The blockchain and crypto startup Crypterium is working in order to allow users send and receive payments in a very easy way. The company is creating a new product that would allow users to transfer funds fast and in a seamless way.
In this way, the cryptocurrency firm is challenging banks by introducing a wallet address that is not complicated to remember, indeed, it is the recipient’s phone number. These transfers tend to happen simultaneously and there are no scalability issues due to the fact that the network can handle million transactions per second.
New Crypto Solution for Fast Payments
Most of the blockchain and crypto applications are not user friendly. Indeed, those tech savvy users and developers created applications specifically designed for savvy individuals.
But the former Visa UK CEO Marc O’Brien is working in order to bring the cryptocurrency industry mainstream and transform it to become user-friendly.
About this, Mr. O’Brien commented:
“We’re on our way to the 21st century’s ‘Netscape moment’, the day when a California startup’s eye-popping market debut illuminated the World Wide Web for millions of people, otherwise only vaguely familiar with its potential and promise.”
He explains that Crypterium makes buying and selling an easy task for everyday life. Moreover, he is convinced that this will help billions of individuals start using cryptocurrencies.
At the moment there are two important problems that need to be solved and that cryptocurrency users are now facing. This is related to the moment when they want to transfer coins and tokens. Currently, a long code (the wallet address) it is necessary to send the funds, and it is very easy to be confused about it. If you make a mistake copying it or pasting it, then, the funds will be lost forever.
Moreover, there are special hacker apps that change the address of the wallets when they are being copied, something that would end up with your funds lost.
The other problem that we are talking about is that transactions take always some time to be processed. Bitcoin transactions can take minutes or even hours, and Ethereum does not perform substantially better. The latter needs to deal with network congestions very often, and if the network runs smoothly, transactions take some minutes to be processed.
Fortunately, the solution to both problems is going to reach the market very soon. With Crypterium there will be no need to copy the wallet address. The only thing that will be needed is the telephone number of the person you want to send the funds to.
Even if the other person does not have a virtual currency wallet, they will still receive the funds. After receiving them, they will receive an SMS with information about the transaction and a link to the crypto that they have just received.
Compared to the transaction times that we now experience in the market, these transactions take just seconds because all of them are performed off-chain. All the transactions are written in the system without having to avoid registering them on the blockchain.
Until now, there are no services similar to this one, and it could help the virtual currency community spread if the implementation is used properly.
“We have analyzed the most popular crypto wallets in the market, and none of them offer anything like it, though it sounds so exciting,” explained O’Brien.