JUNE 9, 2019
8 min read
Time is fleeting.
It seems like yesterday to make a transaction or receive the money we had to go to the banks, stand in queues, experience technical issues which caused a delay in the whole process. And we can not omit the human factor -the incorrectly filled bank form. Missing data. Problems with requests processing due to the large volumes of data. Or incorrect structuring of huge data arrays. All these things cause the impossibility of conducting immediate operations and irritate people deeply.
But fortunately, things have changed.
With the explosive growth of mobile devices and payment services, there is no need for all this mess. Mobile devices give infinite possibilities. In fact, you have a most powerful tool to the well of unlimited information. Every year we dive deeper into it. (And we all are familiar with the words of N. Rothschild “Who owns the information, he owns the world.”) With a portable computer in your pocket, you stay on the edge of the technological wave and keep up-to-date with all innovation breakthroughs.
Our world is digitized. Everything you’ve struggled to know is within arm’s reach. The development of mobile technologies and improving the quality of the mobile Internet enable businesses to conduct transactions anytime anywhere.
Problem or Opportunity?
By the end of 2019, it is expected to pass the five billion mark.
The entire world is currently about mobile phones, not computers.
This idea of paying for your goods with your cell phone is becoming much more widespread mainly due to the consumer’s need for greater convenience. This trend has been further encouraged by the launch of popular mobile payment gateways such as Apple Pay, Google Pay, Samsung Pay.
Data Security Issues and Сonsumer Rights Protection
The enormous amounts of data received every day in various infrastructures need to be regulated and protected.
The user wants to surf the internet safely, buy products safely.
Sensitive information should remain confidential.
Biometric Payments and Payments with Selfie
The first publicly available device with a fingerprint sensor was Motorola Atrix, which launched in 2011.
Daily life tasks become more and more automatized. The next step seemed to be the payment with a selfie, fingerprint, or retinal scan. Biometric payments are expected to be the future disruptive technology in the mobile payment industry. According to the overview of Mobile Payments Industry made by PRIME INDEXES, biometric payment system works by analyzing unique biological traits of a person, such as DNA, fingerprints, or facial features. The use of a fingerprint and a facial scan has already become the mainstream for unlocking smartphones. Due to the convenience and security that biometrics provides, it is expected to replace traditional digital identification schemes on a global scale.
Acuity Market Intelligence forecasts that, by 2022, there would be over 5.5 billion biometrics-enabled mobile devices processing over 1 trillion transactions annually, driving the market’s annual revenue to $50.6 billion. There are lots of concerns about fingerprint scanners and other biometric unlocking methods. One of them is that if someone steals your biometric identifiers, you won’t be able to change them like a password, making them permanently compromised. The other idea is that if a security method is more comfortable for the user, they’ll be more likely to use it, and biometrics are better for security in general.
Regulations of e-cash and security
Electronic payment systems are not new. Electronic Funds Transfer has been in use since the middle of the last century. Online credit and debit card systems are also electronic. But, these transactions are managed through closed commercial networks, and the main obstacle is wire fraud. Their security intensified using encryption — The Enigma cipher machine was based on this technology. In contrast, the Internet is an open system, which makes security much more of a problem. The challenge is to develop open systems that are secure, convenient and cost-effective over a range of micro- to-macro-transactions. Anonymity would also be a commercial advantage for many types of internet transactions.
How do these new systems obtain these criteria? It remains to be seen.
Bitcoin & Blockchain Technology
The blockchain sector focused on finance will grow from 250 to 350 million people by 2025. People usually confuse Bitcoin with Blockchain. Bitcoin was the first-ever application of Blockchain. Since then, Bitcoin has had technological advancements and now satisfies other industries as well. Bitcoin is a cryptocurrency. It is not institutionalized, though people around the world use it for various kinds of payments and transactions. As far as it is not physically present, it is very safe and secure, and blockchain is the best mediator for these transactions. The underlying idea was in its anonymity. And that Bitcoin would reduce the cost of transactions, lower the cost of influencers, would have no restrictions by government and will be limited in quantity.
The blockchain is a type of a ledger that can record all the transactions and assist in peer-to-peer transactions. It is open, secure and easily accessible to everyone. Blockchain can transfer anything, from currencies to property rights of stocks. Blockchain acts as bitcoin’s ledger and takes care of all the transactions of bitcoin. The technology of blockchain is more open to changes, and thus, has the backing of many top companies. Since then blockchain is in constant capacity-building, and now it is catering to even small transactions across various industries.
