I have recently known the PTPwallet cryptocurrencies wallet and its founder, Daniel Cheine, has made himself available for an email interview that I carry out below.
In the interview, Daniel explains how the Ptpwallet portfolio works, the security features, and also the rewards program where tokens and cryptocurrencies are won. Do not underestimate the referral program, with which to get more rewards.
This is the link to the PTPwallet website: https://ptpwallet.com.
Read the interview below.
Questions to Daniel Cheine Founder PTPwallet
Daniel, can you tell us something about the PTPWallet idea and also some information about the PTPWallet team members?
Ptpwallet was originally designed to be developed for our social network, Cannasos. Cannasos is a social network for the cannabis industry and needed a payment processor, something we didn't have until 2017. So we started thinking about how to do it and at the same time we launched an ICO in November of 2017. It went very well and we raised enough funds to develop the platform. Originally, it was designed only for our site, but as time went on, we began to wonder if we wanted to limit ourselves to that industry alone. So we changed our point of view completely and we developed a mobile platform that anyone in any country can use. This platform has been developed specifically for the retail sector. In Canada we do not need to register as a Money business service so we are able to operate in most countries; Especially the USA and countries in Europe like Italy.
Top management of PTPWallet is based in Canada, specifically Toronto, whereas most of our team members (DevOps, designers, administrators, etc) are located all throughout Europe. The team developing PTPWallet is the exact same team that was part of the development of CannaSOS.com. Therefore, the spirit and bond remains strong and orienting from one task to another is done very quick and easy. Let’s just say that our team members are professionals and if it weren’t for them, none of this will be possible.
What cryptocurrencies can I deposit on PTPWallet?
Currently, PTPWallet supports 15 coins including TRX, ETH, BTC, Bitcoin Cash, and other coins. We are in the process of adding over 5 different nodes which will allow PTPWallet to support an additional 5 coins. Which ones are currently not public but what I can say is that Ripple will be one of them.
Could you tell us what will be the next altcoins that will support the multi wallet?
We are also in the process of upgrading the Ethereum based node and so what will happen is that once the upgrade is complete, we will be able to accept ALL ERC-20 based coins and the speed of all ETH-based transactions (including ERC-20) will become much faster. Right now, the average transaction speed within the platform is around 1-3 seconds. The other 14 coins are also getting an upgrade. After the upgrade is complete, and after the implementation of those 5 nodes, the average crypto transaction will be 1 second within the platform, the overall speed of the application will increase, and all withdraws out of the platform will be much quicker due to the optimal gas channel being used. So as an example, currently, withdraws out of the platform are around 5-10 minutes; now it will become around 5 minutes or less. But then again, there is so much we can do. In the end, it all depends on the blockchain of the specific coin.
Transaction fees will also be decreased to 0.5%. We believe that this is a good percentage for users and a fair one for the company; as we are providing so many modules and benefits to users in one platform.
Who manages private keys in PTPWallet?
The customer. We have two main security features:
- When a user creates a wallet account, they are asked to write down 6 passphrases. These passphrases are stored in a safe or somewhere that you would like to save them. Of course, this needs to be a safe location because if the account needs to be restored, you can do so using the passphrases. Upon restore, you do not lose your coins. Everything remains the same.
- Upon setup, you are also asked for a 6-digit Pin Code. This Pin Code is something very similar to when paying for something using a credit card. Here in Canada, upon payment, you are asked for a 4 digit code which only you know. With PTPWallet, it’s the same thing. When opening the app, upon payment, and upon transaction the user is asked for a Pin Code. Only you know this Pin Code. Even if someone robs your device, they won’t be able to open the application. After multiple failed attempts, the application will lock and will ask them to restore the wallet using the passphrases. Obviously, they are unable to do this. When this occurs, you take your second phone or take your family members’ phone and download the app. Upon opening the app, it will ask if you want to Restore Wallet. You click on the button, enter your original passphrases and now you are able to create new Pin Code. And that’s it. Once it’s setup again, the account on the other device is automatically closed and the only thing you have to worry about now is finding a new phone.
