Israeli start-up Virtual Crypto Technologies Ltd. has launched a new mobile app Bit4Sure which will provide a faster cryptocurrency transaction confirmation solution for consumers.
Virtual Crypto is a developer of software and hardware for the purchase and sale of cryptocurrencies through ATMs, tablets, PCs and or mobile devices.
Bit4Sure also comes in the form of an Application Programming Interface (API) for business designed for ATMs, PCs, and other standalone devices.
"Bit4Sure speeds up the trading process and removes much of the risk associated with autonomous transactions, providing tremendous values to businesses working to establish a presence in this burgeoning industry," said Alon Dayan, co-founder and CEO of Virtual Crypto.
The company said Bit4Sure will enable faster confirmation and validation of a purchase or sale of bitcoin on the blockchain. Consumers normally wait at least ten minutes for the blockchain to confirm that a given transaction is valid. The wait period combined with a degree of uncertainty regarding the legitimacy of any trade, makes cryptocurrency impractical for everyday payment.
The API and app of Bit4sure provides zero confirmation transaction services to commercial and individual users, respectively. Virtual Crypto's proprietary validation algorithm on blockchain approves the transaction even before the block is digitally signed, by precisely predicting if it will be approved.
Virtual Crypto's proprietary algorithm model also claims to have the ability to monitor the trading market of any cryptocurrency, protecting subscribers from delay, double-spending and fraud.
Bit4Sure's API can also be accessed by service providers, retailers and merchants and utilize it in any payment application to receive real time Bitcoin and cryptocurrency payments.
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