CRYPTO 005

THE CRYPTO DOT COM EXCHANGE

Update May 27, 2020
Note from Gary: The Crypto dot com VISA debit card I applied for arrived promptly, yesterday, on May 26. The presentation is above average in professionalism and attention to detail.

20 MAY 2020/COMPANY
Introducing the Crypto.com Wallet
​The non-custodial wallet allows users to control their own private keys

Crypto.com announced today that it has launched the Crypto.com Wallet, taking another step closer to achieving a full decentralised product offering. Through the Crypto.com Wallet, customers gain ownership of their private keys, allowing them to freely send and receive crypto directly on the blockchain.

Key features of the Crypto.com Wallet, presented as a standalone mobile app:

• Full Control - Users have full control of their crypto and keys. Easily import any existing decentralized wallet with a 12/18/24-word recovery phrase to the Crypto.com Wallet
• Security - Private keys are encrypted locally on customer’s device, protected by a passcode, biometrics and 2-factor authentication
• Flexibility - Send crypto at preferred confirmation speed and network fee
• Convenience - Connect to the Crypto.com App to easily access the diverse crypto financial services offered by Crypto.com

The Crypto.com Wallet is designed for all level of crypto users - beginners will feel at ease as they are gently guided towards making their first transaction, while experienced users will notice significant improvements to common features found on other crypto wallets (in particular, backup recovery phrase and sending/receiving crypto).
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Kris Marszalek, Co-Founder and CEO of Crypto.com said: “Crypto.com is focused on developing highly secure, user-friendly products that help people benefit from the power of crypto. We are driven to continue building and investing in a range of decentralized finance (DeFi) products that will allow users to take control of their money, data and identity — we believe that it’s your basic human right. Our non-custodial Wallet is a first step, but everyone should expect this app to evolve rapidly into a category-leading product in terms of UX, features and incentives.”

​From Crypto News:
What Is CRO?
Crypto.com Chain is yet another project launched by the Hong Kong-based payment and cryptocurrency platform company Crypto.com (also known as “CRO Protocol Labs”). The Chain has its own Crypto.com Chain (CRO) Token which is supposed to allow the users to make cryptocurrency payments to as many globally available merchants as possible. This is to be done by making the CRO an intermediary currency which will allow for the conversion of cryptocurrencies to their fiat counterparts at much reduced cost. By this, the Crypto.com team hopes to combine the token’s global ambition with the adoption support inspired by real-life use cases.

Despite tracing back its history to late 2018, the CRO token and the Crypto.com Chain project have made headlines in early 2019, based on the token’s dramatic price increases which propelled it to the top 50 position on the CoinMarketCap’s ranking (as of April 2019) from the lower top 100 tier it occupied earlier.

What Is Crypto.com Chain Attempting to Do?
Crypto.com Chain is billed as the “next generation” platform which should bring together the merchants and cryptocurrency users on a public blockchain capable of supporting instant, cost-efficient and secure transactions among them. This is to be done by allowing the Chain to tackle some of the issues which are being described as the main snags on the blockchain’s path to a wider adoption:

• Crypto.com Chain is supposed to offer high scalability and fast payment processing. The Chain is designed as the payment network which aims to offer immediate payment confirmations while also supporting scaling in line with an increasing number of transactions. With the help of its decentralized protocol for transaction processing, the target confirmation time on the Crypto.com Chain is set at being less than one second, while the platform promises to support 50,000 transactions per second.
• Crypto.com Chain wants to get rid of the traditional fiat payment structures which are not friendly to innovative payment methods such as cryptocurrencies. The Crypto.com team pulls no punches in describing traditional payment platforms as being resistant to changes, such as the easy introduction of new currencies and removal of strict rules which are imposed on merchants. The problem is exacerbated by having blockchain-powered payment networks which also do not provide for easy integration and streamlined settlement for the cryptocurrencies. In place of this, the Chain will offer systematic integration with supported cryptocurrencies and remove the transaction fees for the merchants. The platform has already introduced its dedicated software development kit (SDK) for the merchants interested in integrating this soluton.
• Crypto.com Chain sees decentralization as the shortcut to making crypto payments a mainstream option. Eventually, the Crypto.com Chain should become a network of a broader range of related cryptocurrency projects. These systems will be customized as alternatives to existing payment systems by being less complex to set up and cheaper to operate. At the same time, they will be offered support going beyond their native blockchain and being more accessible for the use by the newcomers in the crypto industry.
• Crypto.com Chain wants to avoid becoming a potential central point of failure and thus improve its security. Built-in security protocols on the Crypto.com Chain include the use of the trusted execution environments (TEEs) whose main task is the protection of the integrity and confidentiality of data belonging to the participants in this ecosystem. In addition to security, the platform is promoted as offering advanced privacy features thanks to its implementation of the multi-signature Merkelized Abstract Syntax Trees (MAST).
• Finally, Crypto.com Chain will support the expansion of the Crypto.com’s line of MCO Visa payment cards. Considering that the cards in question feature no annual fees and support international purchases with more favorable interbank fees, the Crypto.com team saw their Chain platform as their natural ally in the quest of bringing a larger number of users to the global crypto ecosystem. By offering native support for cryptos and incentives for the participants, the Crypto.com Chain aims to make the targeting of new customers a faster and cheaper process in the world of crypto payments.

Who Are the Participants in the Crypto.Com Chain Ecosystem?
While being open to everyone, Crypto.com Chain has defined roles for various actors seeking to participate in it, with a set of incentives earmarked for each group of participants:

• Customers
• Merchants
• Crypto Customer Acquirers
• Merchant Acquirers

The main role of the customers on the Chain is a straightforward one: they can use the network to make payments in cryptocurrencies. The incentive segment is related to the ability to use discounts in the form of cashbacks funded by the platform whenever they make payment with cryptos. At the same time, the access to cryptocurrencies is provided instantly and the customers can spend them directly from their wallets with a whole range of merchants, both online and offline ones.
The registration process for customers involves several steps:

• The customer sets up or registers an existing crypto wallet or exchange account
• A QR code is shown and scanned at the merchant location by the customer
• The customer needs to confirm payment which needs to be processed
• The customer account is debited while the merchant account gets credited in CRO, bitcoin or fiat currencies depending on their preferences. Customers are covered by Crypto.com BlockShield Buyer Protection Program (B2P2) in case the purchase goes awry. Similarly, after each purchase, the customer will be asked to provide onchain information on whether the purchased goods or services are as described or not. [See original article for more....]

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