The communications application Signal, characterized by promoting the strongest encryption available to offer calls and text messages, seeks to expand its range of services without compromising the privacy of its users, but now in the field of payments. In effect, Signal seeks to implement the function that will allow its users to send money through said encrypted communications network quickly and safely, therefore, according to Wired, they will work with the MobileCoin cryptocurrency to achieve this.
MobileCoin is a cryptocurrency focused on the privacy of its users, therefore, it bypasses banks and has a design aimed at protecting the identity and details of its payments on the blockchain. In addition, MobileCoin has a much more fluid user experience on mobile devices, thanks to the little storage it requires on them, which has led to it being chosen by Signal for this project. In addition, it should be noted that Moxie Marlinspike, founder of Signal and CEO of the organization that manages it, has also been a technical advisor for the design of the MobileCoin mechanics.
Notwithstanding the aforementioned, the payment functionality is much more complex than the rest of the services that Signal has been providing, since, although there are many positive characteristics of MobileCoin, it is not yet widely accepted in the exchange of goods and services , their value is quite volatile and there is a lack of availability of these in the United States.
Of course, these points are known to Signal and they have been working to ensure maximum success in the implementation of the payment service with respect to user privacy, in order to reverse the trend towards financial surveillance. According to Marlinspike, if the use of MobileCoin is successful, it will face the same obstacles and criticisms that surround all privacy-preserving cryptocurrencies, which are risks associated with their use in black markets, even criminals, according to Wired.