A Spanish startup pioneer is trying to position itself at the forefront of the mainstream of cryptocurrencies by allowing both advanced and new users to access blockchain technology through messaging services. Wuabit’s founder, Manuel Polo, recently announced the launch of the Medium beta program. Wuabit represents a new way of interacting with digital assets.
Wuabit is a wallet of cryptocurrencies that aims to be integrated into the main chat messaging services, such as WhatsApp, Facebook Messenger, Viber, Telegram, and even by SMS or Twitter.
The main idea is to have a virtual assistant by means of a chat bot in our preferred messaging application, to which, for example, we can ask about our balance, make transactions, or ask for information about some cryptocoin, all this through a simple and intuitive text interface that will be in constant evolution thanks to the artificial intelligence learning technology.
In the beta release announcement, Polo said the service is initially being developed for the most popular messaging application WhatsApp, although it is scheduled to be integrated into the rest of the messaging clients afterwards. The access to Wuabit without internet by SMS will be another trick to take into account.
There are also more services scheduled to be included in Wuabit in the future. According to Polo, “after being a wallet, it will add more services like exchange, payments, etc.”
WhatsApp Launch
It is interesting to note that Wuabit has chosen WhatsApp as its first launch platform before all others. The reason behind this:
“It’s about the network effect, WhatsApp is the most ubiquitous instant messaging (IM) platform on earth, followed by FB Messenger, Telegram, WeChat and Viber.”
We must therefore hope that after the successful implementation of the service on the WhatsApp platform, the bot will also be available in other messaging applications.
Using the WhatsApp platform, a user can send and receive cryptocurrencies without leaving the platform. They can also check their balances or access the tutorial to interact with the chatbot.
By using the platform, you will be able to perform transactions using up to five cryptocurrencies. These will be: Bitcoin (BTC), Litecoin (LTC), Bitcoin cash (BCH), Ethereum (ETH) and Ripple (XRP).
An easy-to-use system
To make transactions with a friend, the user has to save the friend’s mobile phone number in a similar way as one has to save the contact before being able to send a message to a WhatsApp contact. To get started, you’ll need to add the Wuabit service number and save it to your contact list. Once saved, Wuabit will appear in the WhatsApp’s contact list and you will then be able to send a message and start chatting with the bot. The bot can understand natural, simple language and is programmed to respond to four main actions: tutorial, sending, receiving, and balancing. We say actions because if they are indicated in command format of a word, the assistant will recognize varied phrases such as “send 10 euros to Carlos”. The simple format of a word/command will save space on platforms such as SMS or Twitter.
The last three actions correspond to the functionalities of the wallet, but the first one is important when starting to use the service. Everyone will find the tutorial action useful, whether they are advanced users or beginners in the world of crypto coins.
Security is also important
Security and cryptocurrencies are two inseparable issues, since for each application that appears on the scene, the security must be analyzed before it is used. In this case, Wuabit is a wallet for storing cryptocurrencies, and this requires a strict screening of the security measures in place to secure the funds.
According to the Polo announcement, WhatsApp chats with the Wuabit bot will be encrypted from end to end to ensure privacy. The servers will not be accessible to the public and will not store private keys. About 100% of the funds will also be stored offline in cold storage facilities. As an additional security measure, the bot will send SMS verifications for certain confidential transactions.
In addition to this, Polo recommends that all users take the security of their funds seriously and apply their own security measures, such as blocking the WhatsApp application with a security PIN and enabling a 2-factor authentication process (2FA).
Conclusion
Although the service offered by Wuabit may not be the first of its kind, since similar applications have already appeared that use social media platforms to allow their users to send and receive funds from cryptocurrencies, the Wuabit team can take credit for being the first to use the WhatsApp API, which is only recently available.
Given the slow adoption this type of service is receiving from users, Wuabit’s bet on the world’s leading messaging client seems to be a step in the right direction to achieve this goal that few would have imagined a few years ago.