This is all a big change because most wallets, once you lose access to it due to different events, you lose all your coins. Here, you are able to restore the wallet and keep your funds secure.
Again, the user is in full control of the application. We are unable to see who owns the account, what the Pin Code is, what the passphrase is, etc. User has full control.
Are there any other services that you plan to implement in the app?
We are currently developing the web-based version of the application. Once that is live, anyone can open an account on the computer or restore their wallet on the computer and use it to accept payment. We believe that this will additionally ease the lives of many people who do business via a laptop or computer (for example Banks). What I’m going to share today is currently also in development. The web-based version of PTPWallet should be live sometime February.
Once the web-based version is live, the API will be launched shortly after. Why this is so big an interesting is that this means that all e-commerce web-based businesses will be able to accept PTPWallet as a crypto payment processor through our POS/API. This is a game changer as it will allow for rapid expansion. Who wouldn’t want to use a crypto platform where transactions are instantaneous, anonymous, and which has an integrated loyalty program that allows you (as a business) to provide cashback to purchasers (in crypto)? No one has this type of platform.
This hasn’t also been announced yet but we are currently developing on the side a module which is very similar to CoinMarketCap. The feature will allow users to see the price, volume, market cap, 24-hour change, and other cool information on the currency clicked on in PTPWallet. So instead of having to go onto the browser, type in coinmarketcap, click on the link in Google or Internet Explore and then search up the name in the Search field; people will automatically through one click be able to see all trader-like information on the currency in their wallet.
PTPWallet uses the internal Perkscoins token. Can you tell us something more?
Perkscoin (PCT) was a utility token developed by us for the ICO. Currently, we are so focused right now on PTPWallet that we haven’t put a lot of time towards marketing the coin. However, once the web-based version and the API is complete, we will be putting a lot of time towards expanding PTPWallet. As more people use PTPWallet, the more Perkscoins will be in circulation. As more Perkscoins are in circulation, the more businesses begin to use it. We of course will be implementing additional features to further stimulate use, however, I can asure you that this is only the beginning for Perkscoin. After all, the name is “Perks – Coin”. The name “Perks” is used universally and I do not see why some large retail chains shouldn’t use it considering they already provide Perks in the form of digital reward points.
PTPWallet rewards users with a prize. Can you explain how it works? And how much can people earn?
Drain the Bank, as we call it, is the first time something like this has been seen in a cryptocurrency wallet.
Drain the Bank is a game that was created by us and can be found under Referral Program in the PTPWallet. In PTPWallet, to access and play Drain the Bank, you need Gems. Each purchase of a Gem adds 30 seconds to the timer. The point of the game is to, as a community, get the timer from 24:00:00 to 00:00:00; however, you need to be the last one who purchased the Gem. Once the timer goes to zero, the bank is drained and the prize is shared between the last three Gem purchasers. The amount they receive from the prize is based on the amount of Gems purchased. The more Gems one holds, the more share of the bank they will get. The game consists of an infinite amount of rounds, thus providing all Gem purchasers with an opportunity to get a share of the bank.
How much the winner gets depends on the amount of Gems they possess. Currently we allow users to acquire Gems with 9 different currencies, and so whoever drains the bank will receive the prize in those currencies.
Just recently, we had someone win over 1,000,000 coins. I think that person was very happy.
We also have the Referral program which allows users to refer people to the platform and make commission from the transaction fees, we provide bonuses from time to time for downloading the wallet, and other neat stuff.
Wrap it up:
To wrap it up, the thing that makes PTPWallet so unique when compared with different cryptocurrency wallets out there is not only because of the ability to send and receive funds instantaneously and completely anonymously. It is a very cool feature that no one else has, however the main reason is that we combine so many different modules into one wallet. As I mentioned, we are constantly developing the wallet and constantly adding more features. I think that by the end of 2019, I can guarantee that we will have 20 different modules. We are also constantly pushing PTPWallet out into the market and so the more users we get, the more businesses we get, and thus the more people around the globe using cryptocurrencies.