Reports surfacing today suggest that Binance Labs, the company behind one of the worlds biggest cryptocurrency exchanges, Binance, have vowed to inject a $30Million investment into a new cryptocurrency based, mobile payment project.
In partnership with the team behind Signal, a privacy based communication app, Binance Labs look to be spearheading a new sort of mobile to mobile payment system.
The project, named MobileCoin has been described as a cryptocurrency designed to improve user experience on a range of mobile devices (smartphones and tablets). The project, will be enhanced by the Signal platform, something with endorsement from security experts such as Edward Snowden, who refers to Signal as an ‘open whisper system’.
According to MobileCoin’s Whitepaper:
“A user should be able to install the app, enter a 4 digit PIN, and send/receive funds to/from other users addressed by their phone number or user identifier. Transactions should take less than a second, funds should immediately be available for use, and neither the messaging service nor any other third party should learn anything about a user’s account balance or transaction history (such as who is paying who). At any point, a user should be able to reinstall the app or get a new phone and regain secure access to their funds simply by entering a 4-digit PIN. Payments should also be possible across apps and networks.”
See the full publication for yourself, here- https://www.mobilecoin.com/whitepaper-en.pdf
Should MobileCoin complete a roll out, this will provide users of mobile technology not only with an encrypted communication system, but will also provide users with a totally secure method for payment, accross different devices and applications. There is talk that not only will this support Signal, but other communication apps such as WhatsApp may see MobileCoin integration in the future.
The partnership with Binance Labs see’s a whole new type of funding into this project. It also says a lot for Binance with regards to their stance on privacy and security. It is interesting to see them inject such a large amount of money into a project that is yet to be established, obviously, they have a lot of belief in the applications of this.
What’s more, MobileCoin still don’t have a working prototype or test model out yet, the project is essentially still within an initial idea stage. I do believe that the backing from Signal, a well established application has of course inspired Binance Labs to get involved with this and perhaps they can see its potential further engagement with other apps such as WhatsApp.
Maybe, Facebook could benefit from something like this, given the scandal they currently find themselves in the midst of!
The future applications for this technology are of course huge, moreover, this also gives Binance and Binance Labs the chance to follow a new path, a path into a new future, away from cryptocurrency trading and exchange.