Gambz: Pointpay: Revolutionizing Crypto Payment

PRELUDE

A cryptocurrency (or crypto currency) is a digital asset that is utilized as a medium of exchange that uses strong cryptography to secure financial transactions, control the creation of additional units, and verify the transfer of assets, located on the Blockchain.The potential for blockchain technology is not limited to Bitcoin,Ethereum, Litecoin, Ripple etc. Cryptocurrencies use decentralized control, known as Blockchain as opposed to centralized digital currency and central banking systems.
CryptoPayment is a relatively new niche in cryptosphere,but PointPay is raring to raise the standard going forward.
The crypto-industry ecosystem is developing by leaps and bounds. It’s becoming more attractive not only for investors who view the cryptomarket as a way to get maximum profit in the shortest possible time, but also for ordinary users who value cryptocurrencies for their fast transaction functionality, anonymous calculations and absence of any kind of
intermediaries. Cryptocurrency platform PointPay notes that many people like the idea of “finance without borders”. That is why the number of people actively using cryptocurrencies is steadily growing and approaching the psychological mark of 50
million people. Cryptocurrencies’ number growth dynamics is also rapid. If in 2010 the number of cryptocurrencies could be counted on the fingers of one hand, then in 2018 their number exceeded 2000 and has greater chances of reaching 2500 by the end of the year.
It is a known fact that the exchange is a kind of virtual bridge connecting blockchains of different cryptocurrencies and providing a platform for buying and selling them. But at the same time, the number of crypto exchanges, the daily trading volume of which exceeds US $1,000, is much less - just about 200.
This fact is quite explainable: in contrast to the meager funds required to issue an own token or coin based on a smart contract – the cost of creating a crypto exchange varies from tens to hundreds of thousands of euros. It’s costly – so, not every crypto entrepreneur can afford to pay this amount of money. Moreover, crypto exchanges serve themselves as an ideal target for hackers – attackers have managed to steal a total of more than one billion dollars. The question of which crypto exchange to use in order to keep funds or trade remains open. No one gives a 100% guarantee of safety of funds. Security is one of the key points of traders’ concern.
In addition, crypto-community calls to make exchanges the core of a cryptocurrency ecosystem with enhanced user functionality. People ask to integrate not only traditional dual-currency pairs with exchange rate charts, but also other state-of-the-art tools, on which the movement of funds would be tied. That would automatically solve the issue of deficit liquidity. Such a need has long been overdue in a crypto community. It will undoubtedly appreciate the team of innovators, who will not only offer a safe platform for trading and storing cryptocurrencies, but also develop the functionality to invest in crypto banks specially created for this.
With a market cap of over three hundred billion dollars,digital assets or cryptocurrencies are fast-developing asset class in financial markets.There are multiple variations amongst each cryptocurrency partly due to the speed of development of innovative features,modifications in Blockchain tech,different cryptography mechanics and different ideologies, and so on. But they have a common characteristics, in that one user can transfer money, to another user, regardless of distance or time zones. This is a welcome development in the itineration of money and financial growth. With this lofty aim and vision,however there is a challenge. This challenge is the difficulty in managing several cryptocurrencies.The distinct lack or absence of an all-encompassing and streamlined method of digital asset portfolio management is the main reason why their adoption has been low amongst low tech savvy individuals and the general populace, in whole.Also, the concept of the traditional crypto exchange does not favor wealth generation with exchanges providing traders with access only to rate and volume charts for a specific asset. Users conduct their own technical analysis based on the data presented on the exchange, make a decision and place an appropriate order, with fund movement cessation as soon as the system detects a request that satisfies the conditions of the trader’s application for the purchase or sale of cryptofunds. No daily profit from cryptocurrency assets holding.Traders store assets in 'hot' wallets which are highly risky and susceptible to theft. Also, the funds are stored without generating any income. As mentioned above, the difficulties experienced in crypto usage include liquidity of an asset. Liquidity, simply means the measure of the ease by which an asset(in our case, cryptocurrency or digital asset) can be traded. This is one of the main challenges facing the adoption.

The PointPay Payment System (PPPS)

Pointpay attempts to solve all this.It is an all-in-one platform which deploys the full circle of services around cryptocurrencies. It's mission is providing banking capabilities to crypto holders with conventional tools. The issue of liquidity would be solved. This solution is via The PointPay Payment System (PPPS for short). This aims to solve one of the most pressing issues in the cryptocurrency space - liquidity of crypto assets. While they are normally intended as payment methods, actually spending cryptocurrency is no easy task, especially when the vendors accept only FIAT payments. PPPS solves this by integrating with payment providers and leveraging its own cryptocurrency exchange service.

