Since the early part of 2018, crypto traders have been bombarded with bad news. Hacks, broken promises, and overall lack of enthusiasm have resulted in huge losses. But more than that, some promising cryptocurrencies just haven’t survived. As traders look to the future, they should begin looking at projects that have the potential to disrupt industries and take them to the next level. One company that has the potential to accomplish that is Zulu Republic (ZTX).
Zulu Republic is an ecosystem of blockchain tools and platforms, designed as a place where people, businesses, and organizations can thrive on their own terms. The company’s stated mission is to advance the development of decentralized technologies, to promote human rights and empowerment around the globe, and to reduce the global digital divide.
Well the company is off to a great start with the development of Lite.IM.
What is Lite.IM?
Lite.IM is a project aimed at expanding global cryptocurrency adoption. With Lite.IM, users can send, receive, and manage Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and the company’s native currency (ZTX), on Facebook Messenger, Telegram, and SMS (in the USA and Canada). To get started managing these cryptocurrencies on the aforementioned platforms, users simply need to send a text-based command to the Lite.IM bot. The commands are as follows:
Facebook Messenger: @lite.im
SMS (USA and Canada only): 760-LITEIM-0
Competition with Facebook
On December 21st, 2018, Facebook announced that it was developing its own stable cryptocurrency that users would be allowed to exchange through its popular chat service, WhatsApp. But while Facebook’s initial approach will target users based in India, Lite.IM is open to everyone in the world. Further, Zulu Republic has previously mentioned that they expect to announce support for WhatsApp in the next few weeks. It certainly appears as though Lite.IM has the upper hand here. And that is before even addressing Facebook’s obvious privacy concerns.
When it comes to cryptocurrency, privacy and security have always been two issues at the forefront. Given the rough year that Facebook has had in that regard, users must certainly be forgiven if they have trouble trusting the social media giant. In September, 2018, Facebook announced that an attack on its computer network had exposed the personal information of nearly 50 million users. Apparently, the hackers were able to exploit a feature in Facebook’s code to gain access to user accounts. Even prior to this announcement, Facebook was already under Congressional scrutiny over revelations that a British analytics firm obtained access to private information from nearly 87 million Facebook users. Not to mention Facebook’s rumored involvement with Russian election meddling. Suffice it to say, it has been a tumultuous year for Facebook.
And while users may have concerns trusting Facebook’s ability to handle cryptocurrency data, they shouldn’t have those same concerns with Lite.IM. Private keys are RSA encrypted with the user’s password. Lite.IM will never ask for that information nor will it be stored. Because of this, no third party will ever have access to that valuable information.
The truth of the matter is that Facebook is an absolute giant and has grown at an extraordinary rate since its initial public offering. Facebook has hired some incredible talent, from executive positions to marketing to development. And while one should never count them out, I simply wouldn’t be able to trust them with all of the recent issues. Perhaps in time, after regaining the public’s trust, users could once again look to Facebook as a leader.
Fortunately, users have another strong and dependable option. Lite.IM will allow users all over the world to manage popular cryptocurrencies via their favorite messenger platform. Users should continue to stay tuned for future developments.
Featured image courtesy of Shutterstock.