Meet SovereignWallet Network: Finally a Messenger-style cryptocurrency wallet with banking grade security!
Tags: Bitcoin, Ethereum, Blockchain, Wallet, Finance

It has been 10 years since Satoshi Nakamoto invented the blockchain, but we are still far from mass adoption of blockchain-based consumer services. We believe there are three primary reasons for this.

First, the infrastructure (apps, websites, etc) that interacts with the blockchain is prone to a wide range of issues, including poor code, lack of security consciousness by solutions developers and human error. The blockchain itself is secure, but the supporting ecosystem is not.

Second, it is still relatively difficult to actually use consumer centric blockchain services, like cryptocurrency wallets. While we believe that recent developments in blockchain technology makes it possible to imagine the development of viable consumer solutions in the near future, it’s not happened yet.

Third, the extreme price volatility of most cryptocurrencies means they can not be utilized as a stable store of value and are not feasible for use in everyday life. For example holding your wealth in cryptocurrency could see you rich one week and unable to pay your rent the next.

The Reality of an Unprotected Ecosystem

Centralized exchanges that hold the majority of cryptocurrencies suffer from dangerously flawed security — ultimately they are a time bomb waiting to blow (or have blown already). The first major hack happened to Mt. Gox in 2014. Other notable examples include exchanges like Bitfinex, Bitcoinica and last week, Bithumb. Ultimately, all centralized exchanges are prone to attack.

The development of decentralized exchanges has led to a tremendous improvement in security at the blockchain level. However, it’s made little to no impact on the security of the ecosystem that interacts with the blockchain. Rookie-level coding, coding errors, human errors like mistyping wallet addresses, unsecured websites that publish ICO wallet addresses are some of the reasons hacks are still extremely frequent.

Something needs to be done to secure this supporting ecosystem, while delivering a level of ease of use that makes mass market adoption of blockchain solutions feasible.

Introducing SovereignWallet

At SovereignWallet Network, we’ve been developing a solution to address the concerns highlighted above, for the last two years. Even before that, our executive team spent over fifteen years developing web and mobile security solutions for governments, the military and financial institutions. The result is a mobile app with blockchain based services that we believe is one of the most secure on the market.

Beyond security, ease of use has been a key feature — something we hope will lead to mass market adoption.

What does the SovereignWallet app include?

Messenger-style cryptocurrency transfer and remittance: Accessing the benefits of cryptocurrencies will be as easy as sending a text.

Mobile cryptocurrency wallet: Hold tokens securely. Our wallet combines the security you’d expect from a hardware wallet (or a bank) with the ease of use of a mobile app. As of June 27 we will support ETH and MUI (our own token), with other coming soon.

Secure 1–1 and group chat: All messages exchanged within the application, whether 1–1 or in a group are guaranteed to remain private.

Serious About Security

Security is in our DNA. Our executives have been developing web and mobile security solutions for governments, the military and financial institutions for almost two decades. We’ve used these learnings, along with specific technologies we’ve developed to make SovereignWallet one of the most secure cryptocurrency wallets in the world.

Answering one of the concerns we highlighted above, it is a decentralized mobile application. That means we have no access and don’t hold any user data — it remains completely in the hands of the users.

Here are some of the other security features that ensure your tokens and data are kept safe.

ID-based, machine-learning user authentication

Application self-protection

End-to-end encryption

Zero knowledge protocol

WSS channel encryption

Mnemonic word sequence

Hierarchical deterministic (HD) key generation

Key recovery mechanism

Message withdrawal

Screen capture prevention

The Stable MUI Token

To power SovereignWallet Network, we developed the MUI token, a stable ERC20 token that is designed to preserve the value of tokens. There’s a few reasons for that. Whilst the upward fluctuations over years of, say Bitcoin and Ethereum, have made a few people very rich their volatility makes them impossible as an investment vehicle for most people. Essentially they are unsuitable as a store of value. They are also difficult to use in the real world..

Stay tuned for announcements about our upcoming MUI token sale (ICO), which will launch at 10:00 am on June 27, 2018 (GMT+8) in Singapore.

To achieve token stability, we will utilize a number of control systems, including the Algorithmic Central Bank (ACB). Much more on this in another blog post, but these measures will control the volume of tokens in circulation, thus stabilizing token value against arbitrageurs.

Meet the SovereignWallet Team

SovereignWallet Network is led by Seokgu Yun, a seasoned entrepreneur, cryptographer, and computer scientist who has founded three companies that deliver industry leading web and mobile security solutions.

He is joined by over a dozen data scientists, engineers and finance experts. We’ll be meeting others in the team on the blog in the near future. In the meantime, head over to our website for an overview of the awesome people that are bringing SovereignWallet Network to life.