Technology has transformed the way we interact with the financial sector, where multiple Cryptocurrency solution providers are available in the market. They do a lot of hard work to bring one of the easiest and simplest platform to the people. Hence, help in choosing the right platform that is worth the work and one such platform is Sovereign wallet.
So, let’s proceed with the sovereign wallet review…
What Is Sovereign Wallet ?
Sovereign wallet is simple, secure and stable mobile wallet to store and transfer your token. A secure one to one and group chat ensures seamless communication between you, your friends and family.
Seokgu Yun is the founder and CTO of Sovereign Wallet, while his co-founder Frances Kim serves as COO. The company came into existence in 2015 and the team hopes it will be able to reach out to the hundreds of millions of people who have a smartphone but no access to basic financial services creating new opportunities and fueling economic growth.
Transferring your token becomes simple as texting, each account is linked to a person so there is no need to worry about complex Crypto address. Recently Sovereign wallet has rolled out a new feature- the fastest way to send the Bitcoin in the world.
As of now, people who use other currencies like Ethereum, ERC-20 and MUI- platform’s own token- have been enjoying the interface that lets them transfer Crypto to their recipients by a few clicks on their profile, from anywhere in the world by using a smartphone. Moreover, platform notifies both sender and receiver on successful completion of transaction.
-Start Date Of ICO : 1 Nov 2018
-End Date Of ICO : 31 Dec 2018
-Total Token Supply : 800,000,000.
Token Symbol : MUI
Type : Utility Token
Additional Token Emission : No
Bitcoin users can enjoy the same advantage- giving them a way to send and receive Cryptocurrency in a few seconds. According to Sovereign wallet CEO Mr Seogku yun, transfer of Bitcoin between Sovereign wallet users are confirmed within 15 to 20 seconds due to end to end encryption side channels established between sender and receiver. Additionally, Mr. yun states that
Sovereign wallet is one of the Crypto wallet available in the market that does not require a Bitcoin address for successful completion of a transaction.
Wallet’s strength lies in security measures like end to end encryption, zero-knowledge protocol and much more completely protect your token.
Sovereign wallet is an app and also a whole Blockchain ecosystem. The wallet network is decentralized exchange platform for investing and trading in existing tokens. Also helps in transferring funds and holding your own token.
M – DEX is the world’s first decentralized exchange for mobile wallet, with this exchange Cryptocurrency gets custody free, a fixed rate exchange makes trading less volatility.
Features of Sovereign Wallet
Key Recovery: If you lost your smartphone, Sovereign wallet recovers the private key of you cryptocurrency wallet. You just need to sign into your account through another smartphone to recover your private key.
Hierarchical Deterministic (HD) Key Generation: The HD enables the encoding of your private keys into mnemonic word sequence. With this feature, you do not need to constantly back up your wallet file once they add a new key.
Mnemonic Word Sequence: Mnemonic is a collection of multiple words that represent the private key in a human-friendly format. You can easily backup the entire wallet by remembering a single paraphrase and migrate the wallet file to another provider.
End-to-End Encryption: All messages are encrypted with encryption keys generated during chats, and they cannot retrieve chat history when a server is hacked.
Mobile Smart Wallet: This platform provides identity-based remittance, confirmation chat system and banking grade security to keep your tokens safe and secure.
Secure Chat: Sovereign wallet offers a secure chat option, whether an individual or group chat, all your conversations are guaranteed to stay private.
New Coin Minting : Anyone can mint their own coin easily and the wallet acts as a master node for each newly created coins.
Token To Coin Convert: Sovereign wallet provides an interface to easily convert the token to coin such as ERC- 20 to meta Blockchain easily.
Coin Pegging: MUI exchange algorithmic bank will guarantee 100% pegging of meta Bitcoin to original Bitcoin.
Future of Sovereign Wallet
After a decade of development, blockchain technology has been advancing through the 1st and 2nd generation, that still have unsolved issues. Moreover, the sovereign wallet is developing a system based on 3.o generation of Blockchain.
Unsolved Issues In Blockchain 1.o And Blockchain 2.o
- Slow transaction speed
- High transaction fee
- No Programmability
- Security issues of smart contacts
- Error in Programming
Blockchain 3.o Generation Solves The Various Issues As follows
- Decentralized exchanges
- Secure smart contacts and blockchain
- Lightweight census protocol
- Comprehensive ecosystem
- Scalability, interoperability and sustainability
Furthermore, Sovereign wallet is in process of developing MUI Meta Blockchain – the platform says that it will be something that goes on the philosophy of Bitcoin founder- Satoshi Nakamoto.
Meta-Blockchain is a programmable Blockchain that will be able to support multiple protocols in a single Blockchain. Also, this technology will make it easy for everyone to create new coins and pegged stable coins without the need to build a new Blockchain.
In fact, a memorandum of understanding has been signed with the University of Southern California to help it achieve its vision. Moreover, the aim is to create a society in which wealth is distributed more evenly.
Sovereign wallet also announced that there are many other services in the pipeline which will be launched soon.
Their Roadmap at a glance
Key Security Features Of Sovereign Wallet
- Zero protocol knowledge
- Mnemonic word sequence
- End to end encryption
- Message withdrawal
- Hierarchical deterministic key generation
- Key recover mechanism
- Application self-protection
Overall, Sovereign wallet is a secure wallet for sending and receiving Cryptocurrency as simple as texting. Moreover, it is one of the pioneer crypto service provider which transfers Bitcoin within few seconds by using smartphones from anywhere in the world. Furthermore, platform uses 3rd generation Zero protocol knowledge end-to-end encryption to ensure that P2P and group chats remain private and secured.