Signal Is Experimenting With Stellar-Based Cryptocurrency
- Signal is reportedly experimenting with its own digital currency, as per a report.
- However, such a payments offering will not be a straightforward process, its CEO said.
- The app saw its user base double in the past month on the back of privacy woes at WhatsApp.
Experiments for such a token project were done on MobileCoin, a privacy cryptocurrency based on Stellar, the world’s eleventh largest blockchain by market cap. Signal CEO Moxie Marlinspike served as an adviser to MobileCoin, indicating how the two projects could have overlapped.
Signal is the flagship app of the Signal Foundation, a non-profit dedicated to open-source privacy technology. It offers end-to-end message encryption to its 40 million users—meaning any transferred data can only be read by the sender and receiver, and no other service/app on the phone can access or decipher it.
And as per Platformer, employees say the firm is “actively exploring” the use of a digital currency within the platform. Such an offering would be in line with Facebook’s own payment services and the use of electronic payments on WeChat, China’s biggest messaging app
But despite the murmurs, Marlinspike has so far downplayed any such development, at least in the near future. He acknowledged the firm did play around with integrating MobileCoin within Signal, but nothing beyond that.
“If we did decide we wanted to put payments into Signal, we would try to think really carefully about how we did that. It’s hard to be totally hypothetical,” Marlinspike said.
His concerns come on the back of troubles emerging amidst Signal’s growth story. The app has, so far, sailed forward on the waves of privacy, encryption, and cryptography, but new features have attracted criticism from users and employees alike.
One such concern came around the US elections last year. On Signal, anonymous users can forward group “invites” for chat rooms as large as 1,000 people. This, theoretically, means users could propagate or plan acts of violence while their identity remains unknown (as not even Signal may know the exact identity of a user unless they voluntarily give it out).
Meanwhile, news of the potential digital currency comes weeks after newer users chose Signal in favor of other messaging apps.Edward Snowden Hails Launch of Signal’s Encrypted Group CallsFamed National Security Agency (NSA) whistleblower Edward Snowden knows a thing or two about the need for safe, secure communication, given his flight from the United States in 2013 following …NewsTechnologyAndrew Hayward3 min read
Facebook is itself tinkering with Novi, an upcoming digital currency pegged to the US dollar. But Signal may be coming as competition for that too.
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