about MobileCoin

frequently asked questions

  1. what is MobileCoin and why was it created?
    MobileCoin is an encrypted-focused cryptocurrency designed for use in everyday transactions. MobileCoin addresses 4 fundamental issues: Security, Transaction Speed, Energy Consumption, and Optimization for Mobile devices. No one except for the sender and receiver can see the details of the transaction. The public blockchain is encrypted to ensure security. MobileCoin is an unrivaled cryptocurrency designed to be fast and secure enough to be used for mobile transactions.
  2. why is MobileCoin used in messaging apps?
    We believe in fast, secure, and easy to use payments on mobile devices. MobileCoin is currently available for use with one of the world’s most secure messaging apps. By design, it’s easy to link a MobileCoin wallet to your phone so you can start sending funds to friends and family, receive funds from them, keep track of your balance, and review your transaction history with a simple interface. Since the goal is to keep your data in your hands, MobileCoin’s design means no third party has access to your balance, full transaction history, or funds. You can also transfer your funds at any time if you want to switch to another app or service.
  3. how did MobileCoin Inc. start?
    MobileCoin Inc. was founded in 2017 by Josh Goldbard & Shane Glynn. It is a venture-backed company based in San Francisco, CA. The MobileCoin Protocol was open-sourced by the MobileCoin Foundation in 2020. The network went live on December 7, 2020.
  4. what is MobileCoin used for?
    MobileCoin is currently being used for payments in some of the world’s most secure messaging apps. MobileCoin is mobile-first and also works on desktop, offering both the speed and security expected for a payment system.
  5. why does the world need another cryptocurrency?
    MobileCoin could be the foundation for an accessible, secure, and sustainable payments system for the world to use. The best way to create this technology is via a new cryptocurrency and encrypted blockchain. Currently, there is no cryptocurrency that is designed to offer both the security and speed expected for payments. The MobileCoin Foundation provides governance for the MobileCoin Protocol in order to help solve for the most important aspects of any modern payment system: Security, Transaction Speed, Energy Consumption, and Optimization for Mobile. Think of a simple, secure currency utility, like PayPal but encrypted.
  6. what is MobileCoin’s energy consumption compared to other cryptocurrencies?
    While other blockchains take as much energy to run an entire country, you could power all of transactions on the MobileCoin Protocol with the same energy needed to power a few households. Since MobileCoin technology uses the Federated Byzantine Agreement instead of Proof of Work, node servers are mostly idle – they only wake up to do work when there is work to do, saving enormously on energy consumption. And now, thanks to the MobileCoin community, MobileCoin is the first carbon negative cryptocurrency.
  7. how do you use MobileCoin?
    Check out this helpful blog post with video and written explanation. Here are our how to guides for downloading our desktop wallet and purchasing MOB.
  8. how does MobileCoin ensure safety?
    We are compliant with all KYC & AML laws. Outside the US, MobileCoin can be purchased at www.buymobilecoin.com, which applies best practices of financial institutions around the world to prevent bad actors from obtaining MobileCoin.  Any third-party entities that buy, sell, or trade MobileCoin apply their own standards and practices to vet persons or entities trying to purchase MobileCoin.