SovereignWallet says its platform offers banking-grade features to protect user assets, all the while ensuring that completing transactions is as simple as “sending a text.”
Until now, those who use Ethereum, ERC20 tokens and the company’s own utility token – MUI – have benefited from a system where they can send crypto to their friends simply by clicking on their profile – directly from their smartphones. Notifications are subsequently sent when a transfer has been completed.
A new feature means that Bitcoin users can enjoy the same advantages – giving them a way to send and receive the cryptocurrency in a few seconds. According to the company’s CEO Seogku Yun, transfers of Bitcoin between SovereignWallet users are confirmed within 15-20 seconds due to the end-to-end encrypted side channel established between the sender and receiver. Mr. Yun says it is one of the first crypto wallets available on the market that doesn’t require a Bitcoin address in order for a transaction to take place.
SovereignWallet’s smartphone-based offering is designed to appeal to the unbanked, giving them a chance to avoid the “exorbitantly high fees” that have long been linked with sending remittances. The addition of Bitcoin to its crypto wallet is set to give users more choice – and address one of the biggest pitfalls with using this cryptocurrency: slow transaction speeds.
The company’s product is complemented by a secure chat feature – enabling fellow SovereignWallet users to benefit from end-to-end encryption during one-on-one and group conversations.
In a bid to appeal to as wide an audience as possible, SovereignWallet is available in several languages – English, Korean, Chinese, Vietnamese, Russian, Japanese and Portuguese among them. More are expected to follow in not-too-distant future.
An emphasis on security
The company says it has placed an emphasis on security in its quest to build a simple, accessible crypto wallet for the masses.
In addition to end-to-end encryption, SovereignWallet offers a mechanism to recover private keys – and the ability to withdraw messages sent in error via secure chat. Along with a zero-knowledge protocol and a mnemonic word sequence, “ID-based, machine-learning user authentication” provides secure logins.
Part of a wider vision
SovereignWallet says that its app “is the first phase in delivering an ecosystem of blockchain solutions that have the potential to touch millions” – as part of a new era it refers to as Blockchain 3.0. The platform wants to champion and deliver new features as part of the third iteration of this landmark technology, all the while eliminating some of the downsides that existed before. As alluded to earlier, one of these is slow speeds when confirming transactions.
Overall, the company has a bigger vision of enabling anyone to mint currencies for their own communities that would be pegged to a stable currency. Those who currently wish to do this often have to spend many thousands, if not millions, of dollars creating their own blockchain, but SovereignWallet wants to enable new types of currencies to thrive on an existing network.
As well as adding new features to its crypto wallet, SovereignWallet is in the process of developing something it calls the MUI Meta-Blockchain – a network which is claimed to fully embrace the philosophy of Satoshi Nakamoto, the founding father of Bitcoin. A memorandum of understanding has been signed with a University of Southern California in the US to help it achieve its vision – and in the long-term, it is hoped that its infrastructure will go a long way in helping to “create a society in which wealth is distributed more evenly.”
SovereignWallet also has other features in the pipeline – including plans to partner “with the world’s top decentralized exchanges to deliver scalability, interoperability, and sustainability.” Further, it plans to allow users to purchase a range of cryptocurrencies via its own decentralized exchange.