Moby Answers Blockchain-based Payment System Skepticism
The intention of crypto wallets is to address the issues that come with traditional payment systems, but they haven’t really reached their potential. Usability issues leading to frustration and skepticism around what a blockchain-based payment system can deliver. For example, when it comes to self-custody funds, users need to memorize or securely store their recovery phrase. Not doing this results in customers losing their funds entirely. So yeah, the skepticism is valid.
Also, sending a payment is sometimes problematic with existing wallets. Typing in complex wallet addresses as payment destinations, triple-checking that the wallet address is correct, and waiting up to 10 minutes for a transaction to complete is not an “instant experience.” Privacy also suffers as transactions published on a global ledger reveal a customer’s transaction history and balance.
Long story short, nobody wants to go to a fast-food restaurant and have their meal ready before payment goes through all while their location and purchase history is exposed.
Moby, powered by MobileCoin, closes in on overcoming these challenges by allowing customers to take advantage of a simpler way to self-custody funds and pay privately. With Moby, customers can back up their wallet with a short PIN using secure value recovery without having to store their keys on a third-party system. The PIN is instead used to generate a series of encrypted keys that allow customers to privately recover their wallets without exposing their private keys.
Instead of wallet addresses, customers enter contact names using PrivatePay, which protects customer data so that only the sender and receiver have knowledge that the payment occurred. This is made possible by a set of innovations that work together behind the scenes to allow customers to transact with peers without ever exposing their data to MobileCoin’s systems.
“Using breakthroughs in zero-knowledge encryption to set a new standard for privacy, Moby protects customers from criminals and predatory corporations alike with a best-in-class customer experience free of compromise," said Bob Lee, MobileCoin’s chief product officer.
Moby supports payments in $MOB, MobileCoin’s native cryptocurrency. Additional currencies like eUSD, Mobilecoin’s privacy-focused stablecoin, are expected to be available in the future.
Customers on the waitlist can now use Moby to pay just about anyone they can text. With Moby, sending a payment is as easy as entering an amount, adding a contact and confirming the payment.
Edited by Alex Passett
