FiiiPay to change Payments Processing via Blockchain

Hybrid Payment Network has been developed by FiiiPay: the new system allows any crypto payments to be made immediately
11 June 2018   382

Blockchain technology is currently taking its place in the fintech and payment processing field. FiiiPay, the brainchild and proprietary payment system of FiiiGroup, that is stated to be the blockchain counterpart of payment giants like America’s PayPal and China’s Alipay - both of which are revolutionary ideas in their prime and reshaped traditional money transfers globally.

Being the basement of cryptocurrencies, blockchain technology is shaking up businesses in big ways because of its wide application for financial processes. Blockchain is a distributed ledger of records without a centralized system, in that older parts of the record cannot be altered. Financial transactions can be coducted directly between people in the network, excluding third parties and delays.

Nevertheless, transaction confirmation time is in common slow and there is hardly a viable alternative for payment transfers. Bitcoin block, for instance, is propagated every 10 minutes. To get a 9-block confirmation, an estimated one and a half hours is necessary. FiiiPay developers have devised a Hybrid Payment Network (HPN) that operates as a workaround, letting any crypto payments to be made immediately.

FiiiPay’s HPN applies risk mitigation strategies in order to make up for its vulnerabilities. Equipped with machine learning possibilities to review all crypto withdrawal requests, it can collect all the withdrawal timestamps, IP addresses, geolocations and more essential data. It can then  decompose user behaviour to raise alerts to FiiiGroup’s team when an unusual activity is detected. This way has to protect FiiiPay customers from risks of hackers. 

The architecture of FiiiPay’s is a distributed system that supports load balancing, can easily be scaled by adding hardware to the network when the requirement is getting higher. At present, a single server can support up to 1500 transactions per second. By having multiple servers online, FiiiPay may conduct thousands of transactions at the same time.

Crypto Investor to File Lawsuit Against AT&T

Michael Terpin believes that AT&T helped scammers to still his $24M worth crypto
16 August 2018   109

In the Los Angeles District Court, a 69-page lawsuit was filed by BitAngels founder Michael Terpin against the American telecom giant AT&T. Terpin claims that the operator assisted fraudsters in "stealing digital personal data" from the account on his smartphone, which is why he lost $ 24 million in cryptocurrency, according to an official release.

According to Terpin, for seven months, there were two hacks. Initially, an attacker got access to his phone number without providing a password or correct identification data. Later, the phone number was used to steal crypto.

AT&T’s studied indifference to protecting its customers’ privacy and financial assets is a metastasizing cancer, threatening hundreds of millions of unsuspecting AT&T’s customers. Our client had no idea when he initially signed up, nor when later he was promised the highest level of security for his account, that low-level retail employees with access to AT&T records, or people posing as them, can be bribed by criminals to override every system that AT&T advertises as unassailable.

Pierce O’Donnell
Lead counsel for Terpin in this complaint

Michael Terpin requires AT & T to pay him $ 224 million - $ 200 million for moral damages and $ 24 million for actual theft.