Samourai’s PayNym Wants To Be The ‘Google Pay Of Bitcoin’ With Unique Payment Code
The cryptocurrency community remains largely split on the concept of large-scale adoption and institutional support. Much of the opposition comes from those who remember the beginning days of cryptocurrencies and blockchain technology. For many, the idea of centralization and institutional backing flies in the face of the very anti-establishmentarian ideas which helped to fuel the cornerstone of the cryptocurrency markets, the Bitcoin blockchain and its subsequent knockoffs and developments.
But despite the naysayers, it seems that institutional progression is in the cards for many cryptocurrencies, Bitcoin absolutely included. Billions of dollars of institutional money has flooded the market, leading to what some refer to as largescale price manipulation by big spenders, or whales. It hasn’t been all negative, though.
Experts say that institutions can add some much-needed legitimacy to the market. Furthermore, the institutional money from Wall Street helps to spur on a new generation of companies interested in developing cutting-edge technology on the blockchain, creating new interest and breeding exciting new opportunities.
Some companies are still fighting to keep alive the core components of cryptocurrencies, though. Leading the charge in this battle for crypto’s soul is Samurai, a tech company specializing in Bitcoin technology development. The company’s mantra is that they vow to bring to the community the kind of technology and software that “venture capitalists will never invest in,” and the developments that “Silicon Valley will never build.”
In particular, they have worked to capitalize on the development of technology meant to conceal the identity of transactions on the Bitcoin blockchain, much to the excitement of original Bitcoin investors and the chagrin of many regulators globally.
Apple Pay, But For Crypto
PayNym is the latest product coming from the rebellious young company. The organization released information on the new product with much buzz in the community, dubbing it a cryptocurrency version of Google or Apple Pay, two incredibly popular and user-friendly payment applications in the traditional fiat sector.
PayNym functions relatively similarly to the fiat versions of the products in that it stores bank information from a variety of institutions, linking them to a single “virtual account number.” Once this number is generated, it keeps information secure while allowing users to access their information easily across multiple organizations, currencies, and storage methods. With PayNym, a cryptocurrency user can store multiple banking cards and cryptocurrency wallets/cards on a singular mobile application.
The Stealth Address
The Stealth Address is one of the most important features of PayNym, especially to those cryptocurrency users who strongly believe in the importance of privacy behind their transactions. Privacy addresses add a layer of security behind a user’s normal transaction code, effectively switching things up so that potential snoops cannot gain access to the identity of the person making the transaction.
“A Friendly Face”
Though the service is currently restricted to only Bitcoin wallets, PayNym plans to bring a level of friendliness and personalization to the asset-holding process. The software will allow users to create their own personalized avatar, create a contact list, and access a variety of user-friendly features in the evolving application.
Although members of the cryptocurrency community continue to debate over the extent to which institutional involvement is good for crypto and its markets, Samurai is pushing forward with precisely the kind of technology that cryptocurrency needs and that the people seem to want.