ANU #82 — New Verification 2.0 and AppCoins Burn Update

Welcome to the AppCoins News Update, ‘ANU’ for short. This week we’re focusing on a new verification 2.0 process and burn update. Read on to find more!

Verification 2.0 has arrived!

While we’ve mentioned our new wallet verification system in our previous ANUs, we’re happy to announce that verification 2.0 (or as we call it in the team, verify 2.0) has finally been released.

What is the verification system used for?

The AppCoins billing ecosystem has a mechanism that allows us to confirm whether or not a user is suspicious when they make a purchase using our billing system. When someone gets flagged for repeated potentially fraudulent behaviour, we would previously ask the user for a verification of their identity through an SMS token validation (a code sent to their phone).

However we have found that over time, this verification isn’t necessarily the best method for our users. Therefore, we continued work on verification 2.0.

What is new and improved?

Verification 2.0 isn’t necessarily a new system, but it’s definitely an improved one. Other payment services, such as PayPal, also use it. But what about this new verification process makes it way better than the previous one?

First of all, we’ve changed the SMS token validation to a payment validation. Users will have to make a small payment with their credit card. After this payment is done, they will merely need to check their bank transaction details in order to find the token required for the validation of the wallet.

Once the token has been verified, the payment amount will be refunded and the user will be able to get back to their purchases as usual. This refund will also occur if the token expires or if the user fails to validate the wallet after a given amount of tries.

This system will be more reliable than the previous option, with little extra effort on the part of the user.

How it looks:

  1. You will be able to access your verification process through the My Wallet screen, where you will tap on the “Verify” button. You can also choose to verify during the purchase flow.
  2. After choosing to verify your wallet, you will need to insert your credit card details to complete the required purchase.

3. After the payment is done, you will insert the code into the field on the Verify Wallet screen. You can find this code in your credit card payment description.

4. If the code is correct, you are ready to go!

5. If the payment details don’t pop up shortly after your transaction, don’t worry, you can always get back to the Verification Code screen. There you will find the “Insert Code” button instead of the “Verify” button. Tap on it and continue with the wallet verification process.

AppCoins Burn

Since February 19th, the AppCoins burn rate has been increased from 0.1% to 0.2%. As previously explained, by reducing the number of AppCoins available in the market, the value will be boosted. This increase means that the number of AppCoins available will be reduced at a faster pace.

Since the burn started, we have already burned more than 700,000 APPC through a program that (now) sends 0.2% of all in-app purchases to a burning address. We are keen on maintaining transparent communication with our users, and that is why anyone is able to keep track of the burnt AppCoins through AppCoinsExplorer.

Although we have recently increased the burn percentage from 0.1% to 0.2%, this value may keep on changing. It will be up to the team to choose the appropriate value based on a supply and demand model. The objective will always be, of course, to increase the value of the AppCoins.

As always, you’re invited to follow our work regarding all of the products we’re working on:

Published artifacts:

At the time of writing, the current market cap is close to $18,728,067 USD, with $546,931 USD in volume in the last 24 hours across these exchanges: Binance (93.22%), Huobi (6.09%), and HitBTC (0.69%).

Since the last ANU, APPC value has witnessed a high of $0.103 USD on February 21st, and a low of $0.060 USD on February 23rd. You can see more info about APPC markets at Coinmarketcap.

Name: Gabriel Massadas

Role: Python Developer

Bio: Gabriel started his technological path by taking a degree in Computer Science. He previously worked in several fast-growing startups. Recently he joined the Backend team as a Python developer for AppCoins. He’s bringing fresh knowledge, that has been improved over the years, to contribute to a better service and overall experience. In his free time, he loves to read, play games, and hang out with his friends.

New AppCoins Wallet Verification System

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