Fast, Encrypted, Mobile Transactions

Almost 30 years ago knowledge gaps in how to use the Internet stymied the digital transformation and the advent of the World Wide Web. Most asked, "The world wide what"? Trust was a factor. Could you trust your money to online stores? Speed was another. Dial-up was agonizingly slow and laborious. A decade later, we embraced the Web, where Amazon and other digital companies grew like wildfire.

We see a similar scenario building in the digital transformation of cryptographic payments. Cryptocurrency currently is too slow for day-to-day transactions. It can take up to 60 minutes to conduct a transaction on Bitcoin. If you want to buy a cup of coffee, an hour's wait isn't going to cut it.

We can do better. If Bitcoin is digital gold, MobileCoin is digital cash. 

Gold is great for saving for a rainy day, cash is king when it comes to your everyday needs. What separates cash from gold? Speed, encryption, and usability. Gold is heavy, cash is light. Pulling a gold bar out at a coffee shop would be mighty risky, but cash is quick and well understood. Converting a gold bar into change would take a hammer, chisel, and a weighing station, but cash is easily divisible.

There is room on this earth for more than one type of asset, but your coffee shop needs digital cash.  

Transforming SmartPhones with Digital Cash

Digital cash must be fast and encrypted, which is why MobileCoin has invested so much time into making our technology easy to use. The first component is the MobileCoin Blockchain, which is a digital ledger that records financial information of financial transactions. The second component is MobileCoin Fog, a back-end service that allows users to quickly send, spend, and check the balance of their MOB via their smartphone.

Explain Like I'm Five (ELI5)

To help understand the importance of the MobileCoin technology, the ELI5 articles delivers four layers of increasingly more complex information geared toward describing the concepts to:

  • Five-year-old children who probably have never spent money in their entire short lives.

  • Grandparents who probably are not familiar with cryptocurrency, but have searched on Google, written checks, balanced their checkbooks, and transacted online through their local banks.

  • College first years who are familiar with digital cash, like Bitcoin, smartphones, and messaging apps, like Signal and WhatsApp.

  • Software engineers who have studied digital payment systems, blockchain databases, and cryptography.

Explain Like I'm Five: MobileCoin Blockchain

Explain Like I'm Five: MobileCoin Fog