In life, there are always people trying to help. This is the premise on which social wallet is based. In fact, this concept holds true whether on the blockchain or in any other aspect of life.
The developers of the Social Wallet consider themselves helpers. They are not trying to come up with a get rich quick scam. Their genuine goal is to ensure that digital currencies reach the masses. To achieve this, they know that they have to simplify things as much as they can for everyone.
How Social Wallet Will Help
Social Wallet has been designed with two core principals in mind. Firstly, the aim is to bring crypto to as many people as possible via the use of a simple design. Secondly, there is a desire to help and bring recognition to people engaged in charitable work via crypto. Social Wallet aims to achieve this via the Social Wallet initiative and the EARN program.
When natural disasters befall us such as floods or earthquakes, Social Wallet wants to be there. The platform will make it possible for anyone with crypto to transfer it to anyone on social media instantly. This transaction will occur with little or no delay, and the recipient can utilize the crypto, as they like.
This is a great solution for dealing with natural disasters. Insurers can take weeks or months to process a claim. However, it will only take family and friends four steps to send you some crypto. Besides that, anyone from around the world can send you assistance. You also do not need to wait for any milestones. Your funds will be sent to you immediately.
Real World Scenario
In most cases, if a hurricane passes through your town, you are advised to move out. When you come back, you find the roof missing and begin repairs as you wait for the insurer to pay you. However, during the renovations, you begin to run short of funds. You post your story on social media and get a notification from WIRE a short while later.
Now you have the funds you need to use. That is how Social Wallet works. When you find a touching story on social media and wish to help, you do not need to know the person. In fact, you do not need to ask for their details. All you will require is their social media name, and you can send the funds. The Social Wallet will then guide them on how to set up their account and access the funds.
To an outsider, crypto and the blockchain appears complex. However, this project is going to break down those barriers. In most cases, the mainstream media only reports about crypto extensively after a hack or ban. This has led to a negative perception that this project hopes to change. Instead of reinventing the wheel, they choose to work with existing social media. This will mean they can reach more people instead of trying to come up with their own network and spend time and resources making it popular.