Ukrainian woman invents system to withdraw cryptocurrency without banks / News / Finance.ua

Anna Melnich of Ukraine patented an autonomous electronic payment system for cryptocurrencies.

about this Writes dev.ua.

Today, payment processing systems are centralized in well-known payment methods and services such as Visa, MasterCard, PayPal, and Western Union, i.e., specialized servers are required to provide services, provide user authentication, and monitor all users. Works and works exclusively with Fiat (paper) algorithms.

The use of close analogs of the system is possible only through the use of the services of centralized banking systems.

The Ukrainian woman has created a new electronic system for direct money transfer between users without being connected to a banking system, which has an internal system for conducting transactions using cryptocurrency protocols and storing user data in a distributed file system. News.

The system works through applications installed on users’ electronic devices that implement the technology of exchanging Fiat money and cryptocurrencies and synchronizes with the wallet set integrated with the wallets of cryptocurrency systems.

Here users can make instant or deferred money transfers to other users who are in contact with the system or any other system provided, as well as accept or reject transfers from other users. The built-in translation processing module in-app allows you to send or receive cash transactions using cryptocurrency purchases, transfers and sales.

The inventor claims that the system is completely decentralized and does not require external centralized payment methods or the compulsory services of banks to complete the transaction.