May 13, 2019
Cryptocurrency

Cryptocurrencies meet SMSs. Is that the next revolution in communications?

Cryptocurrencies meet SMSs

Once upon a time, not so long ago, voice calls were the only way to have real-time person-to-person communication. Then mobile phones came along and, after a few years, cell phones and mobile networks deployed the Short Messaging Service, which meant that you could communicate through short text messages, so voice calls were not the only game in town anymore.

As the technology kept advancing, smartphones appeared as well as internet services provided by mobile networks, and many new messaging services developed very quickly that allow sending text messages and many more things. In an ironic twist of fate, a lot of WhatsApp users now prefer to make voice calls through the app than in the usual way.

But it isn’t just WhatsApp. Facebook Messenger, Line, Telegram and many such apps are available and they feature group chats, messages of any length, file transfers, image sharing, and integration with other apps. And on top of all, it’s all very cheap these days. Or, at least, way cheaper than it used to be when all we had were SMS.

Those apps are convenient and very easy to install and use, so they’ve found users among all generations. In fact, communications through these apps are so easy and convenient that many services and businesses are offering support using these channels because they realize it’s good for all the parties involved. And we can find even more evidence about the influence, prevalence, and ubiquity that these apps will have in the future in Facebook’s $19 billion deal.

Not all new technologies are as user-friendly as messaging applications. A good example would be cryptocurrency transactions. They need users to have a bit of expertise, and they’re quite confusing for newcomers which is why the older generations have been very reluctant in joining crypto at any level.

Facebook already created a blockchain research department. According to rumors, the new department is aiming to develop cryptocurrencies that will allow for money to flow in WhatsApp. This is quite exciting, of course, but it’s all rumors and no real details are known. Also, 2018 wasn’t the best year Facebook ever had regarding privacy concerns and that could play against the project.

But Facebook isn’t alone on this. They’re not even that original. Zulu Republic (which is a company, not a country) based in Zug already has a solution (Lite.im) for that problem and it works on Facebook Messenger and Telegram. Lite.im even supports the more rudimentary SMS. The project includes a native digital asset (ZTX) but it will also include support for LTC, BTC, and ETH. Everything is encrypted via RSA so neither Facebook nor anybody else can ever be able to extract passwords or encryption keys.

And there’s more. You can buy cryptocurrencies using Lite.im. And once you have some, you can send them, receive them, or manage them however you fancy while still using your favorite messaging platform. This is not a plan for the future, it’s already up and running.

Mass adoption is widely considered to be the biggest problem that crypto has to solve before it really goes to town. And this could be the way to do it.

[Image courtesy of Pixabay]

Disclaimer: All information provided through this article should not be regarded as investment advice, nor should be taken for granted for crypto trading purposes. Before making any investment or trading plans, make sure to inquire about the information diligently by carrying out your very own research. Thank you.

Related posts

So you want to mine a Bitcoin? This is how long it will take

Jorge Felix

Justin Sun on the blockchain’s technology core value: Trust

Jorge Felix

7 best crypto wallets to keep your coins safe

Jorge Felix

These three crucial principles will enable you to survive the bear’s hug in Crypto

Jorge Felix

Apple is worth over a trillion USD now. Impressed? Just wait until Ripple’s XRP wakes up.

Saeed Ul Hassan

Even an SEC’s commissioner thinks the agency is too slow to keep up with crypto

Jorge Felix

Leave a Comment