Cryptocurrency and telecommunications company Telx Technologies announced the launch of the first crypto SIM card wallet. It has indeed been a jaw-drop announcement on August 22nd but vouches to make crypto transactions simpler, easier and secure.
Amicable disposition of the crypto- facilitating sim card:
The crypto-facilitating sim-card would enable the transfer of cryptocurrencies via SMS with their registered crypto phone number. What makes it amicable is that Telx Technologies does not rely on ISP’s (Internet Service Provider) rather uses telecommunication towers to facilitate transactions. It can be undertaken from any bygone phone models, does not warrant the use of a smartphone with 5-star features, anti-virus mechanism, wallet address or a 3G/4G Wi-Fi or Internet connection. This allows users who are in parts of the world with an unreliable internet connection to participate in the fast-growing blockchain industry.
Crypto SIM card’s USP:
The crypto SIM card is available in over 180 countries, to name a few Egypt, Morocco, Pakistan, Nepal, and even China. It has a catalog of worldwide enabled phone numbers from which the customer will choose and trade cryptocurrencies and use ass their new wallet identity. A list of commands is given on its website ensure user-friendly transaction. It allows unlimited SMS messaging and supports Bitcoin (BTC), Litecoin (LTC), DASH, Zcash (ZEC) and Bitcoin Cash (BCH). To execute a crypto transaction via this service, its user can send an SMS to any phone number. This replaces long, confusing public keys. The security concern has been given due attention. As a result, measures such as:
- SIM swapping and phone number porting would be a strict norm.
- Transactions originating only from a user-specific SIM card would be accepted.
- SIM card wallet is secured by a confirmation PIN.
- It has enabled industry-standard security protocols, including multi-sig wallets.
- Backup keys in case of theft or loss are also enabled.
have been adopted with tenacity.
Facts worth an appreciation!
Telx’s new launch excites both technical and non-technical audience in the cryptocurrency community. Telx customers will be able to send cryptocurrency transactions to Telx phone numbers, regular phone numbers, or cryptocurrency addresses themselves. What’s interestingly noteworthy, is that the launch of this product has grown quickly and is most widely used phone-based peer to peer money transfer system. Integration of crypto transactions with SMS interface and phone number being the face of crypto identity is bound to widen the customer base.
On the other side of the enthusiast, there also exist the judgmental group. Their concern cannot stay unheeded. Primarily, this system offers no control over a user’s crypto wallet, and there are significant disadvantages in not having direct control over a wallet. Apparently, placing one’s assets in a wallet managed by a third party skeptically disintermediates the nature of technology though it often enables higher degree of user-friendliness. Moreover, Fundamental analyst has a valid stance that, Telx Technologies seems to be a new company with no previous record of business with other companies. A worthy point to be noted is that Telx claims to be actively providing services in countries like Egypt, Morocco, Pakistan, Nepal, and even China, these are the countries where the sale and trading of cryptocurrencies are illegal.
The mixed opinion on the crypto facilitating SIM card is both an interesting enthusiasm and judgmental concern, and it’s purely an experimentative call or Telx’s test of time.