MobileCoin (MOB) is a decentralized payment solution initiated by MobileCoin Inc. in 2017, though it wasn't operational until December 2020. Designed as a privacy-focused cryptocurrency, MOB offers a digital cash experience specifically for mobile devices, prioritizing secure, straightforward, and rapid encrypted transactions to safeguard user information. The creators aim to transform peer-to-peer payment systems, ensuring that transaction details are securely kept on a blockchain.
The platform is built to integrate into messaging applications such as WhatsApp, Telegram, Facebook Messenger, and Signal. Users simply input a PIN code to send or receive funds, with only the sender and receiver having access to transaction details. A recovery PIN ensures users can retrieve their keys if necessary. Prioritizing confidentiality, the platform uses ring signatures for verifying ownership and usage of digital assets. The ecosystem touts additional benefits like secure, fast transactions, being environmentally friendly, and optimized usability for mobile devices.
MobileCoin is open-source, allowing users to audit the programming methods.
Moreover, MobileCoin is designed to be both user-friendly and environmentally conscious, marketing itself as one of the pioneering negative carbon cryptocurrencies.
Who Are the Founders of MobileCoin?
Joshua Goldbard and Shane Glynn co-founded MobileCoin in 2017, with the company headquartered in San Francisco, California.
Joshua Goldbard serves as the CEO of MobileCoin Inc. Before this, he worked at AT&T, a telecommunications holding company, and was a founding partner at Crypto Lotus, a hedge fund focused on cryptocurrency. Goldbard is well-versed in network deployment, having gained his expertise in telecommunications and developed a passion for cryptography.
Shane Glynn, who holds a law degree, acts as General Counsel within the company, where he sets up cryptocurrency regulations. Glynn previously worked as an expert at Google, with knowledge in telecommunications and mobile technology.
Moxie Marlinspike is another significant contributor, reportedly advising MobileCoin in its early stages. He is best known for creating the encrypted messaging app Signal.
What Makes MobileCoin Unique?
MobileCoin's primary goal is to develop a fully encrypted messaging platform. The team envisions MobileCoin as a global, user-friendly, secure, and eco-friendly payment system.
The project presents itself as a straightforward and secure currency tool, focusing heavily on data encryption. It facilitates P2P transactions quickly, ensuring they remain private and decentralized. MobileCoin is crafted for seamless integration with messaging apps and the MobileCoin wallet, which connects effortlessly with mobile phones. The platform also offers an easy wallet recovery process. Users enjoy an intuitive interface that allows them to send and receive MOB tokens, manage balances, and access transaction histories.
Key components of the ecosystem include:
MobileCoin Wallet: A native noncustodial wallet available for both desktop and mobile use.
MobileCoin Recovery PIN: Enables users to restore their wallets using a private key.
MobileCoin Consensus Protocol: Utilizes the Stellar Consensus Protocol (SCP) for swift payment confirmations in an encrypted environment.
Software Guard Extension: This technology offers enhanced security by encrypting and isolating data on the blockchain.
How Many MobileCoin (MOB) Coins Are There in Circulation?
MobileCoin's native currency, MOB, fuels the entire ecosystem. As of March 2023, 195,286,109 MOB tokens are in circulation, out of a total supply of 250,000,000.
MOB is intended for peer-to-peer payments within the MobileCoin network, embedding into messaging apps to facilitate private transactions and fund transfers among users.
How Is the MobileCoin (MOB) Network Secured?
The MobileCoin Consensus Protocol (MCP) leverages Stellar's reputation system by incorporating the Stellar Consensus Protocol to log transactions, along with CryptoNote and zero-knowledge proofs to maintain transaction confidentiality. Ring signatures, one-time addresses, and RingCT are employed to safeguard user data. SCP uses the federated Byzantine agreement model (Proof-of-Reputation), which is designed to be resilient against Byzantine faults and solves related issues.
MobileCoin's ecosystem integrates multiple security measures, including open-source code, decentralized governance, CryptoNote, Ring Confidential Transactions, Bulletproofs, the MobileCoin Ledger, Byzantine Agreement, Secure Enclaves, Remote Attestation, Oblivious RAM, and the Fog Threat Model.
Where Can You Buy MobileCoin (MOB)?
As of March 2023, you can purchase, sell, or trade MobileCoin (MOB) on various major exchanges, including Binance, Gate.io, Bitfinex, Bitrue, Tokocrypto, CoinEx, Deepcoin, Pionex, BigONE, BingX, 4swap, Hotbit, and ZT.
To monitor MOB in real-time, consider downloading the CMC mobile app.
