Today we’re going to look at an ICO called Social Wallet. Now these guys are aiming to be the number 1 social media cryptocurrency. Basically, integrating cryptocurrency into social media platforms. As we are all aware, social media is huge, with 2.4 BILLION users and this number continues to grow.
So this is quite a smart move I think. Social media is HUGE, so if cryptocurrency can become the norm and is mass adopted, whichever company is at the forefront of this, will become a major force!
What is Social Wallet (WIRE)?
So, Smart Wallet is based in the US, and is currently coming to the end of their ICO. Now there is still time to get into this before it hits the exchanges. The final round closes on the 27th of April.
Social Wallet Inc. states on their site:
“Social Wallet Inc. has developed a platform that allows one social media account to send cryptocurrency to another social media account, even if the recipient is not expecting it or has never heard of it. Simply by knowing an individual or group’s social media username, users can send cryptocurrency in a matter of seconds. It is fast, secure, and easy to use. No technical expertise is required by the sender and no prior setup or notification is required of the person receiving the cryptocurrency.”
As of right now, they have Facebook, Twitter, and all email providers integrated. In the first 12 months, they will have integrated 14 of the top social networks in the world. So we should see other social media platforms like Youtube, etc coming online soon.
Within the platform, they have created a “Zero Knowledge Recipient.” This means a user can send to a person on social media and the recipient doesn’t need any prior knowledge the transaction has occurred nor a wallet pre-downloaded. The user is notified on their social media account that crypto has been sent to them. They click on the link to accept and our platform/wallet populates immediately and the tokens are already in their wallet. Both the universally integrated social media platform and the “Zero Knowledge Recipient” protocol has not been achieved in crypto until now.
So their token is called “Wire” and this will be the first token on the platform. One of the cool things about Social Wallet is, it will add additional coins and tokens after the token sale has concluded. The state that “We are engaged with multiple top 100 coins at this time”. So in theory you will be able to send these cryptocurrencies later on it the development.
So some of the features of Social Wallet:
WIRE fosters a decentralized and worldwide network by utilizing staking and masternode implementation. Token holders can earn network rewards (token minting) by keeping their wallets open and staking or by using 35,000 WIRE tokens for collateral and creation of a masternode.
Linking your personal social media account to the Social Wallet platform will engage the EARN feature. Social Wallet will maintain a consistent media presence across all social networks. Social Wallet posts will be visible on the platform creating an opportunity for users to acquire WIRE token simply for Liking, Sharing, Retweeting, or Commenting on the company’s posts.
Security and Privacy were a top priority in the creation of the WIRE token. Coin mixing and ZeroCoin protocols have been integrated into WIRE. Both of these features allow for transaction mixing, anonymous sending and freedom from prying eyes.
Social Wallet has entered into an agreement with 3rd party debit card provider. All users on our platform will have the opportunity to own a Social Wallet Debit Card. Our debit card’s end user functionality will be indistinguishable from legacy bank debit cards. Convert many of your ERC20 tokens into payment options for everyday purchases.
Now this is something I really like! The ability to be able to spend you cryptocurrencies using a debit card is something that should really help introduce more and more people to the space and helps bring cryptocurrencies to the real world. I definitely like the way Social Wallet is attempting to expand cryptocurreinces to the masses.
Always look at the white paper, which you can see here and check the team throughly! If we take a look at the team, we can see they have a good blend of youth and experience. The senior founders have a lot of experience, in building new companies, entrepreneurship and blockchain technology.
It’s not my place to tell you to invest or not. This is not financial advice, I am merely talking out loud. But this could be one to keep an eye on. I definetly like the concept.
It is open to US residents once KYC is completed and if you’d like to participate in the ICO you can check them out here: http://socialwallet.io/
There is a place for this type of project and its only a matter of time before someone gets it right. At the end of the day, it will come down to mass adoption of cryptocurrencies and social acceptance. When that does happen, companies like Social Wallet will boom!