MobileCoin is a peer-to-peer cryptocurrency developed by MobileCoin Inc., which was founded in 2017 by Josh Goldbard and Shane Glynn.[3]
| Denominations | |
|---|---|
| Code | MOB |
| Development | |
| White paper | MobileCoin |
| Initial release | December 6, 2020 |
| Code repository | https://github.com/mobilecoinfoundation, https://github.com/mobilecoinofficial |
| Development status | Active |
| Written in | Rust |
| Developer(s) | Sara Drakeley H. (CTO), Henry Holtzman (CIO), part of a team of ~50 engineers |
| Source model | FOSS |
| License | GPLv3[1] |
| Ledger | |
| Circulating supply | 250,000,000[2] |
| Website | |
| Website | https://www.mobilecoin.com/ |
Technology overview
MobileCoin claims to focus on transactional anonymity (fungibility), ease of use, transaction speed, low environmental impact and low fees.[4] MobileCoin's mechanics build on Stellar (for consensus) and Monero (for privacy), using CryptoNote alongside zero-knowledge proofs to hide details of users' transactions.[2]
The MobileCoin company claims the cryptocurrency can facilitate decentralized payments for everyday transactions more quickly than most other cryptocurrencies.[5]
MobileCoin is a one dimensional cryptocurrency blockchain. Blocks use a consensus protocol originally developed for the Stellar payment network. Transactions are validated in SGX secure enclaves and are based on elliptic-curve cryptography. Transaction inputs are shown to exist in the blockchain with Merkle proofs of membership and are signed with Schnorr-style multilayered linkable ring signature, and output amounts (communicated to recipients via ECDH) are concealed with Pedersen commitments and proven in a legitimate range with non-interactive zero-knowledge proofs.[6][non-primary source needed]
Much of MobileCoin's technology comes from previous privacy focused cryptocurrencies like Monero and has been re-written in Rust for MobileCoin.[6][7][non-primary source needed]
History
MobileCoin Inc., the entity behind MobileCoin, was founded in 2017 by Joshua Goldbard and Shane Glynn.[3] Signal's Moxie Marlinspike assisted as an early technical advisor.[8][9][10] The coin is intended to be an accessible form of cryptocurrency with a focus on fast transactions. In May 2018, MobileCoin secured $29.7 million in a funding round led by Binance Labs, in exchange for 37.5 million tokens.[11][12] The foundation raised $11.35 million in venture funding in March 2021[13] and $66 million in Series B funding in August 2021. Investors include Alameda Research, Coinbase Ventures, Gaingels, and Marc Benioff.[8]
Payment and trading
In-app payments via Signal and Mixin Messenger support MobileCoin for peer-to-peer payments worldwide.[14] The cryptocurrency exchange Bitfinex currently lists MobileCoin for trading.[13]
Criticism
The integration of MobileCoin wallets into the popular security focused messenger app Signal received criticism. Security expert Bruce Schneier, who previously praised the app, stated that this would bloat the app and attract unwanted attention from the financial authorities.[15]
