The evolution of blockchain technology introduced the mantra of decentralized finance and put great emphasis on the speed, scalability, and ownership of digital assets. In the day and age of digital disruption when messages are sent over a few clicks, the idea is to make money transfers as fast and simple as possible.
Although the two dilemmas of the money transfers like speed and ownership have been resolved, it translated into few challenges for the users. The encrypted private keys are quite lengthy and complex to remember and the complete anonymity brings risks of money laundering and misuse of fund transfers.
To address both of these above-mentioned problems, PointPay introduced an easy way to send crypto wallet with the help of an email address. For instance, assuming John has to transfer 1 BTC to Emily. Now, all John has to do is insert Emily's email address to finish the transfer of funds. In order to receive funds, john needs to mention the same email address which Amile used to sign up on PointPay exchange.
The use of an email address provides multiple benefits, like easy authentication, easy to remember details and fewer complex steps for not-so-tech-savvy people. In a world full of frauds and increasing money laundering, email address provides some details of the funds recipient making it easier for regulators to have a tab on the end beneficiaries. Secondly, the private keys are lengthy and any incorrect input often results in funds transfering to the wrong account which can no longer be reversed. Finally, it’s very easy to remember your own email address rather than a random set of numbers and letters. This would further promote crypto funds transfers and bring additional liquidity to the exchange as well.
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