HivvLab Inc., the Korean startup that sources out various payment-related businesses recently announced that it has upgraded its existing cryptocurrency payment system – PayCrypto to Ver 1.1. HivvLab launched PayCrypto in 2018, a Cryptocurrency payment system for real-life use of blockchain coin – bitcoin, Ethereum, bitcoin cache, etc. Now the company has upgraded the system and made it more secure and easy to transact.
Solving problems related to multiple-users
According to the startup since the cryptocurrency operates under an anonymous name there existed a problem to distinguish the customers who sent the actual money. This also meant that it was difficult to be handled by multiple users at the same time at a decent speed for online transactions. For transaction purposes, the internet operators who wanted to make payments or exchange cryptocurrency had to obtain transaction addresses, as many as the concurrent users in advance and give them sequentially. This led to many technical constraints in cryptocurrency payment online.
Now the latest feature from the company for Paycrypto Ver 1.1, allows an online shopping mall-specific solution where large simultaneous transactions can be dealt with in real-time and have cryptocurrency approval. This now enables stable transactions in online shopping malls by telling exactly who did the transfer. Other payment service providers can also track transactions if they install a separate e-wallet app. However, the users have to install related apps and each business and shopping mall also needs to have installed the wallet separately, according to the specifications given by HivvLab.
Staking on relative advantage over other payment avenues
For Paycrypto Ver 1.1, Hivvlab applied for a patent in September 2018 after completion of the verification of the technology. The platform intends to have a payment partnership with a book voucher company soon so that customers can pay in cryptocurrency on its website. In addition, the company is pushing to replace the existing payment system by partnering with the construction business of existing cryptocurrency payment system.
“Although almost every exchange currently has a one-account one-cryptographic address policy, Paycrypto has an advantage in online shopping malls as it can distinguish multiple users by one address,” said CEO Kim Kwang-hyun of HivvLab. “Since payment can be made by using only an address without installing a separate e-wallet app, we expect to have a relative advantage over other payment solutions.”
HivvLab was established in 2015 to carry out various payment-related business that relieves the inconvenience of settlement based on the smart card, simple payment, and SI experience.