What is MobileCoin (MOB)?

MobileCoin facilitates hassle-free encrypted payments in resource-constrained environments. In other words, MobileCoin is an economical and innovative financial network that provides secure and easy access to people. Another advantage is the easy wallet recovery, where a user doesn't have to remember complex private keys in case of a lost/stolen phone. The network works on forward secrecy, which helps in cryptographically protected individual transactions. The common transaction time taken is ten seconds which is useful for making instant payments. The user-friendly process is also designed to reduce electrical waste.

According to the whitepaper, the MobileCoin Foundation lets the community of developers develop proposals to achieve the common goal of safe and fast encrypted payments. The node operators are responsible for managing an expansive ledger and carrying out high-throughput, low-latency transactions securely. SGX secure enclave is backed up by CryptoNote, which provides one-time addresses and one-time ring signatures to avoid any attacker from viewing the transactions. The convenience to rescue old data on a new phone can be done by reinstalling the app and then inputting the 4-6 digit PIN.

This cryptocurrency has enabled access to a decentralized accounting system on mobile phones. Challenges that MobileCoin Foundation has eliminated include synchronizing an entire multi-gigabyte blockchain, time-consuming transactions that extend up to several minutes, and the inconvenience of keeping private keys for a long time. Also, the end-users are dependent on a third party for processing their funds and maintaining their private keys. This approach further creates a lack of trust and freedom for the users. 

MobileCoin has a messaging app feature that serves as a wallet. This wallet restores the information securely to build or validate transactions from the MobileCoin server. This application helps simplify the process of encrypted payment transactions.

History of MobileCoin (MOB)

Joshua Goldbard (CEO) and Shane Glynn founded MobieCoin in 2017. The platform is available for access on both desktop and mobile. However, the MobileCoin protocol was open-sourced in 2020 by the MobileCoin Foundation.