Crypterium app now allows you to send crypto with just a mobile phone number
Crypterium’s iOS and Android apps have seen a major update, promising the almost-instant transfer of cryptocurrencies between mobile phones.
“We’re on our way to the 21st century’s ‘Netscape moment’,” or so says former CEO of Visa UK, Marc O’Brien, “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.”
After leaving the global payments giant in 2014, May this year saw him installed at the helm of Blockchain-based fintech startup Crypterium, a company with the stated aim of making payments with cryptocurrency easier. Now, it is – in its words – “challenging classic banks” by launching a new feature allowing the transfer crypto using the recipient’s phone number, rather than complicated wallet addresses.
Interestingly – given that an oft-quoted gap in the dream/reality relationship of cryptocurrencies to the real world is the comparison between the number of transactions per second a company like VISA can handle (24,000, apparently) with what Bitcoin can handle (7 – at most, at least in its pre-Lightning form) – Crypterium claims to be able to handle something like a million transactions per second. What’s more, it intends to court those kind of numbers by making operation unashamedly user-friendly.
O’Brien says 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.”
The first step of this is replacing wallet addresses with mobile numbers – recipients of Crypterium patments, we’re told, will still receive their crypto even if they don’t have a wallet at the time they receive the transfer, as they will simply receive a text message linking to their payment, along with instructions of what to do next.
The second is making the transactions almost instantaneous – so they feel the same as we’ve become used to from centralised systems. This is something that will be done using off-chain processing.
The system proposed by Crypterium appears to resemble one we reported on by ourselves recently, in the form of a patent being applied for by Intuit – the software company behind the likes of QuickBooks and TurboTax.
That system’s patent described it, in the most sterile manner possible, as “a payment service from a mobile device of a user, a text message comprising an identifier of the mobile device and a request to perform a financial transaction associated with the payment, receiving, by the payment service from the mobile device, an unanswered voice call within a pre-determined time period subsequent to receiving the text message, validating the text message by matching the unanswered voice call to the identifier of the mobile device that is extracted from the text message, and performing, by the payment service and in response to the validating, the financial transaction to process the payment.”
However, while Intuit’s patent hasn’t yet borne fruit in the form of a product, Crypterium’s app is ready to go for both iOS and Android phones, and works with Bitcoin, Ethereum, Litecoin, and you can see details at Cryperium’s website.
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