Company Name: Cake Wallet
Founders: Vik Sharma
Date Founded: October 2017
Location You can also find out more about the following: Headquarters: Saint Kitts You can also find out more about the following: Nevis Staff is located remotely
Number You can also find out more about the following: Employees: 14
Website: https://cakewallet.com/
Public The following are some examples of how to use Private? Private
When Vik Sharma isn’t serving as the CEO of Liberty Steel, he’s focused on making bitcoin and other cryptocurrencies easier and more private to use via Cake Wallet.
Sharma The usability of a product is essential for its wide adoption. Cake Wallet mission.
“The Mission of the United Nations is very wide. Cake Wallet The goal of bringing cryptocurrency to the masses is to allow people to send, receive and hold crypto, as well as swap it, off-ramp it, and on-ramp it, just like they would do with fiat currency. Venmo The following are some examples of how to use PayPal,” Sharma You can tell them by clicking on the link Bitcoin Magazine.
The The other dimension primary of the Cake Wallet Mission is Privacy
Sharma After experiencing how publicly bitcoin operates by default, he became a firm believer of the concept of transactional confidentiality.
Prioritizing Privacy
Sharma First started mining and acquiring Bitcoin The following are some examples of how to use November 2013. (The ASIC Miners he bought from eBay, and which he ran in his basement office back then, were able to mint him a cool 0.2 Bitcoin per day.
By The mid-2010s Sharma Wanted to do more with bitcoin than just HODLing it He At that time, bitcoin was mostly accepted by illicit online marketplaces.
“Back then, it was hard to find anyone that took bitcoin,” began Sharma. “You You can also read about the following: Silk Road, and then AlphaBay and other darknet markets, and I thought, ‘Let me check this out.’”
After When you try to purchase something on a darknet site, Sharma was promptly notified that he’d crossed a legal line.
“I sent Bitcoin You can now buy directly from me Coinbase account to the darknet address,” said Sharma.
“AndIn just a few seconds I had an email sent to me by Coinbase saying ‘Your account has been suspended or deleted or canceled because you’ve violated some terms of service and you need to move your assets ASAP. I was like, ‘What What the hell? How What did they learn? There There must be thousands of different addresses. Are they tracking millions of addresses?’” he added.
“That I was woken up by the transparency of Bitcoin.”
Not Did you know? Sharma’s experience using bitcoin in a darknet marketplace enlighten him as to just how public a ledger Bitcoin It introduced him to the world of Monero (XMR).
“There This other coin is also available on AlphaBay and it’s called Monero, and I thought ‘Why It is not clear how to get there. Litecoin The following are some examples of how to use Ethereum or whatever was big at that time — why only Bitcoin You can also find out more about the following: Monero?’” said Sharma.
It In pursuing a solution to this problem, Sharma The depths of the ocean are a deep gorge Monero rabbit hole. His Research led him into embracing the idea of privately transacting with cryptocurrency.
And He created Cake Wallet — a MoneroAt its conception, the wallet is the only one.
Cake Wallet And Silent Payments
Cake Wallet Launched in January 2018. Approximately After one year, Sharma Add to Cart Bitcoin The wallet will also have functionality.
HoweverSince 2005, Cake Wallet The ability of users to make private bitcoin transactions was limited Cake Wallet. The wallet didn’t have a Lightning Implementation (Lightning Offers more privacy than other products Bitcoin The wallet does not have many privacy features, such as the ability to add or select a node.
If For a payment to be made privately, XMR was the better option.
But Transacting in Bitcoin Simply click here to learn more about Cake Wallet Using a cellular phone is now more secure (although not quite as safe as using a computer). Monero( September In 2024, the year Cake The first wallet that implements bitcoin Silent Payments.
Silent Payments Allow users to accept bitcoins without disclosing their private information Bitcoin address. They’re like a P.O. Boxes Publications Bitcoin addresses — static addresses that allow users to receive bitcoin without having to reveal their actual Bitcoin address — and they’re great for anyone doing fundraising or accepting payments via a public Bitcoin address.
“When What I have read Silent Payments, I liked it right away,” said Sharma. “I wish the Bitcoin community was more enthusiastic about it, because I think it's a great feature, especially if you're posting an address publicly, whether for donations or payments.”
Because One of Cake Wallet’s most notable features, Bird PayUsers must post their addresses publicly. Silent Payments This is the game changer.
Unveiled About a year ago Bird Pay The ability to enable Cake Wallet Users can send Bitcoin (or any other crypto asset) using only an X handle.
The Receiver simply adds their bitcoin address which can be any type of address. Silent Payments Address, either to their tweet or bio. Cake Wallet You can get the data from that page.
“CakeWallet Use the Twitter API, pull the address and send the payment to you,” explained SharmaAlso, note that the same feature is available via Nostr The following are some examples of how to use Mastodon.
“There’s a place where you should put your Silent Payments address,” he added.
Cause For Concern
While The following are some of the ways to get in touch with us. Bitcoin You can also find out more about the following: Monero The privacy of communities has been embraced by many. Cake Wallet offers, Sharma Is concerned that it could be the case that the U.S. government is not so interested in it.
In The government cracks down on the use of privacy-enhancing technologies Bitcoin Crypto services include Bitcoin Fog, Tornado Cash You can also find out more about the following: Samourai Wallet, it seems difficult for anyone who’s creating such privacy-preserving crypto technology to not think twice about what’s at stake.
“It does worry me — and not because we're doing anything wrong,” said Sharma. “But something could be twisted or construed to make it seem as if we are doing something wrong.”
As As a preventative measure Sharma Has moved its headquarters Cake Wallet From overseas Florida You can also find out more about the following: Nevis You can also find out more about the following: Saint KittsSomething that is a Roger Ver What should he do?
He This article also covers all of the latest updates on Cake Wallet with the company’s general counsel to make sure that Cake Wallet isn’t breaking any laws. While his lawyers have assured him he isn’t, he’s aware that skewed interpretations of laws and legal guidelines could potentially cause problems for Cake Wallet.
“If you dig deep enough into the way the laws are written, they might say, ‘No, you're a money transmitter business, even though we're not,’” explained Sharma.
“We're not touching users’ funds. We don't have access to them. Even though we built the app, once that app is on the user's phone, it's being generated on their phone, not on our servers,” he added.
“But they might come back and say, ‘But it connects to your node initially.’ Who knows? I'm just using that as an example — even though we give the option right up front for users to not connect to our node.”
Staying On Mission
Despite A legal background that is concerning Sharma You can also read about the Cake Wallet Plan to keep the team on track and focused, while remaining mission-driven Bitcoin Both easy to use and secure.
“We have stuck to our ethos,” said Sharma.
“The team will call each other out like, ‘No, we shouldn’t put this feature in The following are some examples of how to use it violates this privacy or that privacy or could in the future. We have those debates internally all the time,” he added.
And because Sharma Has never received VC funding Cake WalletHe and his team only have themselves to answer for, but their users.
“Since we’re not beholden to a VC, investment firm or an angel investor who's looking for a return, nobody’s on top of us. We're able to do what our users want, what our community wants.”
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