Mobile Commerce Insider Featured Article

July 18, 2014

VootCoin, the Newest Virtual Currency

With the success of Bitcoin it is inevitable that competitors will arise to share the wealth of virtual cryptocurrency, and the latest addition to the market is VootCoin.

The currency is similar to others of its type and is mined in a similar fashion except with a slightly different algorithm, but that’s a technical difference. It is noted for being extremely fast compared to its brethren, and can even be traded for Bitcoins making it fully compatible with other aspects of today’s online economy.

One of the main tantalizing features of VootCoin is NiteSend, a service which offers the first fully anonymous and confidential transactions. When using NiteSend neither party is aware of the other’s identity at any time and multiple layers of encryption allow the transaction to be completely private and untraceable. Bitcoin transactions can be carried out with similar anonymity, but it’s a much more complicated process that illustrates how startlingly simple NiteSend is.

This level of security is of course ideal for users who wish to make purchases that are kept a secret. This desire is catered to with the upcoming launch of the VootMarket, a completely open-source and decentralized online marketplace that enables peer-to-peer transactions with no central authority. Essentially it is a new iteration of the infamous Silk Road marketplace, except it is now much easier to remain anonymous. The implications of what kind of goods will be sold on the VootMarket are thus somewhat unsettling.

Getting back to the currency itself, another important feature of VootCoin is the exploration of SMS tipping. This technology allows users to transfer cryptocurrency to any other person in the world via a simple text message. Dubbed VootMobile, the service is still in alpha testing but after full implementation of SMS tipping it will compete heavily with non-anonymous alternatives such as Android Wallet and PayPal.

As cryptocurrencies rise in popularity they will inevitably improve in stability and compatibility with existing infrastructure. It’s possible that offerings such as VootCoin will change the way people think about transactions and begin to expect, rather than desire, complete anonymity.

 



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