They just run the program through the issuing bank whom facilitates all of the charges that get approved/declined by the card issuer in this case Mastercard.
That is my point, the fact this is a prepaid card and not a debit card indicates that funds will have to be loaded onto the card prior to any transaction being attempted. The bank's computer system will only send an authorisation code in a true/false process which either approves or declines the transaction. There is not a 'hold on while we transfer the funds into this account so we can issue an approval code for this transaction' stage.
If the cards were debit cards, linked to a a checking/current-style account then it might be feasible by way of the bank agreeing to pre-authorised overdraft facilities, guaranteed by Centra's own funds, which would allow for their system to trigger an authorisation code and subsequent back-office exchange/credit transaction after-the-fact in order to cover for the amount debited. But these are not debit cards, they are prepaid cards, for which funds HAVE to be deposited in the cardholder account prior to the transaction, otherwise the transaction will be declined at the point of sale terminal.
Also I have personally seen the patent application and form. If you want to contact me present your ID and sign an NDA I'm sure they can show you too to prove you wrong.
Yeah you guys keep trying that routine of "Send us your ID first and then we'll prove we're not deceiving you". So you've personally seen the application form? Has it been filed? What is the application number?
There's no good reason for you to withhold the application number if it has been filed.
Exactly, we just have a FUD master in this thread, I choose not to delete his topics this time because they had relevance but his tone makes sense on the direction he is leading.
My tone? In my experience, whenever a person being asked reasonable questions about the claims they are making tries to complain about the tone of the question, or starts throwing around accusations of 'FUD', it has always been because they are guilty of deceit and want to avoid answering to questions which will expose their dishonesty. So your behaviour is not exactly encouraging.
There is no "load" feature when they use the wallet to use their card, just select the asset your using and let CCE do the rest.
It's very simple:
Deposit Crypto
Select Asset
Open or Close app it's up to you the asset selected remains active until switched.
If your balance = greater than the charge on the active asset = approved
If your balance = less than the charge of the active asset = declined
As I already pointed out, with these cards being prepaid, the only way for the issuing bank's system to respond with an approval code is for the funds to already have been credited. So the above description of the process would have to have sold the 'selected' cryptocurrency to Centra at whatever price dictated by Centra in order for the funds to be credited into the prepaid card account, prior to the transaction.
Unspent card balances might well be displayed in the 'selected' cryptocurrency amount, but if the user wanted to transfer that cryptocurrency back out of the system then there will need to be a purchase transaction made through the card, obviously via a wallet-based online purchase transaction for the equivalent value, because that cryptocurrency amount would actually have been sold to Centra already and needs to be bought back in order to deduct the cash value from the prepaid card account and allow the cryptocurrency to be transferred back to the user's control.
This is a major problem with that model:
The process of 'selecting' the cryptocurrency has to enforce a fixed cash value at time of selection which the user has to agree to otherwise Centra are going to have massive exposure to volatile market price changes.
This isn't real-time exchange at the point of purchase for the user. It is a way to simulate a real-time deduction of cryptocurrency balance when the fact is that the cryptocurrency 'selection' process has already sold the coins to Centra even if they are being represented as still being an active balance for the user.
The whole point of this service was that users would be able to store the cryptocurrency safely and for the transaction to deduct the equivalent amount only as and when card expenditure is triggered, but this 'selection' process you describe can only be for the purpose of setting a fixed cash value, which means there is no benefit over existing cryptocurrency card services.
Hi cryptodevil,
My name is Robert I am the Chief Operating Officer of Centra Tech. We do require a NDA to go over company sensitive information. Knowing your reputation on this forum, we would be okay with providing you information about our patent filings and how we exactly CCE performs with our issuing bank, but would require a copy of your ID and NDA signed. We have staff that all have done this and external strong contributors so they could see the system first hand so their is no way around this if you want deeper information than described below.
To clarify how the system works to what Dash was mentioning above:
The Centra Cards are Prepaid Cards that work with Debit PINs on any merchant that accepts Mastercard(Example: Selecting Debit instead of Credit on merchant terminals). The CCE is patent-pending software that was built as a off-chain blockchain solution around the issuing banks system API. All Centra Cards carry a $0.00 balance at all times. When the user swipes their card, our application checks the "active" asset selected and if the user balance in that asset, for example bitcoin, is greater or equal to the transaction, the card instantly will be credited the amount from our Mastercard Settlement Account held with the issuing bank to pay the transaction (Real-Time Loading + External Authorization Method), and then deducted from our "active" selected asset. The transaction time that CCE works is approximately 1-4 seconds. In rare events where the system is clogged with over 100,000 transactions per second (which would be unlikely at this early stage) you will get a time out in our system which would trigger a decline notice on the app and the merchant. We are currently building a system that can handle much greater transactions per second.
"The whole point of this service was that users would be able to store the cryptocurrency safely and for the transaction to deduct the equivalent amount only as and when card expenditure is triggered, but this 'selection' process you describe can only be for the purpose of setting a fixed cash value, which means there is no benefit over existing cryptocurrency card services. "
- That is correct, and that is how the system works. Your cryptocurrency always remains in cryptocurrency. When you, as the user, makes a swipe/online transaction, at that instant moment we are giving you a market exchange rate to fiat conversion that allows the charge to be approved. We also have a formula to configure slippage as we use numerous exchanges connected to CCE via APIs to always perform the safest/closest transaction exchange.
By "selection" he means that you have the choice on the app to select which currency is the "active" currency to the system as we currently support 8 assets and adding more. Once an asset is "active" it is "Selected" as the asset of choice to spend.
I understand that Google might not provide you all the information that you are seeking to research as this is not your speciality field, so it may seem that what we have created doesn't necessarily make "sense", but we, as a company have spent an extensive amount of time and resources to build the infrastructure, service, and system we provide our clients. If you are up for a more detailed chat about this feel free to send me a PM.
Thank you,
Robert
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