Altcoins Talks - Cryptocurrency Forum
Crypto Discussion Forum => Cryptocurrency discussions => Topic started by: Brazio on August 14, 2018, 06:12:14 PM
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Through its official blog, the company Crypterium announced an update to its smartphone application that allows its users to access the possibility of making cryptocurrency transfers using the recipient's telephone number. Then, the person will receive instructions by text message to be able to award the funds transferred.
Cryterium is a platform that works as the first cryptocurrency bank based on the blockchain technology of the world. With the new update of its application, which is available for Apple and Android, it can be transferred to any part of the world with only the receiver's phone number of a choice of traditional methods, which may be compromised, where the address of the virtual wallet.
After the platform processes the operation, the recipient will receive a text message with a link with clear instructions, so a virtual door can’t be used to use the funds that have been transferred. The most impressive thing is that the transaction is immediate and that the company claims to be able to make up to one million transactions per second.
For this, they make the transaction outside the blockchain, which speeds up the process in case the user wants to use their digital currency. In comparison, using the Ethereum blockchain (ETH) the transaction can take several minutes to resolve or even hours in the case of the Bitcoin blockchain (BTC) without mentioning that they can be days if the blockchain is congested. As long as the cryptocurrencies are not used in Crypterium, the system will send the information to the blockchain of the corresponding cryptocurrency.
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Sounds like a good idea but in practise it would be too difficult to achieve. They need agreements with banks and telecommunications companies. A good investment is telcoin where you can send their coin via the mobile network rather than the internet