Another day gone, and another big investment in bitcoin technology made. Block26, a leading blockchain venture firm, has announced that it will inject $450,000 dollars into Airbitz, a decentralized and open source bitcoin wallet that could potentially address some of the most pressing issues in the bitcoin space.
Airbitz claims that it will be able to solve many of the security, privacy, and usability issues inherent in the current generation of bitcoin wallets. The company claims that its “iron clad” security will prevent any and all third parties from accessing funds, even Airbitz itself, and that the wallet itself is ridiculously easy to use. From the ground up, it appears, ease of use has been a major focus.
Airbitz will be available on Apple’s iOS and Google’s Android operating system. The wallet will apparently encrypt all data being transmitted automatically, and will automatically back up user data. Through the use of a decentralized server system, Airbitz’s wallet will be nearly immune from server crashes. Even if the company’s servers are down, Airbitz can simply shift to other servers, thus ensuring uninterrupted service.
Of course, as a product that’s still in development, we can’t verify the information. We do know, however, that Airbitz won the 2015 Inside Bitcoin NYC startup competition and that the company was named one of AlwaysOn OnFinance’s 50 Companies to Watch in 2015. With a track record like that, one definitely shouldn’t take any boasting regarding the company lightly.
In total, Airbitz is looking to raise $1.2 million dollars this summer, and given that it’s already locked up an investment of nearly half a million dollars, we believe the company is well on the way to getting the cash it needs.
Block26 notes that the wallet itself offers the look and feel of a professional banking service, and marries it with the advantages and powers of blockchain technology. Block26 is an investor not just in bitcoin technology, but more specifically blockchain technology, which many companies and analysts now claim could change the world.
Airbitz is being lead by a team of seasoned professionals with experience working for major computing firms, startups, and other organizations. This experience and industry knowledge should pay off and make Airbitz a company worth watching.
By creating wallets that are more accessible, reliable, and familiar to customers, Airbitz could help drive adoption. As technologies improve, and security becomes more guaranteed, bitcoin will look like an increasingly attractive investment and currency choice for mainstream consumers. And, of course, as more people start using bitcoin, we will hear of more and more investments in the sector, which will lead to further improvements. Right now it looks like bitcoin might be set to enjoy a strong period of growth and investment.
At the same time, the continued investment and interest in blockchain technology is also something people should keep an eye on. A rash of companies, investors, and leading analysts have been citing bitcoin’s blockchain technology as a technology of the future. Figuring out applications for blockchain technology outside of bitcoin is becoming a major focus for many companies and analysts, and could bring about some major innovations in the not so distant future.
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