MobileCoin is a new cryptocurrency project, privacy-centric, backed by numerous big industry names. On Tuesday it was announced that a $30 million round denominated in ether and bitcoin was achieved by Binance Labs with the focus being put on MobileCoin development.
We all know that cryptocurrency projects come and go but MobileCoin is different because of the support coming from Binance Labs, an established cryptocurrency market name. At the same time, Signal app founder, Moxie Marlinspike, did bring legitimacy to the project since he started working as technical advisor for MobileCoin from August, 2017.
Another big name on the list is Joshua Goldbard, general partner at Crypto Lotus and now MobileCoin technologist, together with Shane Glynn offering legal counsel. Glynn actually worked at Google as senior product counselor.
The official mission of MobileCoin is:
Most attempts at building a compelling crypto-currency user experience unfortunately resort to trusting a third party service to manage keys and validate transactions. This largely sacrifices the primary benefits offered by crypto-currency to begin with.
MobileCoin is an effort to develop a fast, private, and easy-to-use cryptocurrency that can be deployed in resource constrained environments to users who aren’t equipped to reliably maintain secret keys over a long period of time, all without giving up control of funds to a payment processing service.
The technology presented sees MobileCoin transactions utilizing Stellar Consensus Protocol in order to synchronize the entire network. Integration into messaging apps and user privacy will be priorities for the end coin.
Basically, the idea is to have mobile messaging applications like Signal, Facebook Messenger and WhatsApp to be able to integrate MobileCoin wallets.
On the whole, we can say that MobileCoin does have talent and funding. However, the project is still in an early phase. Binance Labs is an incubator and does focus on projects in pre-Ico phase. The funding that was obtained will be used in order to build the cryptocurrency and all that is promised. At the moment we do not have the necessary technology to do what is mentioned in the currency whitepaper.
At the moment, MobileCoin is recruiting the core engineer team. This crypto will have to convince people the standard reason why the new currency exists and will need to appear as a good alternative to the mainstream payment services with mobile use like PayPal and Venmo.