The private messaging app Signal wants to experiment with cryptocurrencies with the help of Stellar as we can read more in today’s crypto news.
The private messaging app explores its own digital payment offerings and pursues a strategy that is similar to other tech players. Signal is trying to create a digital currency but these payments offerings will not be a straightforward process as its CEO mentioned. The app saw its user base double over the past few months and now it is said that It conducted experiments for a crypto offering for users as per the report by Platformer.
Work on Crypto payments integration w MobileCoin has been intensifying recently, according to this piece https://t.co/FT4VGGKUZk
— Wong Joon Ian (@joonian) January 26, 2021
Experiments for these token projects are done on MobileCoin which is a privacy cryptocurrency based on Stellar. Signal’s CEO Moxie Marlinspike was an adviser to MobileCoin which indicates how these projects are interconnected. Signal is the primary cryptocurrency of the signal Foundation which is a non-profit organization that is dedicated to open-source privacy technology and offers end-to-end message encryption to more than 30 million users. any of the transferred data can be read by the sender and receiver only and there’s no other service or app that can decipher it.
— Elon Musk (@elonmusk) January 7, 2021
Employees at Platformer said that the company is exploring the use of digital currency in the platform and this offering will be in line with Facebook’s intent of creating payment services platforms as well as via China’s WeChat messaging app. Marlinspike didn’t comment a lot on the developments but acknowledged that the company played around with integrating MobileCoin within Signal:
“If we did decide we wanted to put payments into Signal, we would try to think really carefully about how we did that. It’s hard to be totally hypothetical.”
Signal’s app went ahead on the waves of privacy, encryption, and cryptography but there are other features that attracted more criticism from users. One of these concerns was the US election last year. users were able to forward group invites to chat rooms which means they can propagate acts of violence while their identities remain unknown. In the meantime, the news of a digital currency comes weeks after users chose Signal in favor of other messaging apps.
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