Introduction
The overall objective of the PayAccept network is to offer clients a central platform that accommodates all their assets - digital and fiat. Having a single payment platform that allows users to store, manage, and perform transactions using either digital assets or fiat currency is incredible. With the support and framework of the blockchain technology, the PayAccept network created a central platform for users to easily alternate between the use of cryptocurrencies and fiat money. Building such functionality for users to perform transactions and payments with such ease and convenience would require an advanced level of security.
With the high rate of cyber theft and hacking, security structures are paramount in the sphere of digital assets, even for institutions operating on fiat currencies. The management team of the network needs to develop a robust security system that assures every user and investor of their confidentiality and the safety of their assets. Clients need that assurance that their assets within the network are safe, secure from cyber theft, and hacking.
Is there a need for Security?
With the numerous transactions involving a huge amount of digital assets and fiat money going through the PayAccept payment platform, there is certainly every need to build a strong and reliable security system. The emphasis on the level of security on the PayAccept network should be intense, especially as they consider building an Electronic Money Institute (EMI). For the platform to have a successful formation of an EMI, the security levels of the network should be a top priority. More so, with traditional banks looking to adopt the use of digital assets for its operations and financial processes and the architectural framework of PayAccept that links the two.
The need for security is also important as PayAccept plans on processing and connecting crypto-assets with traditional bank bonds. With such a long-term plan to integrate bank bonds such as money, insurance, and real estate into their portfolio, the level of security to support such services ought to be robust.
Security Structures on PayAccept Network
The development team built the PayAccept network to have more than one security structure in place. This is to help maintain the regulations and compliance policies of the network, as well as, ensure that the information of clients and their transactions remain confidential and secure.
Some of the security structures include:
Individual Wallets
The PayAccept platform allocates personal wallets to each of the users to store their assets. This gives users the sole authority to gain access to the contents of their wallets. The Secure Hash Algorithm (SHA) 512 is the security technology that secures each of these wallets.
2-Way Authentication
This security structure helps to confirm the owner of a particular wallet. It is a verification method where the user can access his wallet only when he passes the 2-authentication process.
Personal Codes
Clients can create personal passcodes that give them an autonomous right to access their wallets.
Fingerprints Access
This is peculiar to the PayAccept platform on mobile applications. Clients can secure their accounts and wallets by activating the fingerprint security feature.
Conclusion
PayAccept created this series of security features to detect suspicious entry to accounts and strange transactions. One or more of these security structures will validate all transactions made. PayAccept also notifies clients of unusual activities on their accounts via SMS or email.
For more detail and updates visit PayAccept all official pages and social network. Links are given below.
Official Website: https://www.payaccept.net/
Whitepaper: https://medium.com/payaccept/payaccept-whitepaper-1-0-20cfdb950480
Official Telegram channel: https://t.me/payaccept
Twitter : https://twitter.com/payaccept
Facebook page: https://www.facebook.com/payaccept.net/
Bitcointalk Forum Bounty thread: https://bitcointalk.org/index.php?topic=5255787.0
Linkedin Page: https://linkedin.com/company/payaccept
Author:
Bitcointalk Username : Pona
Bitcointalk profile link : https://bitcointalk.org/index.php?action=profile;u=2844964;sa=summary