Signal, a cross-platform centralized encrypted instant messaging service, has launched its support for built-in cryptocurrency called MobileCoin (MOB) on a global scale. MobileCoin Founder, Josh Goldbard, told WIRED there are over a hundred million devices on planet Earth that have the ability to "turn on MobileCoin and send an end-to-end encrypted payment in five seconds or less."
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MobileCoin is different from bitcoin (EXANTE: Bitcoin) as it uses an algorithm called Bulletproofs that can guarantee a transaction has occurred without revealing its value.
"I do not think it is reasonable to send transactions over a ledger where all actions can be linked. There are so many different ways that this has problems. If I pay my bills, my barista now knows that I just paid my therapist or I went to the doctor. Every transaction that I make with that wallet is now visible to my barista, forever," Goldbard said, citing bitcoin's blockchain.
Signal started beta testing of cryptocurrency payments on its platform last April. The MobileCoin cryptocurrency can be linked to the messenger via Signal Payments, a payment processor. With the cryptocurrency, users can send MOB to friends and family, receive funds from them, keep track of balance, the company said. The conversion of MOB is done by a third-party — a cryptocurrency exchange FTX.
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