Introduced a new data transfer system
While the entire crypto industry is celebrating the launch of TON and is waiting for Bitcoin to break the $ 10,000 mark, we will discuss an equally interesting event. Initiative developers from the chamber of digital commerce have introduced a new information exchange system. The new technology works on the basis of the Blockchain and has real potential to simplify the usual procedures. It is possible that it is the new standards that will form the basis of the updated Internet, which has been talked about so much lately. That’s why you should discuss the standards created in advance in order to create an understanding of how data will be exchanged in the near future. So let’s get started.
Who exactly is behind the system?
First about the developers. The creation of new principles of information exchange engaged eminent programmers from the Organization of World Finance, as well as from the International Association of Digital Asset Exchanges. These people are involved in the fight against financial and digital crime. That is why the main distinguishing feature of the IVMS101 system is the increased security of information exchange. Now, according to the developers, everyone will be able to access a system that is protected from outside interference. Connecting third parties is not possible, which makes, say, money transfers much safer than regular transactions. The efficiency and speed of translations is not in doubt, the new system is designed to support the translation of large volumes of information. So this is the case when speed and convenience are combined with the highest security and privacy.
How will the IVMS101 standard be used?
We said above that the standard will protect money transfers. That is why large cryptocurrency exchanges have already adopted the system. Companies like Sygna Bridge and Securrency have supported development and are now using IVMS101 for productive transactions. However, this is not the limit. Developers such as Vitaly Buterin and other serious people from the crypto industry have long thought about recycling the Internet. And it is precisely such safe and high-speed information transfer protocols that will become the basis for the new system. Moreover, IVMS101 works great with anonymity. Functionality identifies dubious users, and for honest industry participants, the protocol guarantees maximum privacy. Thus, developers are fighting fraudsters who engage in money laundering and other crimes. Indeed, there is no place for digital criminals on the Internet of the future, so the creators are moving in the right direction.
When will the application begin?
So far, the solution is being tested to identify potential security and performance issues. As soon as the checks are over, the system will go into full use and each of our readers will be able to try out the new IVMS101 standard. It is possible that large exchanges, such as Binance and Bitfinex, will also be interested in this development. This is a really strong step towards safe and confidential transfers, which are simply necessary for the modern crypto industry. Moreover, if the risk of financial crime is reduced to a minimum, serious enterprises will be able to entrust IVMS101 with huge financial structures. The introduction of such a standard in the everyday areas of our lives will positively affect everyone.
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