TECH TALK: Real-time Bitcoin

The Israeli start-up develops and provides solutions for making cryptocurrencies accessible.

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April 24, 2018 20:46
4 minute read.
TECH TALK: Real-time Bitcoin

le bitcoin, une nouvelle monnaie virtuelle. (photo credit: DADO RUVIC/REUTERS)

 
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Virtual Crypto Technologies has launched NetoBit Cash, which will enable any business in the world to immediately, easily and securely collect payments in cryptocurrencies like Bitcoin at the best exchange rate and lowest commission, while offering protection against exchange rate volatility.

The Israeli start-up, which develops and provides solutions for making cryptocurrencies accessible, was founded in January by a team of entrepreneurs with extensive experience in founding and managing global companies, in research and development, and in cryptocurrencies. In March the company listed on the US Over the Counter (OTC) venture market (QB), under the ticker: OTCQB:VRCP.

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NetoBit Cash is the first in a series of software and hardware products, which it developed under the name NetoBit. It is designed to enable the purchase, sale, and conversions of the cryptocurrencies via ATMs, tablets, PCs and mobile devices, guaranteeing transactions up to a value of $3,000.

Virtual Crypto will distribute its products via distributors and business partners to small and mid-sized businesses such as cafés, restaurants, and shops; larger firms such as airlines and tourism companies; government agencies; payment gateways; and online businesses.

For example, a restaurant can include its menu on NetoBit Cash, enabling diners to choose and order meals on a Virtual Crypto tablet and pay with Bitcoin or other cryptocurrencies through the device. The payment is cleared immediately, and the business owner can choose whether to accept the payment in a cryptocurrency or immediately convert it through NetoBit Cash into regular (fiat) money, which will be transferred into the owner’s account.

Virtual Crypto Technologies Ltd. was co-founded by a team of Israeli entrepreneurs: CEO Alon Dayan, chief scientist Dr. Royi Ithzak, and crypto expert Guy Corem.

Dayan was previously co-founder and CEO of the wireless communications company Celliboost and cyber company L1-Systems Ltd.

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Ithzak, an expert in applied mathematics and big data algorithms, has a wealth of experience in applied research and academia regarding data mining, network analysis and other fields. He has developed algorithms for Gett (formerly GetTaxi), Fiverr and others, and headed R&D teams at AT&T, HP, and Outbrain.

Guy Corem, who has held positions such as CEO of Spondoolies, a provider of Bitcoin mining equipment, has accumulated vast experience in contributing to the Bitcoin community.

In a new study published last month, Transparency Market Research predicts a CAGR (Compound Annual Growth Rate) of 31% for cryptocurrency hardware and software from 2017 through 2025. The report estimates that the hardware and software business in this industry will soar from $574 million in 2017 to $6.7 billion in 2025.


VIRTUAL CRYPTO’S solution is different from many other solutions in at least three ways. First, its validation algorithm can very precisely and quickly predict whether a cryptocurrency transaction will be approved immediately by a blockchain at the moment of the transaction, before the block is digitally signed.

This quick process allows for the approval of the crypto transaction within seconds or a few minutes, rather than taking 20 minutes to 24 hours to obtain six confirmations, as is the case today. Consequently, Virtual Crypto can create a pleasant and immediate transaction experience, minimizing the risk of fraud, which can occur in the usual lengthy transaction approval process.

Second, cryptocurrency trade suppliers usually allow the customer carrying out the transaction to interact with only one crypto exchange, shackling the customer to the exchange rate which that exchange offers. Virtual Crypto allows the customer to work with several crypto exchanges simultaneously for each transaction. In this way, the Virtual Crypto algorithms can immediately locate the best crypto deal and offer the most attractive exchange rate and the lowest commission while the transaction is underway. This ability enables the company to protect the transaction from currency volatility that is liable to occur during the current lengthy approval process and to guarantee transactions of up to $3,000.

Third, Virtual Crypto’s back-office capabilities can operate a very large number of cryptocurrency ATMs and points of sale, and provide tools for managing how the currencies are accessed. The back-office capabilities include setting currency price limits for each transaction, defining the KYC (Know Your Customer – customer identification), conforming to different regulations and configurations in different countries, managing risk, and providing useful statistical data on transactions and points of sale. These capabilities are different from many other solutions that offer back-office capabilities which can manage only one transaction center.

According to Dayan, “Virtual Crypto’s objective is to make a unique contribution toward achieving two important global targets, each of which represents a huge market. One is creating blockchain products and services that are accessible to businesses and users in every industry; [the other] is helping to turn Bitcoin and cryptocurrencies from dormant assets sitting in users’ digital wallets into money that functions like real money – making and receiving easy, user-friendly and secure payments in real time.”

Dayan added that: “Unveiling the technology that underpins the Neto- Bit series, which will allow the purchase, sale, and conversion of Bitcoin and cryptocurrencies, is a concrete and clear step toward achieving our vision. NetoBit Cash is just one example of how Virtual Crypto will turn cryptocurrencies into a means of exchange that functions as real money.”

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