In beta at the moment, Signal Payments allows your sent privacy-focused Payment at ease just as sending or receiving a message.
Signal which is an encrypted messaging service is trying out a Privacy-Preserving cryptocurrency payments feature in its iPhone and Android apps which will allow people to send money to others using Mobile Coin. It’s got its own currency, dubbed MOB.
Signal Pick Privacy-Preserving MobileCoin
From the announcement made on the Signal website, the feature tends to have been made available to users in the UK though, there no specification on when precisely cryptocurrency payments will be available to everyone. It’s not even available on the desktop just yet.
However, if you resided in the UK and you’ve got the latest Signal app, there’ll be an instruction on how to use the new feature. Just link your MobileCoin wallet once you make a purchase on the cryptocurrency exchange FTX and you’ll be able to send MOB to other Signal users with the linked wallet.
Here’s an explanation from the company on how the new feature works:
Signal payment makes it easy to link a MobileCoin wallet to Signal so you can start sending funds to friends and family, receiving funds from them, keep track of your balance and review your transaction history with a simple Interface. As always, our goal is to keep data in your hands rather than ours; MobileCoin’s design means Signal doesn’t have access to your balance, full transaction history, or funds”.
You also need to know that your MOBs aren’t locked in the app making the transfer of funds to another app or service possible. Try it out and drop your feedback, convert to/from MOB on FXT and other exchange soon.
MobileCoin is actually an open-source Cryptocurrency that allows its uses own privacy-focused Payment network according to its GitHub repo. The US customer can’t download the MobileCoin Wallet which is used to send these payments back and forth according to the GitHub page.
Check out their official website for more information on MOB.
Privacy-Focused Crypto Payments
Signal emphasis that all the MOB payments that are made through it’s platform are totally private.
Signal’s creature Moxie Marlinspike in an interview with Wire said that he’ll like to get to a world “where not only can you feel that when you talk to your therapist over Signal, but also when you pay your therapist for the session over Signal.”
He also made it obvious that regardless of the fact that Bitcoin gives better privacy than sending money from a bank institution, it’s still possible to be tracked.
Why Marlinspike’s chooses MobileCoin to power the Signal Payment feature is that he thinks it provides the best experience on mobile devices as it “requires little storage space on the phone and needs only seconds for transactions to be confirmed.”
Signal is actually recognized as one of the most secure messaging app with a vast array of privacy and security features. With the lasted updates on making secure mobile payments between users through MobileCoin possible, it may likely give it a brink over competing apps like Telegram.