There is no end to what all human beings can do, and yet there is little we do better than growing on a consistent basis. This tendency to improve under all circumstances has notably enabled us to hit upon some huge milestones, with technology appearing as a major member of the stated group. The reason why technology enjoys such an esteemed stature is, by and large, predicated upon its skill-set, which ushered us towards a reality that nobody could have ever imagined otherwise. Nevertheless, if we look a little bit closer, it should become clear how the whole runner was also very much inspired from the way we applied those skills across a real-world environment. The latter component was, in fact, what gave the creation a spectrum-wide presence, and consequentially, kickstarted a tech revolution. This revolution, as we went on to discover, will scale up the human experience in every conceivable sense, but even after achieving such a monumental feat, technology will somehow keep on bringing the right goods to the table. The same has grown to become a lot more evident in recent times, and assuming a newly-launched wallet ends up having the desired impact, it should only make that trend bigger and better moving forward.
MobileCoin, a San Francisco-based company that focuses on enhancing the blockchain payment experience, has officially launched a new app called Moby, which offers you a straightforward avenue to self-custody your funds, while also providing the operation with an adequate amount of security. You see, if a user wants to send a blockchain payment today, they’ll have no option but to go through what is a pretty tedious process of typing in complex wallet addresses as payment destinations. Once they do so, they would have to wait for another 10 minutes before the transaction can be completed. In case the bogged down experience doesn’t seem like that much of a deal breaker, these blockchain payments also suffer from severe privacy issues, as they publish your entire transaction history and balance on a global ledger, which like you can guess, is easily accessible to the threat actors’ community.
Another major security flaw in play here is how the current framework of self-custody also requires you to memorize or securely store a 24-word recovery phrase. It’s a flaw because losing the stated phrase could very well mean losing all the funds in your wallet. But how can Moby change such a skewed picture? For starters, it removes the need for a user to type any long wallet addresses. Instead, it will leverage MobileCoin’s secure payment solution, PrivatePayTM to facilitate an instant payment, and simultaneously, make sure that only the sender and receiver are aware of the transaction. Furthermore, it simplifies the self-custody process by replacing the 24-word recovery phrase with a short PIN which is built around Secure Value Recovery (SVR). This PIN can be used to generate a series of encrypted keys, thus letting a user recover their wallets without exposing their credentials to a third-party system.
“So many wallets in the market ask customers to adopt machine-like behavior if they want to pay someone privately. We challenged ourselves to rebuild payments from the ground up so that people don’t have to go through a steep learning curve to protect their data. Using breakthroughs in zero-knowledge encryption to set a new standard for privacy, Moby protects customers from criminals and predatory corporations alike with a best-in-class customer experience free of compromise,” said Bob Lee, Chief Product Officer of MobileCoin.
At the moment, Moby supports payments in $MOB, MobileCoin’s native cryptocurrency, but plans to add more currencies like eUSD are already in motion.
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