A messaging app that doesn’t need the internet, making it completely private, secure, and decentralized? That’s exactly what Block CEO Jack Dorsey has been working on, in another nod to non-custodial autonomy, just like the Best Wallet app for crypto.
Dorsey, co-founder of Twitter, released a whitepaper detailing the fundamentals of Bitchat, the peer-to-peer messaging app. Currently in Beta, Bitchat operates via Bluetooth low-energy mesh networks.
“By combining Bluetooth mesh networking, end-to-end encryption, and privacy-preserving protocols, Bitchat provides resilient communication that works anywhere people gather, regardless of internet availability,” he notes in the Bitchat whitepaper.
In other words, Bitchat doesn’t rely on servers and other online infrastructure; has end-to-end encryption; has no identifiers such as phone numbers or emails; and messages exist only in the device memory – hence being ephemeral.
That means no account creation (KYC). Peer IDs are randomly generated with each session. Those IDs, however, will be nickname based, without permanent binding.
Why is Decentralized Messaging a Game-Changer?
Many messaging platforms claim to offer secure end-to-end encryption. And for the most part, they certainly intend to. But that’s not to say breaches don’t occur. Take WhatsApp, for instance.
The Meta-owned app has made the news occasionally for privacy breaches. In January, Reuters reported that WhatsApp had detected a hack targeting 90 users – most of whom are journalists and members of civil society – in more than 24 countries.
Meta claimed that users had been targeted by spyware from Israeli spyware maker Paragon Solutions.
Later, Time reported that Iran’s state television urged residents to delete WhatsApp from their smartphones in mid-June. This came amid concerns that the platform was gathering user information to share with Israel. Meta, however, denied the allegations.
Around the same time, global internet monitor NetBlocks confirmed that Iran was in the midst of a near-total national internet blackout.
Until recently, in fact, both WhatsApp and Instagram were subject to a two-year ban in Iran. Those restrictions were lifted in late June. Telegram, however, remains blocked, although discussions are apparently ongoing. Facebook, too, is banned in Iran.
Back to that national internet blackout, though. As recently as yesterday, NetBlocks reported further widespread connectivity issues in Iran, although the situation has since largely been resolved.
Regardless, this is a situation where a messaging app like Bitchat could prove immensely valuable. After all, as Dorsey writes in the whitepaper, “Bitchat demonstrates that secure, private messaging is possible without centralized infrastructure.”
Decentralization is as Revolutionary for Finance
Security, privacy, and transparency are the hallmarks of decentralization – be it in terms of messaging apps or crypto. Perhaps most importantly, however, is that decentralization means removing power and control from a central authority – be it a government or financial institution.
The same applies to crypto wallets. Many leading exchanges offer crypto wallets, but quite a few of them – like Binance Wallet – are custodial wallets. In other words, they hold the private keys to your wallet for you.
Exchange-regulated crypto wallets are generally protected by bank-grade security protocols. However, exchanges are also common targets of hacks. That’s why a non-custodial wallet, like the Best Wallet app, is generally considered a safer option.
Best Wallet is a leading Web3, no KYC, non-custodial, multichain and multi-currency app. Designed to be mobile-first, it gives you easy and secure access to your digital assets. It also uses advanced cryptographic techniques to protect your private keys and cryptocurrency.
Most importantly, however, your private keys are for your eyes only. The Best Wallet team has no access to those.
Best Wallet Token to Drive Global Decentralized Wallet Domination
The Best Wallet project team has big ambitions. It plans to dominate 40% of the already very lucrative crypto wallet market by the end of next year. And to help Best Wallet on its quest, it has launched its own native altcoin – the Best Wallet Token ($BEST).
Simply put, holding $BEST means more functionality for Best Wallet users. That includes early access to the best presales – a first for the crypto wallet industry. $BEST holders can also look forward to lower transaction costs, higher staking rewards, and community governance.
That means having your say in new blockchain support, tokens, and product features.
$BEST is currently in presale, and with $13.7M+ already raised, investor interest is strong. Its goal to capture 40% of the market likely has something to do with that. Solid tokenomics also makes a compelling case to invest in $BEST.
Of $BEST’s 10B total token supply, 30% and 25% are allocated to marketing and product development, respectively. That’s clever thinking – marketing efforts will help Best Wallet reach its 40% target. And product development is vital for the wallet app upgrades and new features.
Right now, 1 $BEST costs $0.025295, with a not-too-shabby 100% staking APY. But, being a presale, the $BEST price will increase in stages. And as for staking rewards, those will decrease.
So there’s no better time than the present to visit the official $BEST website and invest.
Hold Your Cards Close
Decentralization is crypto’s middle name. And there’s no reason it shouldn’t apply to messaging apps too. That’s why Dorsey’s Bitchat app is something to take notice of. No internet reliance; no middlemen… Just full custody and complete privacy.
Non-custodial wallets check those same boxes, which is why the Best Wallet app – powered by $BEST – could soon dominate the crypto wallet market. We reckon this is one to watch.
Remember, though, always DYOR before making any investment. The crypto market is unpredictable. Be sure you know exactly what it is you’re making an investment in before taking the leap.
This is a sponsored article. Opinions expressed are solely those of the sponsor and readers should conduct their own due diligence before taking any action based on information presented in this article.
