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Securing the Blockchain Payments System and Fixing ICOs

better, more secure blockchain

Many company founders in the blockchain and cryptocurrency industry have been inspired to follow their paths by a problem they’ve foreseen in the space. The founders of CitoWise, however, weren’t driven by problems they saw or foresaw, they were inspired by problems they experienced first-hand. One of these men suffered the loss of coins from his crypto wallet; a second couldn’t obtain his ERC20 tokens after taking part in an ICO; a third could not find a simple mobile app with which to send money to his family. Seeing the need for a solution to solve the multifaceted blockchain payments process, they set out to build a mobile wallet to address these problems. They built a prototype and tested it, then they realized they weren’t just making something for themselves. They were making something everyone could use. That was is 2016.

Beginnings of the Platform

Later that year, the first Android version of the application showed that they had a big problem for their customers to use the app as merchants, which led to the building of a payments processing system. This can be downloaded in minutes and allows merchants to accept crypto payments.

Seeing another problem that befalls ICOs is that they have to go through the cycles of development to see if their payment systems are working as intended, the CitoWise team set out to solve the problem by bringing blockchain payments closer to everyday life.

Once the company got to the point that it was providing clients with the tools to make their blockchain experiments go smoother, in order to operate on the blockchain and build projects, the company began to get requests from customers that wanted their own individual wallets. This led to the demand for white label wallets and an internal network. Providing this service is how CitoWise hopes to facilitate the expansion and growth of the blockchain.

Another problem that needed to be addressed was the amount of hacking and scamming that happens on the blockchain. To address that, the company created its most demanded service, a secure ICO channel. Companies list their ICOs on the CitoWise wallet and users can securely send payments to the ICOs within the wallet.

The company currently uses Java, Ruby, Node, JavaScript, and Solidity programming languages, and it has integrated hardcore devices such as Ledger and Trezor, two of the most secure wallets available.

The Financials

Funding
So far self-funded, CEO/CTO and Co-Founder Max Zab says there will be an ICO in the future, which will help them further develop the technology to create a platform that connects entrepreneurs and developers of blockchain technology quicker and easier, which in turn makes the process of blockchain integration into everyday life quicker and easier. The two Latin words that give the company “Cito” and “Wise” mean “quickly” and “wisely,” respectively. Zab co-founded CitoWise with CEO/CMO Alexandr Kents.

Revenue Potential
Zab says the first revenue stream lies in providing customers with a range of different packages to fit various companies’ variety of needs. CitoWise seeks to partner with companies to provide ICO-related services and to manage ICO communities while offering advertising, PR, and media services at the best market price available. In return, and on top of all the other benefits of the platform, companies will at least recoup the 10 to 15 percent of revenues that are lost to scamming and hacking.

Another potential revenue source is the white label solution where ICOs use a modified version of the CitoWise wallet. This part of the platform is currently in the testing phase and the company hopes to accommodate clients already waiting for it in the next month.

Payments
The company currently charges in Ethereum, but will accept CitoToken once the token is operational. The private token sale begins today. Beyond that, the company plans to expand and position itself to provide tools on different blockchains. Only integrated on Ethereum at present, the company boasts a team of seven in-house developers who have expertise in blockchain programming, web development, infrastructure, and software development. Using its own tools to scan the blockchain to discover new tokens, the company is currently working with about 100 tokens, but plans to incorporate all 14,000 it has found and those it has yet to find.

The current soft cap for CitoWise’s ICO is 4,000 ether, while the hard cap is 70,000 ether.

Zab adds that the company is spending lots of time ensuring that the UX and UI are as user-friendly as possible and that they have been getting a lot of great feedback for their efforts.

The Competition

When one looks at the laundry list of products and services that CitoWise offers, it’s not difficult to believe Zab when he says the company doesn’t have much competition right now. These are some of their offerings:

  1. Integration of hardware wallets
  2. Availability of all Ethereum tokens in the wallet
  3. Secure participation in ICOs
  4. Support of multiple blockchains
  5. Adaptable wallet for other private Ethereum blockchains
  6. Blockchain simplification processes

Progress and Partners

As of early March, the company had seen 35,000 downloads of its wallet and has 17,000 active users. The company is also proud to report the integration of ShapeShift and Changelly, as well as ongoing negotiations with a few hundred other potential partners. They have formed a partnership with Credits, one of the fastest blockchains available, for the building of their mobile wallet, and have signed an exclusive deal with CoinTraffic, the largest ad network in the ICO world. Another recent partner is LATOKEN, which had its ICO last year. The company also reports a few more partnerships are currently in the works, but not yet completed.

Zab says that CitoWise is looking to work with any ICO project or interpreters who want to build a service or a tool with blockchain as its backbone.

The company sees great potential ahead as the blockchain shifts from cryptocurrencies to the corporate and industrial worlds. Among others, it sees problems its solutions can address in the following spaces:

  • The enterprise sector is learning that it can use blockchain technology to store data and to confirm and write data securely.
  • Banks are using the blockchain to store logs and to make them more readily available to be used in court.
  • The potential exists for the logistics industry, where tracking items through the supply chain is a priority.
  • The use of blockchain technology in the industry of buying and selling energy and producing energy promises interesting potential. Switching from proof of work to proof of fusion where the creation of energy with solar panels is concerned means that the more energy created increases the opportunity to mine the blockchain, which could cause a shift in the blockchain world from consuming energy to actually producing it.

The Future of CitoWise

Zab says that the company’s current scale is challenging and ambitious. Wanting to position itself as the company that delivers the tools needed to operate a blockchain comes in large scope. He says that building an entire ecosystem and delivering the benefits of blockchain to customers in a manner that is easy to integrate and operate is going to be enough to keep them busy for the next five years.

Zab reinforces that the company is always looking for new partners, and then he adds something that seems to be on a lot of people’s minds in the blockchain and crypto space; he says that the company is looking for more defined regulations to provide better public exposure of blockchain technology, one that is not all about cryptocurrencies but consists of a world of enthusiasts who are building actual products that will improve people’s lives.

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Written by Paul Keenan.

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Allen Taylor

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