HivvLab Inc. said it has completed the development of PayCrypto Ver1.1, which is updated transaction tracking capability to PayCrypto, the company’s existing cryptocurrency payment system.
According to HivvLab Inc., the cryptocurrency operates under an unknown name, so there is a problem that cannot be distinguished from the customers who sent the money. This leads to the bigger problem of not being handled by multiple users at the same time than speed issues in online transactions. 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. They had to let the one address to be paid by the next person after the transaction is completed.
This problem has led to many technical constraints in the payment of cryptocurrency online, and the company has made it meaningful so this feature will allow Paycrypto to develop into an online shopping mall-specific solution that will have to deal with large simultaneous transactions and real-time cryptocurrency approval. This solution now ensures stable transactions in online shopping malls by telling exactly who did the transfer.
Other payment service providers can track transactions if they install a separate e-wallet app, but users may have to install related apps and each business and shopping mall may have to install the wallet separately, according to HivvLab.
After completing the verification of the technology, HivvLab applied for a patent in September and will hold a payment partnership with a book voucher company this month so 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 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.”