Wednesday , March 22, 2023

Blockchain on a Mobile App? AmazeWallet Says It’s Coming Soon

A company called AmazeWallet over the weekend said it will soon launch a so-called super app that will let users run blockchain technology on a mobile phone. The app will run such functions as mining tokens, exchanging cryptocurrency, and sending encrypted messages, the London-based company noted.

AmazeWallet said it has secured a Money Services Business License in Canada so far, though specifics about the release date for the new wallet are somewhat vague. The company says “early 2023.”

Other features include a self-custodial wallet, an exchange gateway, mobile mining, and a capacity to mint so-called nonfungible tokens (NFTs) for a marketplace that is also part of the package. NFTs are unique, tradeable tokens generated via a blockchain and represent real-world items of value, such as works of art.

AmazeWallet, which says it emerged from stealth in November, has created 70,000 wallets so far on its testnet, the company adds. “Web3 projects tend to try and deliver either great customer experiences or underlying scalable infrastructure—but rarely both,” notes the company’s chief executive, Jeffrey Lee, in a statement. “The combination of our end-user AmazeWallet app with its high-performing AmazeChain makes us unique in our approach and allows us to achieve mass adoption.” The term “Web3” is a shorthand reference to the latest generation of the Internet.

The project, which AmazeWallet says has involved more than 400 coders, comes against a backdrop of some skepticism regarding the scalability and security of blockchain technology. News of such alleged frauds as the FTX Trading Ltd. case have darkened optimism for blockchain projects generally and for cryptocurrency specifically in recent months. The news has also introduced considerable volatility into the markets for digital currencies. The leading coin, Bitcoin, was trading at $22,865 early Monday after steadily slipping from its 2022 high of $47,000 in March last year, according to Coinmarketcap.

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