Business 9 February 2018Vince Dioquino
CoinText launches SMS-based Bitcoin Cash transactions
Connectivity matters in this age of rapid technological advancement. An independent platform called CoinText is pursuing new horizons in cryptocurrency accessibility.
CoinText said their platform will allow anyone with even a simple feature phone or an active SIM card inserted to an SMS-capable device to send and receive Bitcoin Cash. This functionality will work even without an internet connection. This represents a wider accessibility to crypto for to everyone worldwide, even those who don’t understand how smartphone apps work or who have no access to these technologies because of remote locations or marginal economic backgrounds.
According to an instructional tweet by its lead developer Vin Armani, the CoinText wallet works by processing SMS sent to their backend algorithm through an API. After verifying the SMS, CoinText’s backend will then churn out instructions to its API to send out confirmations for both sender and recipient, updating their balances.
CoinText’s secure wallet runs with simple commands such as BALANCE, DEPOSIT, SEND, and WITHDRAW. These, alongside the HELP command which provides further detail, are all sent via SMS. Here’s a screenshot found on Twitter to help illustrate how it works:
CoinText announced the launch of its private Beta test phase on February 6, 2018, with a whitepaper released exclusively to beta testers. Armani, who also leads the CounterMarkets platform, said, “Being able to transact an international currency like Bitcoin Cash over text message with any phone in the world will uncap the vast economic potential for the unbanked,” expressing the platform’s shared vision of connecting people, no matter what level of access they have to technology. Armani notes that with the platform, “Settling transactions directly on-chain allows us to build so many simple useful tools. This SMS wallet is just the start.”
At the moment, however, the independent platform still lacks funding, and its supporters are asking for donations from Bitcoin Cash users to help grow their platform. CoinText’s service is available for beta users in Canada, Australia, United Kingdom, and the United States.
All beta users are given $1 worth of free BCH to test the wallet. Once registered, new users are assigned a Bitcoin Cash wallet assigned through a public key connected to their phone number. CoinText’s server only processes transactions through an algorithm which settles these directly on-chain, hence the platform doesn’t hold any funds from its users.
[UPDATE] Cointext.io has released a public version of their whitepaper. The whitepaper can be download as a PDF file here.
Note: Tokens on the Bitcoin Core (SegWit) chain are referenced as BTC coins; tokens on the Bitcoin Cash ABC chain are referenced as BCH, BCH-ABC or BAB coins.
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