Crypterium, a blockchain based fintech startup is building a platform which is completely different as compared to traditional banking systems and cryptocurrency companies. With the help of its new feature, instead of transferring money using wallet address, you can send it using recipient phone number. The crypto transfers happen instantly and the company ensures that it can process a million of transactions per second. Hence, it helps to solve the scalability issues in the blockchain.
This new process ensures that the first user-friendly solution has arrived. Moreover, one of the top managers in the world like Marc O’Brien (Visa’s UK CEO) thinks that this is the much-required system in the world.
Currently, most of the blockchain applications are not as user-friendly as they are anticipated. Tech-savvy people have formed the process for other tech-savvy people. Hence, the solutions might be confusing for various businesses and users who are not as familiar with the computer.
Marc O’Brien, who is former CEO of Visa UK has confirmed an aim of bringing the crypto industry mainstream and shaping it to be more user-friendly. He described, “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,” Further stated that his own Startup Crypterium “makes buying, selling and spending of cryptocurrency in everyday life as easy as possible, and that’s what will bring the next billions of people to using crypto.”
Important Problems are unresolved
There are two main problems faced by the crypto holders today. At the time of transferring coins and tokens with each other. Firstly, you might get confused with the wallet address. Wallet addresses mainly look like, 0tc7b133a52145990374185212bd732f059330287f, hence getting confused is obvious. By chance, if you transferred money to the wrong account, you can never get it back.
There are several crypto hacking apps such as CryptoShuffler which will change the address of the wallet when it is copied.
The second issue is that the transactions require some amount of time. If you talk about Ethereum, it requires several minutes. If you talk about Bitcoin, it requires several hours.
The solution is in the Near Future
Crypterium main goal is to solve both the above problems. You don’t require to copy the recipient wallet address. You only require the recipient mobile number. Send crypto to anyone all across the globe. The receiver will receive the money even if he/she doesn’t have a crypto wallet. As soon as the transaction is completed, they will get SMS along with a link to get their Crypto with detailed rules on what they can do with it. For instance, they can use their bitcoin to recharge their phones or to purchase any product.
One of the most amazing things is that the transaction takes merely a seconds. This has been possible as all transfers are done off-chain. If the user wants to spend the coins externally, the money is withdrawn from the sender’s wallet inside Crypterium. If not spent, all the transactions are being recorded in the system, thus transactions occur faster than any other crypto.
O’Brien also states that,
“We have examined the most popular crypto wallets in the market, and none of them provide anything like it, though it sounds so exciting.”
Future will depict whether crypto transactions will become faster than MasterCard and Visa or not. However, this solution ensures that it is a major step towards global crypto popularization.