The events that occur during a purchase with a debit card.
First of all when you swipe your card on the point of sale terminal or use the NFC of your phone while buying goods
You link your card previously issued by a fully licensed and PCI DSS compliant bank (selected and approved as a PointPay payment partner) to the crypto asset of your choice using the Pointpay app.The PCI DSS(The Payment Card Industry Data Security Standard) is an information security standard for organizations that handle branded credit cards from the major card schemes.
Information goes from the merchant you are buying from, to a bank that is providing payment services to that particular merchant bank also known as Acquirer and it knows what payment system is used at the moment, so it routes information to the correct payment system
The payment system knows what bank issued your card and the information
flows to it.This bank checks if you have enough funds and then send positive or negative response backwards

THE POINTPAY WALLET

A cryptocurrency wallet is a software program that stores private and public keys and interacts with various blockchain to enable users to send and receive digital currency and monitor their assets.The PPPS involves a multicurrency wallet, which is state-of-the-art and ultra-secure with all established and proven best practices.
One of the products being developed by the PointPay cryptocurrency platform is a PointPay Multi-currency Wallet, which is the ability to store the most popular cryptocurrencies: Bitcoin, Ethereum, Litecoin, and many others, in a safe and convenient manner. It also has the ability to recharge the balance of the most popular fiat currencies – dollars, euros and yuans – with the help of VISA / MasterCard, UnionPay, Payeer, AdvCash, Yandex.Money payment systems, etc.
The possibility of exchanging funds in the following ways: fiat-cryptocurrency, cryptocurrency-cryptocurrency, cryptocurrency-fiat.The ability to instantly cash out cryptocurrency through the withdrawal on the card VISA / MasterCard, UnionPay, payment system Payeer, AdvCash, Yandex.Money, etc.The system automatically generates statistics on the overall account balance, displaying it in dollars, euros or yuans.The system provides up-to-date cryptocurrency rate data.The system allows you to create a virtual portfolio of cryptocurrencies, which automatically calculates the value of it in dollars, euros or yuans. It also displays the percentage of each cryptocurrency in the portfolio to the total number. The ability to create your own cryptocurrency portfolio by importing data directly from the balance of the web wallet.Account login is protected by a two-factor authentication system (2FA).
Ability to send money to business partners, friends and relatives via SMS.
Ability to send money to business partners, friends and relatives via e-mail.
Ability of accepting payments in cryptocurrency on your website or online store by installing a special module from PointPay Multi-currency Wallet. Instantly withdraw money earned to your bank card or any other wallet. Ability to track all transactions performed in the section “History of transactions”. Ability to recharge your mobile phone balance and pay utility bills using the PointPay Multi-currency Wallet.
Now you can send and receive crypto and fiat currency to other members of the PointPay platform.
Enjoy secure, fast transactions with our lowest fees
Multicurrency crypto and fiat accounts
Security and anonymity
Virtual crypto portfolio
Instant exchange
Cryptocurrency payments
Instant deposits/withdrawals in EUR, USD, GBP, JPY, CHF
SPV architecture
Payment Code ID
Easy to use

Features

Comfort of usage
● Easy transfer of funds to another user by some identification (email, phone
and user-defined id).
● Support of all currencies on the PointPay platform.
● Easy overview of the user’s crypto holding and transactions.
● Can facilitate transfers to both PPW and non-PPW-users.
● Multi-platform support.

Security

In the Blockchain, cryptocurrency transactions occur mostly of those transactions are done in small amounts. Occasionally large fund transfers occur and thus require better security
and validation.This is where the concepts of Hot and Cold wallets in the cryptocurrency sphere come from.
● Hot Wallets or Hot Storage (HS) are wallets which are constantly connected to the internet which makes them less secure. They, however, offer a higher speed of execution and availability. In the PointPay system, only a small amount of funds will be kept in HS. Users will be able to operate with funds within the HS without the approval of the PointPay supervisors (SV). Regardless of this fact, this does not mean that the funds in those wallets will not be monitored. They will be under PointPay’s Hot Storage Fraud Policy
(HSFP) which automatically detects fraud patterns and alerts the SV.
● Cold wallets or Cold Storage (CS) are air-gapped wallets which are considered high end in cryptocurrency security, thus they are not constantly connected to a network and require an SV interaction with the cold storage in order to approve a transaction. Using HS requires extra commissions and makes large-amount transactions slow and not user-friendly. What happens if the user wants to manage his money in a fast and secure way, even without supervision? In this case, the SESA and PPM technologies used.
Special Extra Secure Accounts (SESA)
In this option, every transaction by the user must be confirmed with a special Payment Password and secure-sensitive data will be encrypted with this password.
PointPay Mirroring (PPM)
With this option, when a user enables SESA and sets his Payment Password, this information is sent to PPMS in encrypted form. The encrypted form is produced using public/private key cryptography.Private key from this public key is stored in cold storage, access to which granted only to SV. User can disable Mirroring when enabling SESA, but in this case, they will not be able to restore the data if Payment Password lost.In the event where the user loses his payment password, it will be recoverable, by passing an extended verification procedure. This is possible due to PointPay Mirroring(PPM) that includes asymmetric cryptography and PointPay Mirroring Storage (PPMS).
2 Factor Authentication(2FA)
As an additional security measure, the user can choose to enable 2FA (two-factor
authentication) checks for SESA, that will make checks in PG.

Why PointPay Wallet is a better option out there?
Any blockchain enthusiast, miner or trader inevitably faces the need to search for a safe and reliable cryptocurrency store. At the same time, the existing crypto wallets, aimed to solve this problem, provide very limited number of options.
PointPay experts conducted a study of the most popular wallets on the cryptocurrency market.