Vancouver, British Columbia–(Newsfile Corp. – October 21, 2022) – NetCents Technology Inc. (CSE:NC) (FWB:26N) (OTC:NTTCF) (“NetCents” or the “company”), a cryptocurrency payments company, is pleased to provide an update on the technological advancements of the company’s cryptocurrency merchant gateway.
The company has made advances in its key infrastructure and technology to ensure the platform is future-proof for continued growth and scale, with a focus on critical areas including scalability, automation, security, DeFi and data analytics with an emphasis on driving down the platform costs .
Scalability and automation have been key priorities in all technological advances within the system. In addition to using microservices, the company started using Dockerization, which offers increased flexibility and optimization of the platform. Through dockerization, the company implemented a container strategy that allowed the platform to become cloud agnostic and automatically expand or contract the company’s infrastructure according to current demand.
Through these improvements and the implementation of elastic data models, the company has optimized its capacity by over 25% and transitioned its infrastructure to an on-demand model. This allows the company to continue growing its currency trading and processing volume without the need to continuously expand its costly storage infrastructure and is expected to reduce the company’s overall costs.
The improved capacity and addition of microservices, along with the ability to scale up or down the platform infrastructure as needed, has given the company the ability to add over 1,000 cryptocurrencies to the platform with minimal cost and development resources. While the company can now add all of these cryptocurrencies, it intends to continue to focus its currency offering on leading coins with market depth, demand, and a proven history of driving large volumes of merchant transactions, while keeping the platform streamlined and intuitive to use. The capacity offers the opportunity to remain agile and benefit from the emerging demand in a timely and cost-efficient manner.
In addition to scalability and automation, the company has focused its resources on enhancing and enhancing platform security by employing cutting-edge technologies in all aspects of enterprise platforms. The company has streamlined its wallet workflow to minimize transaction costs and maximize the efficiency of internal cryptocurrency transfer and settlement using a hybrid architecture of solutions including multi-party computation technology.
The company has also upgraded its software and hardware in all aspects of its infrastructure to improve the platform’s protection against various online cybersecurity threats ranging from phishing attempts and ransomware attacks to distributed denial of service (DDoS) exploits and the Internet of Things (IoT) ) botnets.
In addition to online security, the company has also protected its infrastructure from physical hazards, including natural disasters such as fires and floods, civil unrest, power outages, and theft or vandalism of hardware assets, through a multi-cloud strategy, thereby reducing potential business disruption.
In order to make informed strategic decisions for NetCents’ future, the ability to access and interpret data is critical. Through the Merchant Gateway, the company collects a multitude of data points on every transaction, payment, login and account update, providing incredibly detailed insights into all aspects of the business, general market indicators, and merchant and consumer behavior. The company has implemented an open-source data analysis platform to collect and interpret this data in a meaningful way. This insight empowers all departments within the organization—including accounting, marketing, technology, and customer service—to make critical business and revenue-generating decisions. As part of the data analytics initiative, the company continues to add additional features and components to automate manual internal processes related to reporting.
A cost center for the company is the maintenance of its technology infrastructure. With these upgrades and integrations, the company has reduced the cost and maintenance of this infrastructure by integrating various services and automating workflows ranging from processing transactions with liquidity providers to balancing wallets and maintaining network latency for incoming transactions. These upgrades have reduced staff time and resources to support the infrastructure, nodes and servers.
In addition to short and medium-term further developments of the platform, the company has also focused on making the platform future-proof. Along with the ability to add and remove coins as needed, the system’s upgrades open up new opportunities for integrating DeFi protocols into the NetCents ecosystem. DeFi, decentralized finance, uses new technologies to exclude third parties and centralized institutions from financial transactions. DeFi eliminates the fees that banks and other financial institutions charge for using their services. Individuals hold funds in a secured digital wallet, can transfer funds within minutes and can be used by anyone with an internet connection. The company has identified several key strategic components that could be used within the NetCents ecosystem that would allow our traders to profit from cryptocurrency and generate income using DeFi protocols.
As of the date of this press release, the Company is subject to a trading disruption order. The following financial statements are pending: Audited Annual Financial Statements for the 2020 Financial Year, Interim Financial Statements for the three months ended January 31, 2021, Interim Financial Statements for the six months ended April 30, 2021, Interim Financial Statements for the nine months ended July 31 January 2021, Audited Annual Financial Statements for the fiscal year 2021, interim financial statements for the three months ended January 31, 2022 and interim financial statements for the six months ended April 30, 2022.
NetCents Technology Inc., the transactional hub for all cryptocurrency payments, equips forward-thinking businesses with the technology to seamlessly integrate cryptocurrency processing into their payment model without incurring the risk or volatility of the crypto market. NetCents Technology is registered with FINTRAC as a Money Services Business (MSB).
For more information, please visit the company’s website at www.net-cents.com or contact Investor Relations: [email protected]
On behalf of the Board of Directors
NetCents Technology Inc.
Clayton Moore, CEO, Founder and Director
NetCents Technology Inc.
350 – 375 waterway
Vancouver, BC, V6B 5C6
Cautionary Statement Regarding Forward-Looking Information
This press release contains certain statements that may be deemed “forward-looking statements” within the meaning of applicable Canadian securities laws (“forward-looking statements“). Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expect,” “plan,” “anticipate,” “believe,” “intend,” “estimate,” “projects ‘, ‘potential’ and similar expressions, or that events or conditions ‘will’, ‘would’, ‘may’, ‘could’ or ‘should’ occur. All statements in this press release, other than statements of historical fact, which are statements that relate to events or developments that the Company anticipates are forward-looking statements.
Forward-looking information contained in this press release may include, among other things, the timing of the completion and filing of the Company’s financial statements, the Company’s anticipated growth and success, improved performance of the Company as a result of advances in technology and the continued growth of the dealers of the Company without increased costs, the company’s intention to limit the currency supply to leading coins, the ability to further reduce costs, the ability to successfully use DeFi in the company’s ecosystem in the future.
Although the Company believes that the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results could differ materially from those in the forward-looking statements.
Factors and assumptions that could cause actual results to differ materially from those contained in the forward-looking statements include regulatory actions, market prices and the continued availability of capital and funding and general economic, market or business conditions, the ability of the company to attract and retain professional staff and directors; and management’s ability to implement strategic goals.
Forward-looking information is subject to known and unknown risks, uncertainties and other factors that could cause the Company’s actual results, level of activity, performance or achievements, as the case may be, to differ materially from those expressed or implied by such forward-looking information, including, but not limited to, the risks described in the Company’s annual and preliminary MD&As and in its public documents posted on www.sedar.com from time to time. Forward-looking statements are based on the opinions and estimates of management at the time the statements are made. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information, there may be other factors that could cause results not to be as anticipated, estimated or intended to fail. There can be no assurance that this information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company undertakes no obligation to update any forward-looking information except in accordance with applicable securities laws.
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