Mycelium go Large
Thursday 28 April 2016
Popular bitcoin wallet Mycelium will be undergoing some radical new development, and will hopefully gain a significant cash injection.
It’s a season of big ICOs. Lisk, Digix, WAVES - each raised millions of dollars with very little trouble, and there are some other big crowdfunds in the offing. One is Mycelium, the bitcoin wallet company, who are planning some far-reaching upgrades.
Mycelium: not leaving mush room for doubt
Mycelium has a large and loyal userbase; their mobile app is extremely user friendly and it’s no surprise that they’ve attracted people from other platforms. Now, they want to leverage that by extending their wallet to include digital asset platforms. To raise money, they are holding a crowdfund from 1-18 May. Assets will be represented by tokens on the Colu.co platform.
Mycelium already leads the way in third-party functionality integration - for example, they use Locks from Coinapult to fix the fiat value of your BTC, should you wish. They’re planning on shifting that paradigm by moving to a ‘modular’ approach where other devs and businesses can create their own applications on top of their platform.
The overall idea is to make Mycelium the go-to app for all financial transactions, crypto or otherwise. The company hopes that by integrating further services, they will expand their appeal to the fiat world and those who have never used crypto before. Handling fiat (for example, through WAVES tokens) and smart contracts (via Ethereum) will make it massively easier to create new platforms that are of use to regular people. Mycelium will essentially become something like a Blockchain-as-a-Service provider, giving users access to the functionality offered by many different blockchains, not just bitcoin:
- Fiat accounts: fully-fledged, blockchain based.
- Inexpensive remittance: most popular corridors.
- Debit cards. Wallet - linked and in-wallet-issued.
- Personal finance: convenient handling of bills and invoices.
- Investments: efficient portfolios and hedging.
- Escrow-protected business transactions and bets.
- Crypto assets creation and exchange.
It all looks pretty impressive. In fact, Mycelium’s approach is symptomatic of the state of the crypto world at the moment. There has been a noticeable change of mood in 2016: ledger technology has moved on from its Wild West phase, and after a couple of tough years it’s positioning to make it in the big wide world. Mycelium is just one of the initiatives to adopt a philosophy of collaboration rather than competition, and to start to tap into some of the real use cases for crypto by exploiting joint network effects. As such, their call to action could be taken more generically to apply to crypto as a whole: ‘We have been privately funding the development for many years. We are now at the stage where Mycelium can be turned into a money making machine. We invite you, our valued user, to take part in this great adventure.’
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