SovereignWallet
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SovereignWallet

SovereignWallet introduces the Mobile Decentralized Exchange — the M-DEX

The blockchain technology is fundamentally changing the way we use finance nowadays. Since Satoshi Nakamoto conceived the idea of blockchain and cryptocurrency, the blockchain technology has been advancing, but with no mass adoption by the public. There are a few reasons why the general public is still resisting major acceptance.

As an example, high variation of price moves people away from the potential benefits of the blockchain. Thus, despite the huge success of the blockchain technology, the supporting platforms interacting with them are not secure either.

Additionally, according to a survey published by the World Bank Group, more than 1 billion people in the world do not have proper access to basic financial services, especially, under-developed countries.

After more than 20 years of experience in software security solutions, the SovereignWallet Network project was designed to take a step forward by developing an exceptional plan to promote financial inclusion as well as address the problems of the actual blockchain infrastructure.

We established a self-sovereign finance scheme, encompassing the creation of the SovereignWallet as the first step to interact with the Ethereum blockchain.

The app is designed to be a messenger-style cryptocurrency mobile wallet, incorporating banking grade security features with the convenience of a messenger, where users can have a safe chat room for group and peer-to-peer instant messaging to simplify cryptocurrency remittances. The SovereignWallet initially comprised the MUI and Ethereum wallets, and now more than 10 cryptocurrencies are integrated inside the wallet’s platform.

Self-Sovereign Finance goal

The SovereignWallet Network is not just an app, it is a complete blockchain ecosystem. Our network is a decentralized exchange platform, for investing, trading and sending tokens, or even holding your own ICO.

Self-Sovereign Finance structure

In the core of the SovereignWallet platform, we created the MUI token, designed to protect the assets from volatility, encompassing all the features of a stable currency: a store of value, a medium of exchange, and unit of account.

We make this possible by the autonomous control mechanism of the Algorithmic Centra Bank (ACB), as well as Sovereign Treasury, that will hold back the unsold tokens to support the sustainability of SovereignWallet system. This mechanism is based in ‘The Quantity Theory of Money’, that affirms that the money supply and price level have a direct proportion to each other, meaning that a high supply of money, the price will decrease, or vice-versa.

Therefore, a stable token will grant the purchasing power to the token owners, meaning that its value will consequently have an appreciation of value over time, without risks or losses.

To reinforce the MUI Token value proof over time and to reach the goal of a self-sovereign finance opportunity to all, a mobile exchange platform is being built inside the SovereignWallet to offer the most powerful tools for cryptocurrencies exchange in the market.

The SovereignWallet Mobile Decentralized Exchange the M-DEX — is the world’s first decentralization exchange for mobile wallets.

By definition, decentralized exchanges eliminate the central entity, creating a trustless environment with exchanges that will be done directly. It means there is no entity to entrust the personal information and assets of users, working only as a matching environment that each person can place orders directly.

The decentralized exchange market emerged as a revolutionary alternative to the centralized exchanges, that constantly suffer attacked by hackers, with millions of coins losses. Centralized exchanges also have high fees of transactions, because they cover the costs of accessing the blockchain platform. However, the SovereignWallet Network has been developing a solution to address these problems, using a hybrid approach with on-chain and off-chain platforms.

The most important aspect of the decentralized exchanges is the user’s total control of funds and trades. A secondary effect is that government taxation or fund confiscation can become nearly impossible. This can arguably have profound long-term consequences to the macroeconomic, especially for people without access to financial services.

The M-DEX will accelerate the arrival of the 3rd generation of blockchain technology

One of the main difficulties to implement a decentralized exchange platform is the ongoing blockchain system. Currently, real-time transaction processing is difficult due to a long generation cycle, and the blockchain data capacity becomes infinitely large and slow. In this aspect, a third-generation blockchain technology is necessary to implement the decentralization exchange.

Therefore, SovereignWallet is now implementing its own system to provide a secure, scalable, interoperable, and sustainable platform, with intuitive and easy-to-use features that can transform the future of crypto transactions.

Features of SovereignWallet M-DEX

Custody- free and secure environment

The M-DEX is fortified with Zero-Knowledge encryption protocol. This mechanism guarantees that the exchange service provider cannot read the information or data the users stores.

Consequently, only the owners will have access to their own private keys and can make direct transactions with complete privacy. With all data and funds secured and owned by the users, there is no single point of failure.

Fixed rates

MUI trading bot will be the oracle to set the standard price. It will analyze the exchange trends and market actions, such as time, price, and volume of transactions, helping users to improve the quality of their exchanges.

By providing a platform that integrates partnerships with independent exchanges and peer-to-peer trading networks through the SovereignWallet interface, the wallet acts as a gateway to other decentralized exchanges, where users can trade easily. As a consequence, users will not have high fees or fund risk, common disadvantages of centralized exchanges platforms.

Exchanges via Atomic Swap

The trades will be performed through the pioneering Atomic Swaps technology, that raises the evolution of exchange to a high level.

This technology will be one of the first to be implemented in crypto platforms, and it aims to guarantee cross-chain trustless token exchanges. By using Atomic Swap, trades of different types of cryptocurrencies and tokens are made directly from wallet to wallet, without intermediaries and the risk of one party defaulting on the trade.

The cryptocurrency markets are growing and its technology is evolving constantly. Our project aims to improve scalability, interoperability, and sustainability to achieve high performance and security. Using the 3rd generation blockchain with provably secure smart contract features, we expect to deliver great M-DEX results in the near future.

The M-DEX is expected to be concluded in December and to be implemented in SovereignWallet app in mid-January of 2019.

What’s next?

After the implementation of the M-DEX, our goal is to develop a Meta-Blockchain Mainnet to program and operate several cryptocurrencies, within 2 years.

Our next objective is to develop a Meta-Blockchain Mainnet that can program and operate several cryptocurrencies in the form of a DApp in a blockchain, utilizing hybrid mechanisms to stabilize the MUI coin, matching our initial purpose of having a currency with a value of proof.

If you want to learn more about the SovereignWallet plan, please join our Telegram group, visit our website and follow us on Twitter and Facebook.

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MetaMUI

MetaMUI

We empower self-sovereign finance. Products: CBDC, MetaMUI SSID, Digital Asset Exchange and Identity-Based Next-Gen blockchain: MetaMUI