The Exchange of Crypto-Addresses Use Case

There is a strategical path of adoption we will follow in parallel to our critical path. This path is about penetrating the cryptocurrency industry where dozens of cryptocurrency projects have the same problem that the Internet of People can help them solve.

Every cryptocurrency project has their wallet to enable users to store their tokens. Bitcoin has several standalone desktop and mobile wallet apps. It also has centralized wallet providers, with their mobile apps, which we won’t discuss further. All other cryptocurrency projects have their own wallet apps, many are forks of bitcoin wallets, as is ours.

What is the problem? All of these standalone wallets need their users to exchange addresses, often via insecure means, like email, instant messages, SMS and so on. There is a real security risk every time they do so, that the address is monitored by a third party or even modified on its path to the recipient device. Usually the receiver of an address has no means to determine the validity of that address, and has to trust that he received the address just as it was sent. Since cryptocurrency payments are irreversible, this is the perfect recipe for disaster. A related problem is of usability, since this crypto-addresses are scary for most non-technical people out there, and they get afraid of misspelling or mishandling them.

What is the solution? The Internet of People can solve this problem, allowing any wallet app to upload a profile to the IoP and by doing so, wallet users will be able to find each other, and once they do, their devices can get a direct connection between each other, allowing the wallet apps on each device to exchange addresses under the sight of end users, which will only know each other by their name or aliases, and never see these crypto-addresses again.

Our plan is the following:

  • First we implement this functionality in our own mobile IoP Wallet
  • Then we submit a pull request to the Bitcoin wallet from which our IoP wallet was forked from. We would previously agree with their maintainers to be sure the pull request will be merged. Once done, an update on the client software would on-board all users of that wallet to the Internet of People.
  • Finally, once that proved to be successful and other projects see the value of our solution, we will help all the others to upgrade their wallet and connect them to the Internet of People as well.

This seems like a very good plan to me, since we would penetrate the whole cryptocurrency industry whose members will all end up knowing about Fermat and some of them might further support the project.

Thanks to Amadeo Charlé for the editing.