Transaction confirmation time is one of the biggest hurdles in mass adoption of Bitcoin and several other cryptocurrencies. Developers are trying numerous ways to resolve the issue, without compromising on security. In this regard, Virtual Crypto Technologies, which offer software and hardware for operating cryptocurrency ATMs, mobile devices, tablets, and PCs, announced the establishment of a full node setup On the EC2 servers of Amazon Web Servers to facilitate near instantaneous Bitcoin transactions.
By virtue of being a node in the Bitcoin network, Virtual Crypto will have a complete record of every Bitcoin transaction that has ever taken place, all block headers, and all new transactions. Therefore, Virtual Crypto will not be dependent on other miners to verify transactions. The advanced technology used by Virtual Crypto enables its research and development team to receive all Bitcoin transactions in real-time. It is further analyzed by a proprietary algorithm.
Virtual Crypto plans to leverage its ability to conduct data analysis in multiple ways. First, the ability to evaluate the possible completion of a transaction with great accuracy gives the company’s customers the confidence to execute trades without fear of rejection. The use of AWS servers further strengthens the capability of conducting data analysis by Virtual Crypto and determine trends and opportunities, which inturn can be used to develop innovative services for the cryptocurrency marketplace.
Simon Danilov, CTO of Virtual Crypto Technologies Ltd., said
“This is a huge step to further improve our ‘fast confirmation’ product. It allows us not only to understand in-depth blockchain transactions, but also use machine-learning algorithms to further improve our prediction and validation mechanism.”
NetoBit
It is the flagship product of Virtual Crypto. NetoBit improves cryptocurrency trading experience with faster execution and lower costs. Transaction times using NetoBit would be down to few seconds, instead of several minutes. Furthermore, all trades and exchanges are insured up to $3,000 per trade. NetoBit allows instant validation and confirmation of a transaction.
