Millions of users rely upon the financial industry. Although it is generally trustworthy, the industry has faced some notable and significant lapses in security. What’s more, as global transfers become increasingly common, international commerce continuously fails to solve the most major, enduring problems. Their lack of success raises an important question: how can the finance industry dramatically reduce user fees while implementing updated security and safety in the process?
Optherium, a global fintech company, and a member of Cryptovalley, the Linux Foundation, and Hyperledger, is running at full speed with a modular ecosystem set to address and resolve issues of security, speed and usability of both crypto and fiat countries in the global arena. Built on the Multi-Decentralized Private Blockchains Network™, Optherium is proudly stating that its global financial blockchain infrastructure is the new standard, and with good reason. With $3 million in investments, this ambitious project is utilising Dynamic Biometrics and Key Recovery Service to deliver unparalleled service to users.
The project has successfully reached compliance with SEC Regulation D and has acquired a Lichtenstein Bank Licence and Foreign Exchange Licence. The project is compliant with all laws and is able to provide a strong technological solution to a wide variety of markets. Optheriums patented technology will ensure the safety of crypto and fiat deposits while revolutionizing and redefining ‘financial security.’
Today’s average transfer transaction, whether it involves a small or large sum, can be extremely inconvenient for users. On average, banks charge 2% for every transaction, which takes from 1-5 business days to process. For businesses, these fees and delayed processing times are detrimental. Moreover, according to research carried out by the Nilson Report, banks lost $22.80 billion in 2016 due to credit card fraud. More loss was found in the following year. The Insurance Information Institute reports that in 2017 over 371,000 people fell prey to identity theft, putting billions of dollars at risk.
These serious problems can’t be resolved by the current financial system, which utilises old technologies and is slow to implement new ones. Businesses now have the ability to work faster, earn more and become resistant to fraud. Optherium is entering the global commerce market with a multi-purpose solution. Its unique peer-to-peer technology, backed up by innovative Dynamic Biometrics and MultiDecentralized Private Blockchains Network, will provide a complete infrastructure for businesses, banks and corporations who are desperately in need of solutions for secure and economically effective financial operations.
Next Generation Payment Ecosystem
Optherium is planning to interconnect the banking industry with the cryptocurrency market, providing companies with B2B and B2C payment solutions. Primarily, the ecosystem will:
- Increase transaction speeds
- Eliminate high banking fees
- Provide a new security system for sensitive information
- Make cryptocurrency accessible for both business and clients
The solution itself will be based on the modular MultiDecentralized Private Blockchains Network, which allows the creation of a super-protected ecosystem that is impenetrable to hacking. The B2B solution is developed to resolve the existing problem of transactional bandwidth, which stops businesses from running instant transactions. Optherium will provide companies with technology that allows them to make more than 100,000 transactions per second, with an instant fiat-cryptocurrency-fiat conversion. It will dramatically increase transaction speeds, while lowering conversion and transfer fees. Everything is done within the ecosystem, eliminating the involvement of third parties. Transactions will go through Optheriums Bitcrox decentralized exchange, providing a high liquidity level.
Optheriums B2C payment solution allows companies to receive cryptocurrency transfers across various industries. Clients will be able to pay for goods using the special VivusPay application. Optherium is planning to integrate credit card and bank account payment options, adapting crypto for daily use. Moreover, a special cryptocurrency credit card is in development. This will offer the unique possibility of converting crypto to fiat and the prospect of withdrawing funds from any ATM globally. Optherium is planning to connect both clients and companies using the cryptocurrency ecosystem as a reliable end-to-end intermediary.
Integrating such solutions and bringing a new payment ecosystem to life will play a significant role in the cryptocurrency industry. The Optherium platform will massively encourage cryptocurrency usage among the general public. Companies will benefit from almost instant transactions and low fees, no matter size of the transfer.
Security backed by MultiDecentralized Private Blockchains
By deploying multiple blockchains within its own service, Optherium promises to dramatically lower the identity theft statistics addressed earlier in this article. Behind the scenes, each blockchain communicates with one another, transferring requested data in an encrypted format. Sensitive client information, frequently stolen in the banking sector, is fragmented and stored across various Blockchains. User access to the information is granted only once the client passes biometric verification. The biometric verification process involves fingerprint, retina and most importantly, voice and dynamic facial movement confirmation.
Deploying an interconnected network of multiple private blockchains increases resistance to hacker attacks. There will be no successful attacks from hackers who intend to steal clients funds. Hacking will be made virtually impossible because sensitive data needed to access the funds is scattered across multiple blockchains in an encrypted format. Thus, stealing one piece of data from a single blockchain does not allow the hacker to get an access to other parts of the data. The MultiDecentralized Private Blockchains Network™ technology is truly robust in terms of security.
In addition, the ecosystem is fortified against denial-of-service (DOS) attacks. Optheriums decentralized structure prevents all possible risks to efficient attacks on all parts of the blockchain. From a legal standpoint, the project is fully compliant with SEC Regulation D and has a variety of financial licences which ensure the legality of all business activities. Transactions won’t take days, fees won’t be high, clients won’t be affected by fraud anymore. Global commerce will finally move into a new era.
The project has launched its ITO, and whitelist registration began October 5th, 2019. IBM has already mentioned the project, expressing interest in Optheriums patented technology. Go to Optherium’s Telegram Channel to learn more exciting news!
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