SovereignWallet Crypto Wallet has Plans for Making Payments like Text Messages
Cryptocurrency Wallet, SovereignWallet Vows To Make Transferring Funds As Simple As ‘Sending a Text'
SovereignWallet has previously said that one of its primary motivations is promoting a higher level of inclusion, while enabling the unbanked to create accounts for crypto directly from their smartphones.
And through its wallet, Ethereum and its own unique utility token can be easily sent to other recipients and users receive notifications when these transactions are completed. Sovereign intends to go even further, and plans to support other cryptocurrencies as it moves forward.
According to SovereignWallet and its white paper, the platform intends to tackle the issue of high costs which are associated with sending remittances across the world. In the past, it has cited research from the World Bank, which showed more than 250 million migrants sent a total of $583 billion to the families across the world in 2014 alone. The setback that they face on a continual basis were the ‘exorbitantly high fees‘ when it comes to actually conduct these transactions.
SovereignWallet says that its service could prove far faster than the previous conventional methods of sending remittances, with users being able to take advantage of its ‘relatively low fees' in contrast.
Some of the other features that the SovereignWallet app boasts includes a secure chat system. This is made safer through end to end encryption, with the platform saying . that one to one and group conversations are ‘Guaranteed to stay private.' Thanks to this encryption system, chat histories are not stored on the server, and messages which are sent in error by the respective parties can be immediately deleted.
Revitalizing The Infrastructure Of Remittance
It's an argument that is made by SovereignWallet continually that, while blockchain is secure, the infrastructure which supports is isn't, which is creating the risk of major breaches and affecting confidence in crypto. It mentions its team, and how it's applied more than 20 years worth of experience in developing secure products for banks and governments.
This platform states that this is all part of blockchain 3.0m which aims to harnass the latest advancements in this technology, while also offering a considerable amount of improvements when it comes to areas like smart contracts, scalability, interoperability, and sustainability.
SovereignWallet also claims that this latest generation will help to eliminate potential pitfalls, including slow transaction speeds, huge energy demands, programming errors and security flaws in existing smart contracts. Thanks to its decentralized makeup, all data would remain in the users hands.
Its ecosystem at the moment is one underpinned by a new ERC20 compliant token referred to as MUI. SovereignWallets says that it is specifically designed to attempt to remove the prospect of volatility that's continually seen in a wide number of cryptocurrencies, and continues to blight it to this day. It's because of this issue of volatility that makes them unsuitable to store value and even more impractical to use for everyday purchases by its users.
In a demonstration of why the status quo needs to change for the future, the team wrote in a specific blog post that “holding your wealth in cryptocurrency could see you rich one week and unable to pay your rent the next.”
The company has also previously warned users that centralized exchanges are a “time bomb waiting to blow” for their numerous users. This is evidenced by the fact that, not only have some of them already been impacted by major attacks due to their “dangerously flawed security,” but the company states that these institutions continue to hold a large segment of the cryptocurrency market, meaning if they go down, the market would suffer dramatically.
SovereignWallet: An Ecosystem for the Future
More recently, the company has announced that it has added support for AirSwap (AST), 0x Protocol (ZRX), and OmiseGo (OMG) tokens for its corresponding wallet. As of that announcement, these tokens can be transferred via the SovereignWallet interface.
Beyond the subjects of remittances and instant messaging, the company states that it will enable Initial Coin Offerings (ICOs) for fledgling startups to be implemented properly. Over time, the platform will also open and offer users access to its own decentralized exchange.
At the moment, the company is holding a token sale, which is designed to fund the final stages up to the completion of its app. In its second phase, which will see the MUI tokens offered to the public, the offering will begin at 10am (Korean time) on September 5th, and will conclude just before midnight on September 30th.
It's expected that a total of 50 million MUI tokens will be sold, with an overall exchange rate of 1 ETH per 5,000 MUI. Seokgu Yun is the founder and CTO of SovereignWallet, while his co-founder Frances Kim serves as COO.
The company itself was founded in 2015, and it hopes that it will be successful in reaching out to the hundreds of millions of people that have modest access to a smartphone, but very little access to basic financial services, creating brand new opportunities for people in developing nations, and fuelling economic growth as a result.