Visa’s EX Responsible For World’s Faster Cryptocurrency Transactions
Crypterium, the new fintech startup has been developing a new blockchain platform that operates differently than traditional banking systems or cryptocurrency companies. Instead of using hard to remember cryptocurrency addresses that are complicated, users can input the phone number of the recipient. The fast transfers are simple to use, with the company able to process millions of transactions every second. Increased transaction speed times will be able to solve the scalability issues that happen on the blockchain.
The new process is turning out to be the first user-friendly cryptocurrency solution that has arrived. Even some of the most prominent execs in the world, like Marc O’Brien (Visa’s UK CEO), believes this is the system the world needs.
Most blockchain technology is hard to use for the public. A particular technical inclination is often needed to set up accounts and trade successfully. For people who are comfortable with technology, setup is as comfortable as the ABCs. For people who are not tech savvy, it’s like trying to drive a race car with one arm and one leg; you have a big problem ahead of you. Confusion with cryptocurrency ends up being a mixed bag of system crashes, bugs and even lost currency. It’s not just everyday people who are confused, plenty of larger business entities are also struggling with the technology.
Thankfully, the cryptocurrency world is close to seeing some breakthroughs that make it easy enough for the everyday Joe or Jane, to pick up and start making money. Startups are improving the user interface on the different platforms, increasing the user’s ability to easily buy, sell and trade cryptocurrency in their everyday life. With new advancements comes new users, eventually the number of people involved in cryptocurrency trading will be in the billions.
Before significant user numbers are regular, there are some ‘bugs’ that need to be fixed. Two major problems come to mind that requires solutions. The first issue sounds simple enough, the problem is huge wallet addresses, but it’s easy to make mistakes when dealing with a massive wallet address that has over forty characters in it. Mistakes happen all the time, after all, it’s a major combination of numbers and letters – and unfortunately, there has been a lot of money sent to the wrong addresses – making transaction uneasy for most users. Hackers have even gone so far as to create apps that automatically change the wallet address while it’s copied, instead of sending the currency to a thief’s address and not the intended party. The sad part, once you make a mistake and send your money to the wrong address, you never get it back, it’s gone forever. The possibility of loss is enough to make most people stay away from the industry.
Lag time on the completion of transactions is the second big issue. It’s not bad for some currencies, like Litecoin, which was developed to make quick work of exchanges. But as far as other tokens like Ethereum, which could take minutes, it’s a lengthy process. Then we have Bitcoin, which can sometimes take hours for a transaction to reach completion. All the while, the two involved parties are sitting on the edge of their seat with fingernails in their teeth, hoping the process goes smoothly. At this point, making exchanges for large sums of money is stressful. Most people would instead not go through the anxiety. Instead, they use traditional banking. For the mainstream population to adopt cryptocurrency, finding solutions to these two problems is a must.
Enter Crypterium, the new platform designed to solve the two most detrimental problems in the cryptocurrency sphere. With it, there is no need even to have the recipient’s wallet address. Instead of entering a large key of forty or more characters, which is easy to type in the wrong, the sender only needs the recipient’s telephone number. Now, mainstream users can send money to anyone they know, regardless of their location, if they have their phone number. One of the most attractive reasons to use the system is that you can send money to anyone, even if they don’t have a cryptocurrency wallet. Users get an SMS as soon as the transfer is complete. Inside the text message will be instructions on how to complete the process, meaning how to collect their funds.
With that, the first problem is solved. Mainstream users can now safely send cryptocurrency without the stress that comes with cryptocurrency wallet addresses. Transaction speeds occur in a matter of seconds, thereby eliminating problem number two. Transactions are completed instantaneously off chain, so when a user wants to send money, it happens fast. The money is pulled out of the user’s wallet within Crypterium. Before the money is even spent, it is sent, making transactions take a matter of seconds, faster than they are on any other network.
According to the team at Crypterium, their platform works faster than any other on the market. Nothing even comes close to their transaction speed times. A lot still needs to happen before we know for sure or not if Crypterium will work as intended. But, if it does, Crypterium will be responsible for two of the best improvements to cryptocurrency exchanging in history.
Will you give Crypterium a try? Leave your answers in the comment section below.