What Is the Future Of Web3 Payment Systems? In the case of a Web3 bank, a user does not need to transfer funds to the bank in advance — one can do it by signing the transaction at the time of its creation
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The internet and its metamorphosis over the years have never failed to grab attention. A few years ago, no one would have imagined that virtual worlds could become a reality one day. Now, the whole tech world is talking about the arrival of web3 and its speedy progress.
First let's talk about web3 in general and the difference between web3 banks and conventional traditional banks.
How does Web3 work?
Web 3 philosophy implements the initial ideas written in Satoshi Nakamoto white paper based on cryptography. Blockchain, the same technology used to create cryptocurrency, is a foundational technology for Web3, and provides a mechanism for securely signing transactions and publishing a global state that everyone can agree on.
How Does a Traditional Online Bank Work?
Let's consider a classic online bank. It is a data centre that has servers connected via secure tunnels. The main task of DevOps:
to protect servers and key databases;
to secure card numbers, CVV and other sensitive data.
Great examples are services such as Revolut or Binance.
How Does a Web3 Bank Work?
Web3 bank provides basically the same services as the traditional one, but the approach to data storage is completely different. In the case of a Web3 bank, a user does not need to transfer funds to the bank in advance — one can do it by signing the transaction at the time of its creation. The bank does not store passwords and funds, all processes are automated, and nothing is stored on the servers. To be precise, servers store a cryptographic algorithm for verifying the password and transmitting it at the transaction confirmation time.
Understanding that a bank does not store the keys to users' wallets and their funds is essential. The same applies to sensitive information - it is transmitted by transaction and confirmed at the time of sending. This difference radically changes the idea of security and leads to the conclusion that even the most secure Web2 bank is much less secure than Web3.
What is Kauri.Finance?
Kauri Finance is a blockchain bank allowing to keep, transfer, and invest both fiat money and cryptocurrencies. Customers can access all their funds through Web3 deposit boxes, bank cards, and accounts. Kauri Finance, unlike traditional banks or cryptocurrency exchanges, does not own its customers' money, making it completely safe from fraud and hacking.
The Future is Web3
The Kauri team aims to launch a Web3 bank that will visually work like a classic Web2 product (with the same speed and feature set) but without storing user data. The team is already using the Web3 principle to store information.
The Kauri team has been working on the project since 2017. The Web2 final release occurred this year, and in 2023, they plan to release the Web3 update. The project has practical experience - since 2018, they have been maintaining their own blockchain infrastructure for processing crypto and developing layers for its management and maintenance by K1 Core. Since 2018, the team has been actively developing its operating business, Kauri finance, which helps to test and implement updates in real conditions. Experience gained in working with clients and real funds is vital for the company.
Initially, the code was created for the Kauri finance project, but by implementing the sharing economy, they could develop it without additional investment due to the team and projects that work on this core. Each new code owner is an auditor, tester and visionary simultaneously.
About the Kauri One
Kauri One is a platform offering software for payment systems, banks, exchanges and wallets. The company is registered in Cyprus Limassol and is working on financial products for fintech startups, banks, and businesses worldwide - from US fintech companies to evolving startups in Europe and Africa. Kauri One's solution is based on the Python programming language.
The Kauri One development team includes high-profile engineers, architects, and designers with over ten years of background in successful work in fintech aimed at building quality financial products for businesses and banks.
The Target Audience
Kauri One will be interesting for businesses, fintech companies, and banks. Let's see what benefits it may bring to different areas.
Business. By implementing the Kauri One payment system and using its financial solutions, companies can grow their user base and expand their income while at the same time improving the quality of services.
Fintech startups. Payment systems, crypto exchangers and other financial organizations should not waste their time on creating code. Instead, they can implement the Kauri One payment processing system and integrate its solutions to take their services to the next quality level while saving their time on working on their target areas, developing marketing, etc.
Banks. By implementing blockchain technologies into their systems, banks can boost their services and surpass their competitors. The Kauri One company helps banks create new products and services based on blockchain technology.
Kauri One's Achievements
Here is a short list of the company's success stories:
A new technology enabling a source code transfer was developed for the client's products.
A niche financial platform was created on a ready-to-operate basis.
25 payment methods with one API call connected.
A crypto exchange was launched adhering to all the specifications of the Serbian national bank and its local currency.
An MVP solution was developed for clients to test a market hypothesis in a new region.
Kauri One is one of those promising projects bringing blockchain technologies with real-sector business and bank systems, spurring the development of the crypto industry and facilitating its adoption worldwide. In addition, the Kauri One solution brings banking services to a brand new level, improving services and expanding the user base.
Technologies are moving forward every day and thanks to such projects that combine blockchain technologies with real sector businesses and banking systems, the crypto industry is developing and being used more and more.
The rapid development of blockchain technologies has served as a powerful evolutionary impulse for the investment sector and has changed it in many ways, opening the way for many businessmen.