MobileCoin (MOB) is a decentralized payment platform established in 2017 by MobileCoin Inc. However, the network went live only in December 2020. A privacy-focused cryptocurrency, MOB, was created to be used as digital cash on mobile. Secure and easy payments, along with fast and encrypted transactions, are claimed to protect personal data. The developers aspire to revolutionize the P2P payment system where transactions are stored on a blockchain ledger.
The project was designed to be integrated into messaging apps like WhatsApp, Telegram, Facebook Messenger, and Signal. How does it work: a user enters a PIN code to send or receive funds. No one but a sender/a receiver can check the details of transactions. Users can always recover their keys with a recovery PIN. Confidentiality is a priority, and the platform applies ring signatures to authenticate the ownership and use of digital assets. The benefits of the ecosystem also include security and speed of transactions, environmental friendliness, and intuitive optimization for mobile devices.
MobileCoin is open-source. Users have the option to verify the programming techniques.
In addition, MobileCoin is not only user-friendly but also planet-friendly, claiming to be one of the first negative carbon cryptocurrencies in its niche.
Who Are the Founders of MobileCoin?
MobileCoin was co-founded in 2017 by Joshua Goldbard and Shane Glynn. The company has its headquarters in San Francisco, California.
Joshua Goldbard is CEO of MobileCoin Inc. He previously worked for a telecommunication holding company, AT&T, and was a founding partner at Crypto Lotus – a crypto-focused hedge fund. Goldbard is a true expert in network deployment who started his career in telecommunications, gaining experience with mobile systems and discovering his passion for cryptography.
Shane Glynn has a law degree. In the company, he holds the position of General Counsel and establishes crypto regulations. Glynn is a former Google expert with a background in telecommunications and mobile devices.
Another key contributor is Moxie Marlinspike, who reportedly was a technical advisor to MobileCoin at early stages. He’s most known as the creator of encrypted messenger Signal.
What Makes MobileCoin Unique?
The ultimate mission of MobileCoin is to create an end-to-end encrypted messaging platform. The developers aim to turn MobileCoin into a universal, accessible, secure and sustainable payment system worldwide.
The project is a simple and secure currency utility emphasizing data encryption. The protocol encrypts P2P transactions in seconds in a decentralized and private way. MobileCoin is developed so that messaging apps can integrate with the MobileCoin wallet, while wallets can be smoothly connected to phones. It’s pretty easy to restore as well. Platform users have access to an intuitive interface where they can send/receive values in MOB tokens, control balances, and view transaction history.
The key components of the ecosystem include:
MobileCoin Wallet. A native product and a noncustodial wallet available on desktop and mobile devices.
MobileCoin Recovery PIN. Users can restore their wallets with the private key.
MobileCoin Consensus Protocol. MCP uses Stellar Consensus Protocol (SCP), which allows fast confirmation of payments and forms an end-to-end encrypted environment.
Software Guard Extension. SGX is an encryption and isolation technology that provides an additional layer of security to the blockchain and protects data.
How Many MobileCoin (MOB) Coins Are There in Circulation?
MobileCoin has its native currency, MOB, that powers the entire ecosystem. As of March 2023, there is a circulating supply of 195,286,109 $MOB, and a total supply of 250,000,000 coins.
MOB is intended for peer-to-peer (P2P) payments on the MobileCoin network. Tokens can be integrated into messaging apps, allowing users to conduct confidential transactions and transfer funds to each other with MOB.
How Is the MobileCoin (MOB) Network Secured?
The MobileCoin Consensus Protocol (MCP) chooses Stellar's reputation check. It applies Stellar Consensus Protocol to record transactions, CryptoNote and zero-knowledge proofs to hide transaction details, and ring signatures, one-time addresses, RingCT to protect user data. Stellar Consensus Protocol (SCP) uses the federated Byzantine agreement model (Proof-of-Reputation), which is robust to Byzantine faults and solves the Byzantine agreement problem.
Thus, the MobileCoin ecosystem includes several protective layers at once: Open-Source Code, Decentralized Governance, CryptoNote, Ring Confidential Transactions, Bulletproofs, MobileCoin Ledger, Byzantine Agreement, Secure Enclaves, Remote Attestation, Oblivious RAM, and Fog Threat Model.