MobileCoin
Denominations
CodeMOB
Development
White paperhttps://github.com/mobilecoinfoundation/Mechanics-of-MobileCoin/blob/master/Mechanics-of-MobileCoin-v0-0-39-preview-10-11.pdf
Initial releaseDecember 6, 2020; 3 years ago (2020-12-06)
Code repositoryhttps://github.com/mobilecoinfoundation, https://github.com/mobilecoinofficial
Development statusActive
Written inRust
Developer(s)Joshua Goldbard
Source modelFOSS
LicenseGPL v3[1]
Ledger
Circulating supply250,000,000[2]
Website
Websitehttps://www.mobilecoin.com/

MobileCoin (MOB) is a privacy-focused, peer-to-peer cryptocurrency launched in December 2020.[3][4] It is developed by MobileCoin Foundation with the involvement of technologist Joshua Goldbard and cryptographer Moxie Marlinspike.[5]

MobileCoin's mechanics are similar to Monero, using CryptoNote alongside zero-knowledge proofs to hide details of users' transactions.[6]


Technology overview

MobileCoin is a standard one-dimensional directed acyclic graph cryptocurrency blockchain, where blocks are consensuated with an implementation of the Stellar Consensus Protocol, transactions are validated in SGX secure enclaves and are based on elliptic curve cryptography using the Ristretto abstraction on curve Ed25519, transaction inputs are shown to exist in the blockchain with Merkle proofs of membership and are signed with Schnorr-style multilayered linkable spontaneous anonymous group signatures, and output amounts (communicated to recipients via ECDH) are concealed with Pedersen commitments and proven in a legitimate range with Bulletproofs.[7]

Much of MobileCoin's technology comes from previous privacy-focused cryptocurrencies like Monero [8] and has been re-written in Rust [9] for MobileCoin.

History

MobileCoin Foundation, the entity behind MobileCoin, was first revealed in 2017. The coin is developed by Joshua Goldbard and Moxie Marlinspike, creator of encrypted messaging app Signal, and is intended to be an accessible form of cryptocurrency with a focus on fast transactions.[5] In May 2018, MobileCoin secured $29.7 million in a funding round led by Binance Labs, in exchange for 37.5 million tokens.[10][11] It was officially launched on 7 December 2020.[3] The foundation then raised $11.35 million in venture funding in March 2021.[12]

Trading

Signal (UK only)[2] and Mixin Messenger support MobileCoin for peer-to-peer payments.[13] Cryptocurrency exchanges FTX[14] and 4swap[citation needed] list MobileCoin for trading.

Criticism

Mobilecoin has been accussed of a pump and dump scheme.[15] Furthermore, the integration with Signal messenger app means it may be subject to legal scrutiny of financial system.[16]

Mobilecoin has been accussed of a pump and dump scheme.☃☃ Furthermore, the integration with Signal messenger app means it may be subject to legal scrutiny of financial system.☃☃

References

  1. ^ https://github.com/mobilecoinfoundation/mobilecoin
  2. ^ a b Greenberg, Andy (April 6, 2021). "Signal Adds a Payments Feature—With a Privacy-Focused Cryptocurrency". Wired. Retrieved April 7, 2021.
  3. ^ a b Dale, Brady (December 7, 2020). "Cryptocurrency Advised by Signal Founder Goes Live, Begins Trading on FTX". Yahoo. Retrieved April 7, 2021.
  4. ^ Statt, Nick (April 6, 2021). "Signal is testing a payments feature that lets you send cryptocurrency to friends". The Verge. Retrieved April 8, 2021.
  5. ^ a b Newman, Lily Hay (December 15, 2017). "The Creator of Signal Has a Plan to Fix Cryptocurrency". Wired. Retrieved April 7, 2021.
  6. ^ "Signal Adds Payments—With a Privacy-Focused Cryptocurrency". Wired. ISSN 1059-1028. Archived from the original on April 8, 2021. Retrieved April 9, 2021.
  7. ^ "mobilecoinfoundation/Mechanics-of-MobileCoin" (PDF). github. Retrieved June 5, 2021. ((cite web)): Unknown parameter |name= ignored (help)
  8. ^ ((cite web |name="MechanicsOfMobilecoin
  9. ^ "mobilecoinofficial". github. Retrieved June 6, 2021.
  10. ^ "MobileCoin, a cryptocurrency advised early on by Signal's Moxie Marlinspike, has raised venture funding". TechCrunch. Retrieved April 8, 2021.
  11. ^ "New Privacy Coin, called MobileCoin, Launches Mainnet, Might have Ties to Chat App Signal". Crowdfund Insider. December 10, 2020. Retrieved April 8, 2021.
  12. ^ Loizos, Connie (March 10, 2021). "MobileCoin, a cryptocurrency advised early on by Signal's Moxie Marlinspike, has raised venture funding". TechCrunch. Retrieved April 7, 2021.
  13. ^ Mixin [@Mixin_Network] (January 18, 2021). "Mixin Network supports the 33rd public chain @mobilecoin, $MOB, that focuses on Building Secure Payment Systems for Mobile. We'r the 1st project connected the its Layer2 network, and also contribute codes for Node in Golang. Deposit & withdrawal are available on @MixinMessenger" (Tweet). Archived from the original on May 3, 2021. Retrieved April 12, 2021 – via Twitter.
  14. ^ Loizos, Connie (March 10, 2021). "MobileCoin, a cryptocurrency advised early on by Signal's Moxie Marlinspike, has raised venture funding". Retrieved May 30, 2021.
  15. ^ "Et tu, Signal?". www.stephendiehl.com. Retrieved May 30, 2021.
  16. ^ "Signal Adds Cryptocurrency Support - Schneier on Security". www.schneier.com. Retrieved June 14, 2021.
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