Shin (신정욱), PayProtocol's chief executive, said, "PayChain is an infrastructure developed based on the virtual asset payment business experience accumulated over the past 7 years." He said the main purpose of this open beta is to apply real scenarios in line with each company's different settlement environment, and that the company plans to reflect the results in the mainnet design and move into formal operation.