In 2008, a virtual currency was created that would later
change the world. That currency is known as Bitcoin,
which is a peer to peer electronic currency system created
by an anonymous person who went by the alias of
Satoshi Nakamoto. Bitcoin is able to be sent to others
using the block chain which is an open, distributed ledger
that can record transactions between two parties in an
efficient, verifiable, and permanent way.
In the beginning, Bitcoin was treated like a joke between
gamers and traded on the black market as a way
to deal in illegal items untraced by governments. Now,
with the massive rise in the price of bitcoin this year and
its recognition as a form of payment by nations like Japan, it has led to the influx of other more innovative, upgraded, and faster cryptocurrencies.
One of these innovative technologies is being developed
by a local League City man, David Hunter, who I got
a chance to speak with. The new block chain platform,
Social Wallet, developed by Hunter and his partners, Jack Brown,
Ken DiCross and Luke Shepard, allows cryptocurrency to be traded not only through users’ social media accounts on sites such as Facebook and Twitter, but also through all email providers.
The beauty of Social Wallet is that it enables secure,
fast, and intuitive transfer of value using existing networks.
No setup is required by a user to receive cryptocurrency
over the platform and the receiving party does not even need to know that an incoming transaction is on the way. The only element required to use the platform is the social media username of the receiving party and with a few simple clicks, the recipient can accept the transfer of funds and spend them with either a physical or virtual debit card.
During the course of my interview with Mr. Hunter, I got
an early glance of the technology at work. I watched as
he sent cryptocurrency to one of his partners and it was received within a matter of seconds. He advised me that they are sending and receiving cryptocurrency daily and that the platform has been fully tested and is ready for use in the marketplace.
When I spoke with Hunter about the future of cryptocurrency
and the vision he has for Social Wallet, he stated
“imagine a world where a natural disaster happens and
masses of people are able to send funds to the affected
people within minutes by simply being able to send funds directly to another user through social media versus waiting for weeks for aid to be organized.” Seeing this platform in action I can only say that Hunter is right, the future is looking much brighter when we can help those in need receive the funds they need within in a matter of minutes. Not only would aid arrive quickly, but the donor would actually be able to communicate with the person they are helping and see the impact their aid had.
The platform Social Wallet is powered by the Wire Token
which serves as a fuel for the platform enabling transfer
of funds. To use this platform, you can purchase Wire
Tokens in the Wire Token Sale which starts on February
7th of this year. By purchasing Wire Tokens, you will have
full access to the Social Wallet platform. You can find out
more information and purchase these tokens at https://socialwallet.io/