The concept of the digitization of currency and implementation of cryptography to maximize the security of transactions is not new. Banks have been digitalizing fiat currencies for decades mainly via credit cards and payment processors. Nevertheless, the concept of rendering transaction records tamper-proof via basing the encryption of a transaction, or more accurately a block of transactions, on the proceeding one and broadcasting the whole records to all participating servers, has only been present for a few years. The transactions’ record, or the blockchain, is one of the main strengths of a cryptocurrency.
A recently published patent introduced a framework that can link fiat currencies, cryptocurrencies and all other forms of digital money via means of a blockchain based value inter-operability system. The system allows transfer of closed loop value using a cryptocurrency based value system. The system includes an integration tier that enables the management of mobile wallets. The system can also include notification services as it includes a service connection layer.
This innovative cryptocurrency ecosystem provides a unique implementation of digital currencies via the MoTeaf platform. MoTEAF is the product of Mozido’s technology and represents a mobile, cloud based transaction ecosystem that provides a single point for accepting and sending payments via mobile devices. MoTEAF is utilized by various technologies to promote fast, secure digital transactions, setting the stage for a fully digital financial future. Interaction with the MoTEAF platform will occur via an application known as mVault that provides the following functionalities:
- Storage of funding sources in a secure manner e.g. credit card or bank account info.
- Managing stored financial values across both national and international fiat currencies (e.g. the ability to transfer Dollars into Points, or Miles into Dollars….etc).
- Controlling how funding sources might be accessed via tokenizing funding sources to retailers and P2P payments.
The system will also convert cryptocurrencies to tokens after storing them. The tokens will simplify exchange of value between various cryptocurrencies and between cryptocurrencies and fiat currencies. Live feeds from various cryptocurrency and Forex exchanges will be used to formulate the price of various assets stored in an account.
It is worth mentioning that MoTEAF is widely used, which is apart from its technical advantages and soundness, so it is likely that the public will be open and willing to give this innovation a shot. However, for the public to be convinced to shift to a digital cashless economy, they have to be able to see that such a change will benefit them. During the past few years, many “Behavioral Economy” and “Game Theory” studies have proven that there is a rising rate of acceptance and participation in these kinds of financial ecosystems, but only when security is guaranteed and the system proves that no one will be able to cheat.
The invention is really promising and has great potential to become popular, help boost the adoption of cryptocurrencies and move us closer to a fully digital cashless economy.
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