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- Signal’s encrypted messaging platform had earlier signalled intent to establish its own payments interface using cryptocurrencies via Mobilecoin wallet.
- It had released a beta testing version with the new feature in the UK region earlier.
- However, several public members are questioning the motive behind this new feature as Signal CEO may also have a stake in Mobilecoin.
To compete with WhatsApp, which had released its payment feature, Signal had decided to join hands with Mobilecoin wallet to provide a crypto payments interface for its users. This feature is currently in the beta-testing phase as updates have been rolled out for the UK region, awaiting their users’ feedback and suggestions for improvement. However, this move has suddenly turned the spotlight on Signal CEO Matthew Rosenfeld was also known by his alias Moxie Marlinspike.
Moxie walks on a corporate tightrope
The actual fear of users stems from the fact that cryptos are generally not regulated or seen as legitimate by several governments worldwide. Even popular ones such as Bitcoins and Ethereum may have their fair share of troubles, but Mobilecoin (MOB), as a Twitter user pointed out, is notoriously incapable of explaining their system.
Things have been further complicated as reports emerge that Moxie may have been an advisor to Mobilecoin or have even held the critical post of CTO. This is, however, firmly negated by Mobilecoin CEO Joshua Goldbard. Moreover, ever since Signal’s announcement, MOB had gained a whopping 450% and is currently trading at close to $58 per token.
Tokens to be completely pre-mined
Pre-mining is a process where all the tokens are mined and kept ready before the cryptocurrency launch, leading to early access for founders and developers. The Signal-MOB project is also allegedly said to be a pre-mined, centralized one wherein early developers could use 16 output nodes to distribute tokens as per their wish.
Another controversy surrounding the project is the issue of secure enclaves. If MOB is run on a machine with Intel SGX, then that user’s private keys are sent to a safe and remote location, requiring a fee of 0.01 MOB or $0.66 per transaction. The proceedings from all such transactions would probably directly go to Mobilecoin itself.
Thus, it remains to see how Moxie will respond to such allegations and take the project forward.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
