Cryptocurrency Signal feature has gone worldwide

Cryptocurrency Signal feature has gone worldwide

In the spring of 2022, the encrypted communications app Signal announced it would put a payment feature in beta for its UK users, testing its integration with relatively new digital currency, with a focus on privacy called MobileCoin. But a much broader phase of that test has been going on quietly since mid - November. That’s when Signal made the same feature accessible to all its users without fanfare, offering the ability to send digital payments far more privately than credit card trading - or Bitcoin transfer - to many millions of phones.

MobileCoin founder Josh Goldbard confirmed the timing of the release, and says it spurred adoption of digital currency, which now sees thousands of daily transactions against just dozens before the global beta release. "There are currently over one hundred million devices on planet Earth capable of turning MobileCoin and placing end-to-end payments in five seconds or less," Goldbard said states, citing reports of total Signal download numbers.

Of course, getting started using the Signal payment feature is still not that simple. Anyone outside of licensed companies such as North Korea and Syria can access their MobileCoin wallet within a message by tapping the “+” icon and then “pay”. ”But the challenge for many is to load that bag in the first place; the digital currency is listed for sale on only a few smaller cryptocurrencies - such as BitFinex and FTX - none of which are yet to be offered to U.S. consumers.

Signal itself did not respond to WIRED requests to comment on the global distribution of the payment feature. But last April, Signal creator Moxie Marlinspike explained to WIRED that it wanted to add payments to the encrypted video calling and texting app to match features from competitors like WhatsApp and Facebook Messenger - and at the same time giving Signal’s prestigious privacy protections to money transactions. “I want to get to a world where you are not just feeling [a sense of privacy] when you talk to your developer about Signal, but also when you pay your developer for the session over Signal, ”Marlinspike said at the time.

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Marlinspike has argued that some kind of money laundering requires integration with digital money rather than traditional, scrutiny - friendly banking and credit card systems. In 2022, Marlinspike helped launch MobileCoin with that prospecting merger, serving as a paid technical advisor for the digital currency. He and Goldbard say they designed MobileCoin to be both easier to use for small purchases on a mobile device, with fast trading verifications, and also far more private than Bitcoin, and their public blockchain can take powerful forms of tracking allowed.

To avoid that blockchain-based discovery on consumer finance, MobileCoin uses methods introduced in older “privacy bases” such as Monero and Zcash. These include a protocol called CryptoNote and a feature called Ring Confidential Transactions, which hides the amount of payments and makes them difficult to detect by mixing them. MobileCoin also uses a type of mathematical proof called Bulletproofs that can guarantee that a transaction has occurred without disclosing its value. "I don't think it's reasonable to put transactions over a ledger where all the activities can be linked," Goldbard said of Bitcoin's less private blockchain. to have this. If I pay my bills, my barrister now knows that I just paid my therapist or went to the doctor. Everything I do with that wallet is now visible to my wallet, forever. "

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