Sovereign Wallet Makes Transferring of Funds as Simple as Sending a Text

Wallets

By digitizing payments and remittances, people with active accounts will enjoy more benefits from financial inclusion. They will be afforded the ability to make transactions more efficiently, securely and affordable. Experts believe that with digital currency, greater account ownership and asset accumulation will promote economic empowerment. Also, confidentiality and convenience which is required to access financial services will be promoted.

With that being said, the SovereignWallet Network aims to:

a) Develop a secure SovereignWallet that will facilitate the creation of a cryptocurrency account.
b) Facilitate movement and exchange of cryptocurrencies by users just like sharing instant text messages at fairly -low transaction fees.

c) Partner up with various existing cryptocurrency service providers in different countries, to ensure the conversion of MUI token into local currencies.

This mechanism will ensure that the MUI is used to purchase Ether and the purchased Ether is converted into local currencies. For example, when venturing into the African market, the company is considering partnering up with Cardano and other recognized cryptocurrency providers. Thus these partnerships will facilitate the adoption of SovereignWallet application in various countries.

The Global Mobile Index Incentive
With the global mobile penetration figure expected to rise to 2.87 billion users by 2020, over 2billion people lack access to financial services. However, over a billion people have access to a mobile telephone network. Now, crypto assets management has a lift with a mobile additive.
The prevailing statistics show that mobile devices are most likely to be used as a digital platform to transact by people who currently don’t have accounts in banks or financial institutions. With financial services extended to the unbanked population, there will be an easier deployment of cryptocurrencies or digital wallets to the unbanked.
Mobile cryptocurrency will specifically help facilitate unlimited possibilities for people to gain access to digital financial services. These services include; creating transaction accounts, the sending and receiving of funds and universal access to financial services. Also, with universal access, other substantial benefits will be achieved.
When people are involved in financial systems, as previous studies have shown; they are empowered to start and grow their businesses. They are also more likely to invest in education, manage the risks and absorb financial shock. Risk in a sense is mitigated by the variants of Bitcoin privacy as seen in the use of address-format to identify accounts. This replaces the use of
formal names and identities.
By providing access to funds; cryptocurrency directly impacts the employment status, income, and consumption. International organizations such as the G20 and various governments have discovered that financial inclusion is driven forward by digitizing payment.

The Crypto Wallet
A cryptocurrency wallet is a software used to store and receive cryptocurrency securely. Sending and receiving cryptocurrencies is made possible by the wallet. This process is made
possible by the use and management of private and public cryptographic keys.
The wallet usually contains the users’ address, a friendly user interface that makes it easier to use, balances of cryptocurrency holdings, outstanding bills to facilitate desired transactions and finally notifications of the confirmations of transactions that have taken place in the Ethereum network.
Nowadays, there are different kinds of wallets available. However, their management has been of major concern. For example, in a desktop wallet; cryptocurrency can be lost if the wallet is hacked or if the private key is deleted. However, in online or web-based wallets, data stored
online can protect users against mistakenly deleting their private keys. Thus the online wallet is very easy to use but is generally considered as not secure.
With cryptocurrencies, inequality is reduced among countries because users must surrender control of their private keys to their host providers.
Hardware wallets are less vulnerable as opposed to their desktop/mobile wallet counterparts.
Hardware wallets securely store the user private key. They are secured devices which are specifically designed to protect and store the owners’ private keys. However, they are quite challenging to use. Therefore when the password or the hardware wallet is lost, it is very difficult to retrieve your account.
Mobile wallet, on the other hand, is relatively easy to use. However, it should be able to run on an Android or iOS platform

Features

  • The SovereignWallet app is a messenger-style mobile cryptocurrency wallet which provides cryptocurrency related services. It aims to provide financial inclusion. The app allows people to create their accounts from their smartphones.

    • The app also has a mobile interface that enables every one of its users to undertake quick exchanges. This will be facilitated by the implementation of M.DEX remittances, and ICOs hosted on our platform. Also by automatically listing these tokens, liquidity in the primary or secondary market will be facilitated.

    • Messages that are sent between friends in the SovereignWallet app are protected by end-to-end encryption.

    • The app and smart contracts are reinforced by self-protection and zero-knowledge encryption to protect the users’ crypto assets.

    • The app has made it easy and secure to perform various transaction activities.

    • Finally, you can rest assured that there is nothing to fear if you lose or mistakenly delete your private keys.

The Background
In the past, losing money was common. However, the lost funds were often recovered albeit by someone else. Nowadays, it’s more complicated to lose funds. This has been made possible using credit and debit cards to pay for everything you commonly use. For instance, paying for gas and
making your car payments.
It’s possible sometimes to lose your physical wallet, but you can quickly block those cards by contacting your centralized financial institution. You can change your debit cards and render them invalid with just a simple phone call.
If there is one thing you can’t fix with a similar approach, it’s your wallets private keys. If they get lost or stolen, Odds are you won’t be able to recover them due to the decentralized nature of cryptocurrencies.
There is no agency to contact and no one to help you deactivate your account. Once your wallets
are gone, you can’t get it back. This is perhaps the biggest challenge that cryptocurrencies have failed to address, and the costs affiliated with the loss of accounts have been enormous in some cases.
Some experts in blockchain technology have begun exploring the possibility of using “zero-knowledge proofs” to recover private keys without compromising the wallets security. This method is based on the idea of knowing something without revealing intimate details.
Due to their efforts, SovereignWallet has been developed. This product utilizes the zero-knowledge encryption protocol that assists users to get their private keys back. All that is required is that you download the app to another device if your wallet becomes damaged or lost.
Thanks to the private keys encryption, the two are stored on the company’s highly secure server equipped with military grade encryption.
The app also provides another alternative to unlock your wallet. This method requires you to use a mnemonic word that is attached to the private key. The mnemonic word is created at the same time as your private key, and the two are associated.

Last words
We have learned how cryptocurrency works and its background. We have learned about the differences between the SovereignWallet app and other alternatives. With the app, you don’t have to worry if you lose or delete your private keys. In the future, you will be able to withdraw funds in your local currency.

Author: Denise quirk

Denise Quirk is a Health Advisor who is fascinated by Crypto and Blockchain Revolution. She is a believer of transforming complex information into simple, actionable content. She is keenly interested in finding the value of the crypto world. She writes for Coin Review , Bitcoin Warrior,Irish Tech News, etc. You can find her on Linkedin , Twitter and Facebook.

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