Complex Made Simple

Did Egypt just pioneer an email service tied to blockchain and Bitcoin payments?

Email is digitally transforming the payment industry, safely, and solving lack of access to crypto exchanges in the Middle East

An encrypted email service that uses Blockstack IDs is hoping to make online privacy tools more accessible, especially in the Middle East Ability to receive or send bitcoin directly to the Blockstack ID’s external cryptocurrency wallet could become a key feature in attracting users to this messaging service An email sent and backed up by blockchain is stored in the database permanently and cannot be changed or edited by an outer source

By now, we have all; heard of Facebook launching in 2020 with what it calls Global Coin, to allow Bitcoin transfers using Whatsapp. 

Can email be hosting blockchain-based crypto payments? 

Dmail with Bitcoin

Coindesk reported on an Encrypted Email Service that was launched on Blockstack carrying Bitcoin features.

“An encrypted email service that uses Blockstack IDs is hoping to make online privacy tools more accessible, especially in the Middle East,” said Coindesk.

The idea was aimed at overcoming limited access to cryptocurrency exchanges in the Middle East.

Egyptian web firm Intelli Coders launched Dmail in beta on June 1 and was tested by over 500 people including Saudis using over 150 emails, according to CEO Mohamed Abdou. 

Abdou said the ability to receive or send bitcoin directly to the Blockstack ID’s external cryptocurrency wallet could become a key feature in attracting users to this messaging service.

“There is social information, and payment information, already attached to the message,” Abdou told Coindesk.  

Read more: Bitcoin Down- Bullish exhaustion or bearish trend?

Dmail messages are encrypted. And, with Blockstack’s storage system, only the DID holder herself has access to any related data. Plus, recipients must indicate their consent in order to receive a message from another ID holder. 

Dmail uses Blockstack decentralized identities (DIDs), which can be linked to GitHub and social profiles, as well as cryptocurrency addresses, in a way that the user controls.

Email and blockchain

Secure email services are in great need. The current market leader, ProtonMail, reportedly has 10 million users.

Business2Community.com said in the past several decades, emails have evolved from simple HTML-based coded templates to emails that provide high value through hyper-personalization and automation. 

Customers want their emails to be end-to-end encrypted, and their personal data and information to be secured. Thus, secure email marketing with end-to-end encrypted emails is something we will start seeing more,” it said.

Read more: Native email security systems open doors to vulnerabilities

An email sent and backed up by blockchain is stored in the database permanently and cannot be changed or edited by an outer source because it is not stored on third-party servers, but instead remains with the actual owners of the data. 

WhatsApp and Bitcoin

Facebook revealed it was to be working on its own cryptocurrency, dubbed GlobalCoin, to rival Bitcoin for the Facebook-owned WhatsApp messaging app, with plans to launch it in 2020 in up to a dozen countries around the world.

Facilitating bitcoin-like payments could be a way for the teenage company, which still considers itself a start-up despite its near $500 billion market capitalization, to keep its revenue growing, according to Forbes.

Read more: Is your business tokenized? Blockchain-based INVAO is looking for you!

Potentially sending shockwaves throughout the burgeoning bitcoin and cryptocurrency sector, the Wall Street Journal reported June 13, 2019, that the social media giant has signed on more than a dozen backers for its GlobalCoin cryptocurrency. 

“Each of the new backers will invest roughly $10 million in the project as part of a governing consortium for the cryptocurrency,” reported Coindesk.

Stripe, Booking.com and MercadoLibre are part of the project, according to the Journal.