Bitcoin, the decentralized network, allows users to transact directly, peer to peer, without a mediator to manage the exchange of funds. Bitcoin is based on a P2P (Peer-To-Peer) network system. Hence, everything relies on good communication between peer nodes.
Some of you already know very good a Telegram- a cloud-based instant messaging and voice over IP service developed by Telegram Messenger LLP). The company also announced its intention to make a custom crypto wallet integrated into the app.
The first in the world & Crypto Community
Elvn team in partnership with Dashdevs crew had decided to develop a solution that will be able to combine all the existing useful features with technologies of the future.
Elvn, first of all, has a vision of how to develop and grow the crypto community. The crypto community initiated in 2009. According to the study, data show that in the first three quarters of 2018 the number of ID-verified cryptocurrency users nearly doubled, climbing from 18 million to 35 million. Despite its small quantity, by the end of 2018, the crypto community managed to generate 400 billion dollars in capitalization. The Elvn team started wondering what happened with crypto capitalization if there were 150 million active users instead of 35 million? An example to compare, the instant messenger Telegram has globally 200 million active users.
Estimate: 3 weeks
Purpose: Add/send/receive money to the wallet/check
Elvn in partnership with DashDevs created the first crypto messenger in the world bringing a messenger and crypto community together.
The primary purpose of this innovation is to implement the brand new way of communicating with advanced capabilities.
This innovative mobile application has an in-built crypto wallet. Thus you can easily manage your digital money in one place.
We have made Elvn a convenient and safe app for communication.
The whole project proceeded in an accelerated mode. We were very pressed for time. Thus, we adopted decisions rapidly but wisely.
Crypto wallet in the application was based on SPV (Simple Payment Verification).
By default, when receiving a new transaction, a node must validate it. In particular, verify that none of the transaction’s inputs has previously spent. To carry out that check the node needs to access the blockchain. Any user who does not trust his neighbor networks should keep a full local copy of the blockchain so that any input can be verified. With the implementation of symmetric encryption AES, there was ensured high-level security for encrypting the private key.
We have enabled the creation of a new wallet immediately after registration. In a case when you log into the app, and you already have a wallet, a new one will not be generated. A user can add the public key of the wallet to the user’s profile. In this case, other users can see the public key. While a private key, on the contrary, is securely encrypted. To decrypt this private key, a user has to enter the PIN code.
The copy of the wallet (a private key) is stored only in the phone storage. And after installing the PIN code, it is no longer stored in the phone (the private key is encrypted and can be decrypted using the PIN code). In case when you need full access to your wallet (to send money for example), it is always restored from these parts.
A private key (of your wallet) is required to send (sign) a transaction. Thus, the recipient needs only the address of the wallet. You can manage the resources of your wallet only if you have a private key. And private key never passes to anyone. But, you can check your balance using the public key.
We tested the transfer of coins using a bitcoin test network.
The most challenging was to implement the best-fit solution for the messaging part of the application. In our case, it was MTProto (a cryptographic protocol used in the Telegram messaging system to encrypt user communications).
A great solution for any business
We have made Elvn not only a users’ tool but also a great business solution.
With the help of Elvn mobile application, it becomes possible to attract more people to the crypto community.
Elvn is confidential so that everyone can conduct the business dealing via this mobile tool. Moreover, you can send an unlimited amount of your files of any type, such as doc, zip, pdf, images, voice records, and videos.
Additionally, Elvn also has a social network in which you can add up to 100,000 friends, whose posts can also be encouraged by the incentive of earning cryptocurrency.
We made it easy to support the favorite content by a simple “like.” You can also send coins to the author of the “liked” post with just one click.
The DashDevs software development company, together with the Elvn team created a unique crypto messenger, which combined both communication and business purposes.
Being limited by time, DashDevs took all the best solutions and put them in one app. And yes. Nobody has done this before.
The DashDevs team does not feel afraid to challenge the most difficult and innovative ideas and put them into practice.
We stand on the solid foundation of our expertise and are ready to build a new future full of new business opportunities with you.
Our Sci-Tech Crew has strong expertise in developing diverse projects, for both ordinary customers and various complex solutions for businesses.