Public blockchain network, Elrond in an official announcement, has announced that it will launch its wallet and global payment app called “Maiar” on January 21. In the report gathered, the application will cater to both android and iOS devices at the time of launch.
It is expected that it will launch the version of the app for other operating systems in the future. Apart from its wallet features, the app is expected to provide financial services such as investments, payments, and the ability to earn income for its users.
Maiar app will provide users with fast and seamless services
Like most financial applications and wallets, Maiar is tasked with helping its user’s transactions seamlessly and fast. The app was created so that its users will not need any form of paperwork and subscription to add-on features. It is also worthy to note that the app will not be involved in any form of KYC as it will not collect personal user data. It will utilize Elrond’sElrond’s high throughput and cost-effective blockchain network to offer users near-instant transfers globally.
The Maiar wallet will not be like most cryptocurrency-based wallets requiring long passwords and boring sign-up processes complex data requests for users. These processes have made it difficult for users to utilize blockchain wallets, and maiar has eliminated the procedures. The wallet is unique and ensures that accounts that run on the blockchain are secured using a cryptographic hash of the user’s mobile number.
The user has a usable blockchain wallet for sending and receiving money using their phone address book in split seconds. The user will be further encouraged to strengthen security, add a pin, biometric authentication, and encrypted backups via gamification. There is a social recovery plan on the app, which allows users to restore their wallets on a new device using their trusted contacts.
Maiar is a decentralized payments application
Maiar has been compared to apps such as PayPal, Venmo, Revolut, and Google Pay because it offers the same service but a decentralized version of them. The advantage Maiar possesses ahead of this apps is that it does not collect any personal information and charges negligible fixed fees instead of a percentage of the transacted value. It is expected that the Maiar is the spearhead of Elrond’sElrond’s accelerating network.
The Elrond Network is a public blockchain created to provide high-level scalability, interoperability, and high throughput. The goal is to create a decentralized network that can offer the same or better performance when compared with centralized networks while also providing users with greater privacy. It is a project that is capitalizing on the world’s transition into a digital economy.
By promoting the inaugural fully flaked blockchain architecture that can operate at an internet-scale, Elrond as an organization has positioned itself for accelerated user acquisition at the height of what is expected to be the most impressive bull market since 2017.