Binance Labs agreed to the proposal of a new cryptocurrency named MobileCoin. Around 30 million dollars will be needed to finance the development and promotion of the cryptocurrency. The main purpose of this cryptocurrency is to improve the user experience on smartphones. One of the main problems of cryptocurrencies is that they suffer from privacy concerns. However, with his cryptocurrency, there will be no privacy issues.
In its white paper, MobileCoin has mentioned that it will integrate the cryptocurrency with mobile messaging apps such as Signal or WhatsApp.
Once it is integrated with the mobile app, you will be able to receive or send funds without any hassle. The transaction processing time should not be more than a second and you will be able to use the funds instantly. And the good thing is that the messaging app or any other external third party source will not be able to know your transaction details or your account balance. In order to log in, you will have to set up a 4 Digit Pin Code. So, even if you change phones, you will be able to access the app.
The good news is that notable persons like the founder of Signal are involved in the project which makes the cryptocurrency more legit. However, you should be wary of the fact that they don't have any protocol out yet. Another thing is that there has been no news of the progress of the cryptocurrency so far which is strange considering the fact that the project has been launched around 5 months ago.
Previously also, there have been various cryptocurrencies which have claimed to make transactions more efficient and transparent. Some have been able to succeed partially but none has managed to solve the issue entirely. Maybe MobileCoin will be able to tackle the issue efficiently.
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