The Signal app embeds crypto. About the platform
We regularly talk about the most innovative digital platforms. From exchanges for cryptocurrency transfers to the most complex, specialized tools. Today we will talk about one of these resources – the Signal messenger. The developers of this application announced their plans to introduce cryptocurrencies inside the messaging service. Next, we will tell you everything that is known about this news and remind you what you need to understand about Signal. So read it carefully. The material requires a responsible approach. So, without further ado, let’s get started.
What is Signal?
First of all, a small theoretical background. Signal is a unique messaging service. The main priority of which is to ensure maximum privacy for users. This is not Telegram, this is something more serious. A distinctive feature of this application is the use of a fundamentally new encryption system. The service does not store user data. Including messages, media files and other confidential information. Each received byte of information goes through a complex encryption procedure. Thus, even the developers cannot decipher the information. But for users, everything looks civilized and modern. It is a visually and functionally advanced service. Everyone will appreciate the pleasant design, the highest productivity and, of course, maximum anonymity.
To consolidate the information, we repeat – even if desired, no third party, including developers and representatives of specialized services, will be able to decipher the information transmitted in the dialogue. This is impossible mathematically. Messaging is protected by cryptography, which is uncompromising and uncompromising to anyone other than the sender and recipient of the messages. This principle works both with simple text and with photos and videos. What can we say about the level of reliability of the application, if it is used by the largest businessmen of our time. Including Elon Musk, Mark Zuckerberg and possibly other advanced entrepreneurs. And now this app is about to embed cryptocurrency. But not Bitcoin. Not Ethereum. And MobileCoin. We will talk about the prospects of this combination in the next section.
How will the app implement digital transactions?
For a better understanding of the topic of the article, let’s talk a little about MobileCoin. This is a fairly advanced, but neglected coin. The main focus of this calculator is on smartphones. Yes, the currency is tailored for use on mobile devices. But at the same time, it differs in all the advantages of more serious, standard assets. However, the developers of the project obviously do not reveal the full potential of MobileCoin. For example, at the moment, only 3 to 5 transactions are carried out in the asset system. Although, according to the declared capacity, the network is capable of handling millions of transfers.
That is why Signal has taken MobileCoin into service and will turn it into a full-fledged currency instrument. For the new Signal Payments feature. Which, of course, will be performed with an appropriate level of confidentiality. Developers do not have access to the history of internal translations of users. Also, no one from the outside can view your balance. However, you are free to independently transfer the accumulated funds to any third-party resources.
This option will also allow Signal to be used as a platform for monetary transactions. This greatly expands the potential of the messenger application. The function will be added in a new test version of the application. Which will be released for the time being for UK users. But then, quite possibly, it will spread to the whole world.
We, like Elon Musk, have no doubt that the future lies precisely with such bold and innovative projects as Signal. Follow the news of this site and other events of the cryptoindustry with us. We publish only high-quality, interesting material. Thanks for attention. Good luck!