The Most Familiar Way to Transfer Crypto
That No One Has Used Yet
Written by A Curious Investor
While attention rises, the question remains, how will crypto currency gain main stream adoption? History shows that breakthrough technology lags participation until it becomes easy. Remember searching the internet before Google, or connecting with friends online before Facebook? Crypto needs to improve its usability for everyone to switch over.
Blockchain is the breakthrough technology of our generation. For the first time it is safe to transfer money without a third party. While this process works, it’s not as simple as using your bank account with PayPal or Venmo.
Lineage Network plans to combine social media and crypto payments to make blockchain technology familiar to everyone.
The Current State of Blockchain Payments
For example, Grandma Phyilis want to send money to her grandson Joe for his birthday. Joe sends his Ethereum address via a text message. Phyllis opens her phone to see “0xfC669a5787fE9BdbAFEf43a6341bC373668C4cFa”.
Joe reminds her of the importance of copying that address exactly. If she switches even one uppercase letter to lowercase, the money is lost forever.
Phyllis copies and pastes the address, reading every character with intent. She gets ready to send. Then a warning message comes up with “Are you sure you want to send $ to “0xfC669a5787fE9BdbAFEf43a6341bC373668C4cFa”, she stresses and again strains her eyes to make sure that each letter is exact, before hesitantly presses okay. She fears the worst as she waits for the transaction to be processed. Once it is done and cleared, she thinks, “Why can’t I just use Facebook?”
While this scenario is simplified, it highlights an important aspect. Crypto currencies will never replace fiat currency while the processes remain unfamiliar.
Introducing SocialPay
The first payments platform run on top of existing social networks.It works like this…
- Download SocialPay
- Link your social media account
- Message your friends
- Send and receive Line tokens
"Think of a social media messenger with Venmo."
Lets go into more detail…(We will refer to SocialPay as SP for the remainder of this article.)
SP currently supports Whatsapp, Facebook Messenger, Viber, Skype, and Nimbuzz. Contacts will automatically be uploaded into SP along with their profile picture. Users will be able to see and recognize their friends the way they normally do online. No more 40 digit account name for grandma to worry about.
SP user interface will look similar to Discord, Facebook messenger, and other popular messaging applications. Contacts and conversations on the side, with a large dialog box in the middle. This layout allows users to communicate before and after sending transactions. Check out the concept picture at the end of this article.
SP is linked to your social media account on a one-way street. Meaning that your SP can access your Facebook, but your Facebook cannot access your SP. “It is secure by design.” – Derek, CEO of Lineage.
SP will use the message protocol of the social media platform you link up. For example, if you log into SP with Whatsapp, you will have end to end message encryption. If you log in with Facebook, they will store your messages. This is only regarding the messages, NOT the transaction history. NO transaction history will be available to any of the social media platforms.
Simple invoice management will consolidate payments due and payments to be received. Any discrepancies between parties can be worked out within the SP platform.
All payments will be verified instantly. This is the main feature that separates Lineage Network from its blockchain competitors, and the only way SocialPay is possible. For a detailed explanation of the Lineage Payments Chain, please read A Clever Solution to Scaling.
In summary, Lineage’s goal is to bridge the unfamiliar world of cryptocurrencies with the way everyone already uses the internet. By blending
- The familiarity of social media sites
- The communication of messaging apps
- The secure payments of blockchain.
Lineage creates a network that even your grandmother could use.
