MobileCoin is a privacy-focused, peer-to-peer cryptocurrency launched in December 2020 and used in normal daily transactions. It was developed by the MobileCoin foundation, technologist Joshua Goldbard, and cryptographer Moxie Marlinspike. It operates on a platform of four basic values of selling propositions of privacy, efficiency in speed, efficiency in energy, and optimal use of mobile gadgets. According to MobileCoin, this decentralized system ensures only the sender and recipient are able to see the transactions as opposed to centralized systems where the regulators like central banks have access to the customers’ transactions details. The privacy issue is achieved through blockchain encryption, ensuring that the transactions can be done quickly and securely. Although many have heard about MobileCoin, not all have its details. The following are 20 things you need to know about MobileCoin.
1. MobileCoin has raised $66 Million in Funding
MobileCoin has managed to raise $66 million as part of its efforts to enhance its business model. The model incorporates the provision of financial transactions for clients with utmost privacy. The company prides itself on having Moxie Marlinspike of the Messaging App Signal as its principal adviser, applies the same concept of encrypted messages to financial transactions. According to Tech Crunch, this Series B funding involved several investors. The investors included Alameda research, BlockTower Capital, Coinbase Ventures, and Time Ventures. General Catalyst and Future Ventures, who had walked with MobileCoin from its early stages, were also involved.
2. MobileCoin is worth $1.066 billion
MobileCoin, from the current funding of $66 million, is now valued at $1.066 billion, according to CEO Joshua Goldbard. This is attributed to earlier funding, including the one of 2018 that Binance Labs headed. The total funding has come to the range of $107 million. This has positioned the company among its peers in the cryptocurrency industry. The users, therefore, have a payment platform that gives them peace of mind by ensuring the privacy of their transactions. They can also improve their efficiency, ensuring that customers get speedy transactions while leveraging energy consumption.
3. The MobileCoin is used in messaging up
MobileCoin is secured with Signal, which is recognized as the world-leading Apps to provide secure messaging. The design allows the user to link their MobileCoin wallet to their phone. This allows the users to transact with family and friends. They can also track their balances and review the history of their transactions over their mobile devices. The user, therefore, has the freedom of transacting without the fear that third parties can have access to the information relating to their transactions. This makes details of your balances, transaction history, and related transactions safe from external interference.
4. MobileCoin is the first to work on a mobile device
MobileCoin works on mobile devices, which is the first of its kind. It also works on desktops which are not common for other payment Apps. This enables the users to control their transactions at the palm of their hand. Therefore, it ensures convenience as the clients can transact at any place and any time of the day. In the era of the digital economy, MobileCoin has come in handy by operating on mobile devices.
5. MobileCoin Is a Better Option
Currently, no cryptocurrency companies can combine privacy, security, and speed in sending and receiving payments. MobileCoin has facilitated this by adopting technology that enables cryptocurrency that has encrypted blockchain. This, in turn, makes MobileCoin a better option because it provides a payment system that is easily available, safe, and user-friendly. You can differentiate MobileCoin from other online payment systems by comparing it to these conventional payment systems, but in this case, it is a private one.
6. MobileCoin Consumes Less Energy
MobileCoin uses a technology called Federated Byzantine Agreement which is a network agreed model. This is a departure from what is usually used by blockchains as they use the proof of work. The advantage of this technology by MobileCoin is that node servers stay dormant and only become active when there is work to be done. This makes it consume energy equivalent to that of normal household appliances, saving a substantial amount of energy. Therefore, it has been considered one of the most energy-efficient and eco-friendly payment systems, which easily endears it to the public.
7. MobileCoin Is the First Carbon Negative Cryptocurrency
Global issues such as climate change have led to scrutiny on how a company's operations impact the environment. Cryptocurrency specifically has been a target of this debate due to the large consumption of energy by blockchains. There is, therefore, a call for them to develop sustainable models to address the problem. MobileCoin has taken the challenge and has been recognized for this role. Hacker noon has recognized mobile coin as the first cryptocurrency to have achieved carbon-negative status through its Federated Byzantine Agreement model and initiatives to offset its carbon prints.
8. MobileCoin Is Not Available In U.S
MobileCoin is not available or operational in the U.S. According MobileCoin Foundation, MobileCoin is not available in the U.S., a paradox considering that it is a San Francisco based company. This is mainly due to regulations issues in the U.S and thus opted to work with Signal, a UK-based messaging App. Therefore, it is available in the UK with a caveat to the U.S. users that it is not available for downloading or application by U.S. citizens or entities or other unauthorized jurisdictions, notably Australia.
9. MobileCoin Supports Arts
You can also find the uniqueness of MobileCoin in the way it exemplifies a philosophy of cultivating arts culture. One of the ingredients in creativeness is privacy. Since MobileCoin focuses on privacy, it gives room for culture and art to thrive by encouraging creativeness. MobileCoin has deliberately chosen to support this course through different channels, mainly MobileCoin Radio and MobileCoin Art Residency.
