Social vision
Though Morell did not provide many details on the offering, he indicated that what might be the cornerstone of the company’s vision is the development of Moneero Social, its product that will allow users to send bitcoins to friends and followers on various social networks.
Morell stressed that it is in this area that Moneero hopes to improve access to bitcoin, citing how for many younger users around the globe, the Internet is now purely mobile and social.
“There are people selling fish on Facebook, and there are sheepherders selling sheep on Instagram. In the next five years, anywhere between three billion and five billion people will get on the internet and they all will get into an internet in different ways than the one you and I know.”
Morell explained how the company’s API will connect to what it calls “ThinApps”, applications that don’t have their own business logic and that don’t store data. It is these apps, he said, that will be used to help it roll out its Facebook and Twitter apps and previously announced SMS and bitcoin ATM initiatives.
The product follows the launch of Facebook-integrated wallet QuickCoin, which arrived to great user enthusiasm in May.
When asked how Moneero aims to educate these users, who may be new to bitcoin, Morell also refrained from offering specifics, stating that the company is currently in talks with potential partners that possess the large number of users it would need to jumpstart its initiative.
Wallet offerings
To start, Moneero will not provide bitcoin buying and selling services, but rather introduce two wallet products, the PlayWallet – which requires users to provide no identification – and the OptiWallet, which it describes as a secure multisig wallet. The company plans to use an exchange partner, at least initially.
OptiWallet aims to solve a common pain point for bitcoin users owing to the importance of keeping coins in cold storage for safe-keeping. Morell said OptiWallet will allow users to spend bitcoins that they have in cold storage by taking out loans from Moneero.
Morell said that these extensions will later be repaid by users:
“You can spend your money while it’s stored securely. At the end of the month, we send you an account bill and take back what you borrowed.”
Moneero also plans to provide a bitcoin test wallet for the development community, and expects more features to roll out in the coming weeks.
Images via Moneero
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Original author: Pete Rizzo