Press "Enter" to skip to content

Signal implements private payments between users: it will use the MobileCoin cryptocurrency

Signal launches a function to send and receive money with the cryptocurrency MobileCoin (Signal)
Signal launches a function to send and receive money with the cryptocurrency MobileCoin (Signal)

This week, the courier Signal threw a beta with improvements. In the testing phase, it is possible to find improvements performance, bug fixes, new features in mute settings, and a new payment service available only in United Kingdom, for now.

In this way, the end-to-end encrypted messaging service, owned by a non-profit foundation, will have support for Signal Payments, a new function that will allow people to send and receive payments, “focused on privacy”, as noted on the company’s site, through the cryptocurrency MobileCoin.

Thus, UK users will be able to test the beta, providing feedback on how it works. “We want payments on Signal to be fast, private and work well on mobile devices. The first payment protocol we’ve added support for is a privacy-focused payment network called MobileCoin, which has its own currency, MOB”, They point out in the official blog of the service.

MOB, or MobileCoin, the cryptocurrency that will allow you to send and receive funds on Signal (Signal)
MOB, or MobileCoin, the cryptocurrency that will allow you to send and receive funds on Signal (Signal)

Thus, the MobileCoin wallet is linked with Signal so that funds can begin to be sent or received. It allows you to monitor the balance and review the transaction history. “As always, our goal is to keep your data in your hands and not ours,” they clarify. And they point out that they will not have access to the balance of the virtual wallet. You can transfer funds at any time you want, or move them to another application or wallet.

MOB is a cryptocurrency designed to be used as digital cash on the phone. It is easy to use with almost instant transactions. From the company they point out that the wallet is simple to recover in case of losing the passwords, which are a set of words that should not be lost.

According to TechCrunch, MobileCoin earned more than USD 11 million in investor funds when, precisely, rumors arose that this integration was close to being ready. Also, this shot up the value of MOB, which has been positive for those who have it, but not for people who want to pay someone for a meal, for example.

Signal was born in 2013, when a group of activists decided to stand up to companies and governments that do not respect computer security and privacy. One of the main aspects of this platform is that it is non-profit, as it does not charge for the use of the application and does not sell the information to third parties.

It was created by Matthew Rosenfeld, also known as Moxie Marlinspike and computer security specialist. In 2010 he created the company Whisper Systems with Stuart Anderson, robotics specialist. They both developed TextSecure, a messaging app that had an encryption algorithm that improved dramatically over time.

TextSecure was bought by Twitter in 2013 and Marlinspike then founded the company Open Whister Systems. In 2015, TextSecure allowed you to send text messages and voice messages as well as attachments. It was the moment when that service was renamed to Signal. Its protocol is still considered today the most powerful encryption of the moment in the world of messaging.

Another of the great differentials of Signal is that it is Open Source, uploaded to the repository Github its code for Android, for iOS, and for desktop version. Thus it becomes an interesting option when replacing WhatsApp, for example.


How and why Signal became the most secure messaging app in a time of fear and mistrust
More and more people are looking to collaborate with hackers on “the dark side of the internet” to earn money

Be First to Comment

Leave a Reply

Your email address will not be published. Required fields are marked *