10. MobileCoin is the Easiest payment App to use
You can perform MobileCoin transactions on your mobile device or desktop by only downloading the App has provided a lot of convenience and ease of use. MobileCoin is actually recognized as being the first among many globally in terms of the speed of their transactions. In fact, in seconds, users can pay or safely receive their payment, ensuring the security of their transactions. The company also provides to transfer your balance without losing data if you move to other Apps.
11. MobileCoin leverages on security and privacy
One of the selling points for MobileCoin is ensuring the privacy of your transactions. The use of a veiled ledger and transactions that are encrypted ensures security for your payments. According to Medium, the use of forwarding secrecy by the MobileCoin ensures that your data is safe from access by third party members or cyber cons. Another important feature is that you can easily recover MobileCoin wallets, meaning that, even if a phone is lost or damaged, you can recover the digital wallet once you load your account into the new device. Data such as the balance and the transaction history will still be intact, which is a real plus if you consider MobileCoin.
12. MobileCoin can be purchased through several channels
MobileCoin can be purchased through several channels, making it very convenient to buy. 4swap, an AMN protocol that operates through Mixin Network, is one channel to exchange cryptocurrencies into MobileCoins. According to Git Press, another way to purchase MobileCoins is at FTX, which is the first exchange to recognize MobileCoins as a tradable asset. FTX is a traditional crypto exchange providing two pairs for exchange: the MOB/USD and MOB/USDT
13. MobileCoin is funded differently
While most cryptocurrencies have been funded through initial Coin Offering (ICO), which made them have problems with regulators, MobileCoin was funded by venture financiers. MobileCoin, therefore, seems to play safe by adopting a different funding model. However, according to Coin Bureau, the company does not yet seem to be out of the woods as it still warns that the service is not available to U.S. citizens or entities. The fact cryptocurrency is decentralized makes authorities to be wary of them as they easily scam their citizens.
14. MobileCoin Uses Safety Guard Extensions(SGX)
MobileCoin application of SGX feature of Intel processors enables the servers to run a code that the ICT team operating the server is denied access to altering transaction data. Therefore, the feature allows any remnant data after the transaction is eliminated, thus denying the third party access to private transactions. It uses this feature to ensure its network deletes any remaining information about the transactions after they have taken place. This security feature by Intel® SGX assists in managing and protecting the data by a technology known as Isolation technology. The technology protects against interference with the data by protecting selected codes and data by partitioning them. This is done by isolating their application into hardened reservations, making it hard for third parties to alter it to enhance the security of transactions.
15. MobileCoin is regulated by U.S. Security and Exchange Commission
Suma Brands is regulated by U.S Security and Exchange Commission, having the current registration with the commission on the date 12th June 2017. It is incorporated in Delaware, and it adheres to the requirements of the SEC, including providing documents such as the prospectus, financial reports, and annual reports.
16. MobileCoin App is found in Google play
You can access the MobileCoin app on Google play on your mobile device. The App is marketed as a tool that allows you to achieve two goals. The App allows you to access and increase your Mobile Coin holdings allowing you to grow your wealth. The other goal you achieve by downloading the App is having a wallet to store your digital wealth or assets. When compared to centralized payment services and advertisement-focused payment companies, MobileCoin utilizes peer-to-peer networking for payments. Therefore, it is easier to keep transactions private even if when you use the transparent and secure digital ledger referred to as the blockchain. The firm bills its system as safe, fast, and easy to use. It provides them with the capability to make digital transactions from anywhere in the world.
17. MobileCoin has recently fluctuated
MobileCoin has recently fluctuated, which can be a major concern for existing and prospective investors. However, according to the founder, this should not worry you because the coin has not been listed in the U.S. This is normal for new cryptocurrencies since the regulators take time to gain confidence in their operations. The fact that renowned investors like Alameda research are willing to invest in the company indicates better things ahead.
18. MobileCoin has not sold any coins to the earlier team
According to the CEO, MobileCoin has not sold coins to earlier members such as Signal. People always assumed that the coin performed well initially because they had sold it to others, such as Signal, where it is hosted. However, according to Marlinspike, the CEO of Signal, he was in an advisory role but has not bought coins. This, therefore, gives assurance to those willing to trade with MobileCoins that it is not a venture meant to benefit the owners.
19. MobileCoin is not 100% foolproof
Though MobileCoin has incorporated many features to ensure privacy and security, it cannot be completely foolproof. MobileCoin, like any other Cryptocurrency, is susceptible to cybercrimes such as losing your asset if the device is left unlocked or having hacking of the radio or iOS of your phone. Therefore, you should practice basic security measures just like any other online payment platform, though MobileCoin can be relatively safer than other online payment systems.
20. MobileCoin has 40 employees
MobileCoin currently has a workforce of forty staff. This is encouraging growth, considering it came alive in 2020. The CEO has said that they are working round the clock to ensure they can hire more staff showing good indicators for the company in terms of growth. The company faced a setback by the passing on of Toby Segran, who had a wealth of experience in engineering. He had previously worked for Google and Reddit. However, they have been able to bring in the first head, who will be in charge of compliance.
Written by Allen Lee
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