ZIMBOCASH breaks silence on payment gateway

Farai Mudzingwa Avatar

It’s fair to say, 2020 has been an eventful year for most if not all of us. COVID-19 and all its associated impacts are more than enough burden. For ZIMBOCASH however, they have had to deal with a triumphant launch that quickly turned into an emergency situation and for a few months now deafening silence.

Triumphant entry

Two days after opening the payment gateway, ZIMBOCASH had processed 13 000 transactions. Marketplaces were popping up and it seemed the currency was genuinely finding use.

When it rains, it kinda pours…

Marketplaces and usefulness introduced a tidal wave that ZIMBOCASH simply wasn’t expecting. Hoarders! Realising that this ZASH thing might be useful, people started making multiple accounts in order to get all the ZASH to themselves. As some influential person once said, “you can always count on greed to mess a cute thing up”.

Anyway because of this, ZIMBOCASH had to take down the payment gateway facilitating transactions in order to avoid the hoarders creating a ZASH black market. This was back in July and not much has happened since. In August ZIMBOCASH confirmed that they were still working on the fix but it was taking more time than they anticipated.

Where are we?

Today, ZIMBOCASH sent an update to currency holders with an update regarding the payment gateway;

We’ve been quiet the past few months but we have been working hard behind the scenes. The first time we went live was an incredibly useful test for us. We didn’t know what we didn’t know and the learning from that week was powerful.  

It was effectively a beta version and since then we have been working on all aspects of the system. We’re still on track, but we’ve encountered some delays in a few modules. We’ve brought in additional tech support for these modules and will be retesting once they are complete with their input.

Identity Validation: We are mostly complete with our automated ID verification plugin. We’re implementing additional Image Forensic technologies, which requires some degree of specialisation.

Tech Security: The fact that we had spam signups for us was a helpful indicator that we needed to rethink our broader security. We’ve engaged with several outsourcing specialists and have had the privilege of working with senior executives at one of the best privacy cryptocurrencies in the world today. Their team have been fantastic in helping us. There has been a load of work that we’ve needed to do and their input has been invaluable.

Based on the advice we have received, we are looking to move everyone’s accounts on the blockchain in the next few days into new accounts with new encrypted private keys. The wallets will be protected with encryption, multi-signature and multi-authentication algorithms. This is basically the best industry practice used in most exchanges and banks around the world. It protects you and it protects the team. 

We highlight that everyone’s balances will continue as they were before the move. 

Scaling costs: We’re preparing other aspects of our system to scale well. We are building a Telegram two-factor authentication for your transactions.

Spam analysis: We have identified the major spammers and have frozen their accounts.

So yeah, if an exact date for expected return is what you expected. Well, you’re out of luck. This turned out to be more an in-depth update on what it is that ZIMBOCASH has actually been working on for the past 3 months.

What Zimbocash users can expect is the following;

  • Better validation of IDs to deal with spam/multiple accounts;
  • User wallets will be moved to more secure blockchains and this won’t affect user account balances;
  • Telegram two factor authentication (2FA) on the way.

One response

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  1. Sagitarr

    In projects of this sort, it doesn’t hurt a bit to simply admit that there has been a project delay due to unforeseen circumstances….it happens all the time. Who knows, this new “rework” might yield more loopholes…there are too many bright idle brains out there!!

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