By creating new addresses on each spend while maintaining the same mobile number for the account, Mobilikey makes it practical to never spend from same address twice – an important security and anonymity feature.
Multisignature addresses are very easy to setup on Mobilikey, and spending from them is even easier. Different combinations of multisignature address (i.e. 2 of 3, 1 of 2) are possible.
Issuing digital assets on the Counterparty platform is as easy as spending bitcoin on Mobilikey. Assets can be used to represent contracts like insurance policies, register votes, pay dividends, and more.
All Mobilikey functions are available through the mobile web interface, and most are available by SMS making Mobilikey accessible on all mobile phones.
Every bitcoin and digital asset account is identified by a users’ corresponding mobile address. To send or receive payments and assets, one only needs to know the other party’s mobile number.
Mobilikey is designed both for individual and group/organization use. Users can setup their business or group with a bitcoin address and/or asset, and can interact with individuals or groups of individuals.
In addition to sending and receiving payments, Mobilikey allows for invoicing and plain messaging. All messages and payment transactions are recorded in logs which are easily accessible and viewable on the Mobilikey mobile website.
Mobilikey users can setup their own dedicated text/voice capable number(s) and assign it to either a group or organization.
Mobilikey is primarily designed for small organizations to exchange payment and digital assets with individuals or groups of individuals. For this reason, it is well suited to Microfinance institutions which need to exchange payments, digital assets, and messages with large numbers of clients in remote areas at low transaction costs.
Mobilikey can currently handle any payments in bitcoin, to and from both single and multisignature addresses. Digital assets can also be created on the Mobilikey platform which can be used to represent any units of value, such as a token that is redeemable for goods or services.
The digital assets that can be created and exchanged on the Mobilikey platform can be used to represent ownership in an individual business. From their phone, emerging entrepreneurs simply decide the amount they need and the percentage to give away. Investors send BTC to their address or mobile number and equity is automatically issued as a Counterparty token.
Mobilikey is the client side interface of a larger microinsurance project that includes a blockchain based P2P insurance market where microinsurance products are created. Organizations called microfinance institutions (“MFIs”) access the insurance coverages their clients require from the market and distribute them to those clients via their mobile phones.
Microfinance institutions (“MFIs”) are the “on the ground” presence of the microinsurance program. MFIs are like small banks that provide financial services to the unbanked in developing countries. Their products are predominantly microcredit loans, but increasingly they are offering microinsurance products as they are being developed.
Microinsurance growth has been hindered in the past due to transaction costs associated with small premiums and related administrative costs. Blockchain technologies including cryptocurrencies and especially smart contracts hold the promise to dramatically reduce these costs thus opening up huge, untapped markets for insureds.
It is the intent of the insurance market and the Mobilikey platform to implement blockchain technologies in ways that will turn previously unprofitable insurance programs into profitable ones, making microinsurance a viable financial product in emerging markets.