Vancouver, British Columbia–(Newsfile Corp. – October 21, 2022) – NetCents Technology Inc. (CSE: NC) (ESF: 26N) (OTC: NTTCF) (“NetCents“or the”Company“), a cryptocurrency payment company, is pleased to provide an update regarding the technological advancements of the company’s cryptocurrency merchant gateway.
The company has made progress in its key infrastructure and technology, ensuring the platform is future-proof for continued growth and scalability with a focus on critical areas including scalability, automation, security , DeFi and data analytics, with a focus on reducing platform costs. .
Scalability and automation have been key areas for all technological advancements within the system. In addition to using microservices, the company has begun dockerization, providing increased platform flexibility and optimization. Through dockerization, the company implemented a container strategy allowing the platform to become cloud-agnostic and automatically scale the company’s infrastructure up and down based on current demand.
With these enhancements and the implementation of elastic data models, the Company has optimized its capacity by more than 25%, moving its infrastructure to a demand-driven model. This allows the company to continue growing its forex trader and processing volume without having to continually increase its expensive storage infrastructure and should reduce overall business costs.
The improved capacity and addition of microservices, along with the ability to scale platform infrastructure up or down based on demand, has given the company the ability to add over 1,000 crypto- currencies to the platform with minimal development costs and resources. While the company can now add all of these cryptocurrencies, it intends to continue its currency offering by focusing on major coins with market depth, demand, and a demonstrated history of generating large trading volumes. merchants while keeping the platform streamlined and intuitive to use. Capacity allows you to stay agile and capitalize on emerging demand in a timely and cost-effective way.
In addition to scalability and automation, the Company has focused its resources on improving and strengthening platform security by using state-of-the-art technologies in all aspects of the Company’s platforms. . The company has optimized its wallet workflow to minimize transaction costs and maximize the efficiency of internal cryptocurrency transfer and settlement using a hybrid solution architecture, including multi-party compute technology.
The company has also upgraded its software and hardware in all aspects of its infrastructure to increase the protection of the platform against various online cybersecurity threats, ranging from phishing attempts and ransomware attacks to exploits. Distributed Denial of Service (DDoS) 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, utility outages, and theft or vandalism of assets. hardware through a multi-cloud strategy, reducing potential business disruption.
To make informed strategic decisions for the future of NetCents, the ability to access and interpret data is essential. Through the Merchant Gateway, the company collects a myriad of data points on every transaction, payment, sign-up and account update, providing incredibly detailed information on all aspects of the business, general market indicators and the behavior of merchants and consumers. The Company has implemented an open source data analytics platform to gather and interpret this data in a meaningful way. This information enables all departments of the company – 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 functionality and components to automate manual internal reporting processes.
A cost center for the Company is the maintenance of its technological infrastructure. Through these upgrades and integrations, the company has reduced the cost and maintenance of this infrastructure by integrating various services and automating workflows ranging from the settlement of transactions with liquidity providers, to the balancing of portfolios and maintaining network latency for incoming transactions. These upgrades reduced staff time and resources to support infrastructure, nodes, and servers.
In addition to short-to-mid-term platform advancements, the company has also focused on future-proofing the platform. Along with the ability to add and remove coins on demand, system upgrades open up new possibilities for integrating DeFi protocols into the NetCents ecosystem. DeFi, decentralized finance, uses emerging technology to remove 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 secure digital wallet, can transfer funds in minutes, and can be used by anyone with an internet connection. The company has identified several strategic key components that can be used in the NetCents ecosystem, which would enable our merchants to benefit and earn yield from cryptocurrency using DeFi protocols.
As of the date of this press release, the Company is subject to a cease trade order. The following financial statements are pending: audited annual financial statements for fiscal year 2020, 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 month ended July January 31, 2021, the audited annual financial statements for fiscal year 2021, the interim financial statements for the quarter ended January 31, 2022 and the interim financial statements for the six months ended April 30, 2022.
NetCents Technology Inc., the transactional hub for all cryptocurrency payments, offers forward-thinking businesses the technology needed to seamlessly integrate cryptocurrency processing into their payment model without assuming the risk or volatility of the crypto market. NetCents Technology is registered as a Money Services Business (MSB) with FINTRAC.
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 Water Street
Vancouver, BC, V6B 5C6
Caution Regarding Forward-Looking Information
This press release contains certain statements that may be considered “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 “expects”, “plans”, “anticipates”, “believes”, “has ‘intent to’, ‘estimate’, ‘plans’, ‘potential’ and similar expressions, or that events or conditions ‘will’, ‘would’, ‘could’, ‘could’ or ‘should’ occur. Statements in this release, other than statements of historical fact, that address events or developments that the Company expects will occur, are forward-looking statements.
Forward-looking information contained in this press release may include, but is not limited to, the timing of the finalization and filing of the Company’s financial statements, the Company’s expected growth and success, improved performance of the Company through advancements in technology, the continued growth of the Company’s merchants without increasing costs, the Company’s intention to limit currency offerings to major coins, the ability to continue to reduce costs, the ability to leverage DeFi in the company’s ecosystem successfully in the future.
Although the Company believes that the expectations expressed in these forward-looking statements are based on reasonable assumptions, these statements are not guarantees of future performance and actual results may differ materially from those contained in the forward-looking statements.
Factors and assumptions that could cause actual results to differ materially from those in the forward-looking statements include regulatory actions, market prices and the continued availability of capital and financing, and general economic, market or business, the Company’s ability to attract and retain qualified personnel and directors; and management’s ability to execute the strategic objective.
Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company, as applicable, are materially different from those expressed or implied by such forward-looking information, including, but not limited to, the risks described in the Company’s annual and interim MD&As and in its public filings at www.sedar. com from time to time. Forward-looking statements are based on the opinions and estimates of management as of the date such 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 cause results not to be those anticipated, estimated or expected. There can be no assurance that such 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 does not undertake to update any forward-looking information except in accordance with applicable securities laws.
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