Starlight Capital Group is in the process of filing for a patent for the ARESPAY’s proprietary technology which links cryptocurrencies to fiat currency accounts.
The patent is expected to be filed with the United States Patent and Trademark Office (USPTO) in August 2018.
The ARESPAY is one of ARESCOIN’s core projects, and provides a platform for real-time digital token payments.
According to ARESCOIN’s Founder, Nicholas Flint, “The filing of this patent will be a major step forward for ARESPAY and it brings us one step closer to the market roll-out of this revolutionary product.”
Consumers are accustomed to the “nanosecond” processing times of current payment mechanisms, which undoubtedly triumph over cryptocurrencies. Due to this aspect, customers either wait for the latter’s payments to actualize or rely on trust that a payment is made.
However, the company believes that the ARESPAY provides a solution which will help augment the adoption of cryptocurrencies by retailers, warehouses, and even consumers, who will be willing to use cryptocurrencies if provided with a platform that provides robust security and can process payments in “real-time”.
According to Nicholas Flint, “The use of traditional payment networks and payment system technologies in combination with blockchain technology will allow consumers and merchants to benefit from real-time payment processing while enjoying the advantages offered by blockchain technology.”
A Snapshot of the Technology
ARESPAY micro-manages a digital currency account whereby two accounts are required by a user to implement the solution; A private bank account with fiat reserves linked to a cryptocurrency account with some amount of digital funds present.
For security purposes, details of a user’s account profile, including all relevant data about transactions with at least one fiat account, a personal identifier, and a home/business address, will be stamped on ARESPAY’s blockchain, ARESBLOCK.
During a transaction, a “receiving device” must adhere to security standards as set by regulators, including “at least a data element reserved for private use including a specific address and a transaction amount.”
The system then matches the identifiers of the two accounts and validates the presence of similar funds. After this occurs in the final step the specified cryptocurrency amount – as included in the transactional message – will be updated on the receiver’s device.
Company Name: Starlight Capital Group
Contact Person: Lavina Ronda
Email: Send Email
Phone: +1 (970) 414-7187
Country: United States