Many cryptocurrencies are trying to replace Bitcoin by offering faster and cheaper transactions. The founder of the popular messaging app Signal has a plan to truly fix cryptocurrency.
High Transaction Fees
Today Bitcoin managed to break a new all-time high price. The demand for Bitcoin and other cryptocurrencies has drastically risen in the last couple of months, as more and more experts believe that the sector is going to rapidly grow in the next years. But as the transaction volume of Bitcoin and other cryptocurrencies are steadily rising, the transaction times and fees are also rising.
According to the website Bitcoinfees.info, the current average Bitcoin transaction fee costs around $19,99. The high fee costs may not be ideal for users that want to purchase simple and daily items like a cup of coffee or a pizza. Users have resorted to using different cryptocurrencies in order to save costs and time.
The Solution by Signal founder
Many new cryptocurrencies have emerged that are trying to tackle the current problems that Bitcoin and other cryptocurrencies have. The founder of the famous end-to-end messaging app Signal, Moxie Marlinspike, is working on a new digital currency that is planning to offer simple, fast and cheap transactions for all users. The digital currency is called MobileCoin, is based on the open-source Stellar Consensus Protocols platform, the same platform that powers the Stellar protocol. In a recent news article by Wired, Marlinspike stated following regarding the new cryptocurrency:
I think usability is the biggest challenge with cryptocurrency today,
he further stated:
The innovations I want to see are ones that make cryptocurrency deployable in normal environments, without sacrificing the properties that distinguish cryptocurrency from existing payment mechanisms.
MobileCoin isn’t only focusing on providing a cheap and fast alternative to Bitcoin. The new currency is also aiming to provide a more anonymous and private alternative to other cryptocurrencies. It will definitely be exciting to see how MobileCoin is going to compete with anonymous like DASH, Monero, and Zcash who currently dominate the privacy-coin sector.
What are your thoughts on Moxie Marlinspike’s new cryptocurrency? Do you think that MobileCoin will be able to offer a cheaper, faster and more private alternative to Bitcoin and other famous cryptocurrencies? Let us know in the comments below!
Images courtesy of PixabayShow comments