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MobileCoin

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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 (CEO), Sara Drakeley H. (CTO), Henry Holtzman (CPO), Toby Segaran (Head of Engineer), part of a team of 39 individuals
Source modelFOSS
LicenseGPL v3[1]
Ledger
Circulating supply250,000,000[2]
Website
Websitehttps://www.mobilecoin.com/

MobileCoin is a peer-to-peer cryptocurrency focusing on transactional anonymity (fungibility), ease of use, transaction speed, low environmental impact and low fees such that the use case of buying a cup of coffee with cryptocurrency and a mobile phone is no different than paying with cash (digital cash).[3][4][5] It is developed by the MobileCoin Foundation with the involvement of technologist Joshua Goldbard and cryptographer Moxie Marlinspike.[6]

MobileCoin's mechanics build on Stellar (for consensus) and Monero (for privacy), using CryptoNote alongside zero-knowledge proofs to hide details of users' transactions.[7] A notable development of MobileCoin is an optional service-layer fog that facilitates performant user experience in mobile devices.[8]

Technology overview

MobileCoin is a cryptocurrency focusing on privacy, ease of use, transaction speed and throughput, enabling decentralized payments for everyday transactions.[9] Transactions from mobile devices are possible without the need to store a copy of the blockchain that still preserve user privacy (i.e. no participant of the network can know the identity of the transaction partners, the transacted amount or the blockheight of funds in the blockchain), using a technology called fog.
The amount of energy required to operate the MobileCoin network is held low by avoiding Proof of work in favour of Federated Byzantine Agreement via the Stellar Consensus Protocol such that the estimated amount of energy should remain "less energy than that of a small town with e.g. ~5,000 residents, even as MobileCoin becomes a global phenomenon".[10]

In technical terms, 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.[8]

Much of MobileCoin's technology comes from previous privacy focused cryptocurrencies like Monero[8] and has been re-written in Rust[11] for MobileCoin.

Fog

MobileCoin Fog enables use of the MobileCoin Payments Network in resource constrained environments such as mobile devices: Fog assumes the task of searching the blockchain for a users tokens while preserve anonymity, i.e. "the service operator is not able to learn more than approximately how many outputs its users own".[8][12]

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.[6] In May 2018, MobileCoin secured $29.7 million in a funding round led by Binance Labs, in exchange for 37.5 million tokens.[13][14] It was officially launched on 7 December 2020.[3] The foundation then raised $11.35 million in venture funding in March 2021.[15]

Payment and Trading

In-app payments via Signal (UK, Germany, France and Switzerland only[2][16]) and Mixin Messenger (worldwide) support MobileCoin for peer-to-peer payments.[17] Cryptocurrency exchanges FTX and Bitfinex list MobileCoin for trading.[18][19]

The MobileCoin Foundation

The MobileCoin Foundation "coordinates and encourages a global community of developers working together to co-create the simplest possible private payments network."[20]

The board of directors consists of:[21]

The technical advisory committee consists of:[21]

  • Konstantin Richter (Chair)
  • Sara Drakeley Hall
  • Michael Rodriguez

The policy advisory committee consists of:[21]

  • Tony Lai (Chair)
  • Tiffiniy Cheng
  • Faisal Saeed AlMutar

Criticism

The integration of Mobilecoin wallets into the popular security messager app Signal received criticism from security expert Bruce Schneier, who previously praised the app. Schneier stated that this would bloat the app and attract unwanted attention from the authorities.[22] Bruce Schneier however is a vocal critic of the blockchain technology as a whole.[23]

References

  1. ^ "MobileCoin". October 7, 2021 – via GitHub.
  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. ^ "Fast, Private, Energy-Efficient Mobile Cryptocurrency with IBM Cloud". www.ibm.com.
  6. ^ a b Newman, Lily Hay (December 15, 2017). "The Creator of Signal Has a Plan to Fix Cryptocurrency". Wired. Retrieved April 7, 2021.
  7. ^ "Signal Adds Payments—With a Privacy-Focused Cryptocurrency". Wired. ISSN 1059-1028. Archived from the original on April 8, 2021. Retrieved April 9, 2021.
  8. ^ a b c d MechanicsOfMobilecoin. "mobilecoinfoundation/Mechanics-of-MobileCoin" (PDF). github. Retrieved June 5, 2021.
  9. ^ "MobileCoin raises $66M for cryptocurrency payment platform". August 18, 2021.
  10. ^ "MobileCoin is the World's First Carbon-Negative Cryptocurrency | Hacker Noon". hackernoon.com.
  11. ^ "mobilecoinofficial". github. Retrieved June 6, 2021.
  12. ^ "mobilecoin/fog at master · mobilecoinfoundation/mobilecoin". GitHub.
  13. ^ "MobileCoin, a cryptocurrency advised early on by Signal's Moxie Marlinspike, has raised venture funding". TechCrunch. Retrieved April 8, 2021.
  14. ^ "New Privacy Coin, called MobileCoin, Launches Mainnet, Might have Ties to Chat App Signal". Crowdfund Insider. December 10, 2020. Retrieved April 8, 2021.
  15. ^ 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.
  16. ^ "Enable MobileCoin in Germany, France, and Switzerland. · signalapp/Signal-Android@1241f4c". GitHub.
  17. ^ 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.
  18. ^ "MobileCoin price today, MOB to USD live, marketcap and chart". CoinMarketCap.
  19. ^ Loizos, Connie (March 10, 2021). "MobileCoin, a cryptocurrency advised early on by Signal's Moxie Marlinspike, has raised venture funding". Retrieved May 30, 2021.
  20. ^ https://mobilecoin.foundation/#about. Retrieved September 16, 2021. {{cite web}}: Missing or empty |title= (help)
  21. ^ a b c https://mobilecoin.foundation/#about
  22. ^ "Signal Adds Cryptocurrency Support". Schneier on Security. April 7, 2021. Retrieved April 8, 2021.
  23. ^ "Blockchain and Trust - Schneier on Security". www.schneier.com.
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