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RE: The Social Wallet Initiative: When Cryptocurrency Meets Charity!

in #socialwallet6 years ago

This seems like an interesting concept, I'm all for any and all initiatives to help those in need and this seems like a coin whose primary focus is on that. I actually just posted about a charity initiative I'm doing within steemit (feel free to check out if interested) so really I hope this mission gets realized in some form or another.

Having said that, I'm not sure what social wallet will do that's necessarily different from many of the other cryptocurrencies. There are debit cards that you can fund with cryptocurrencies to use in certain countries, and you can send various cryptocurrencies to people's email addresses.

It seems like the main convenience here is that the wallet is being seamlessly integrated with social media, but I don't know why one necessarily needs a new cryptocurrency & token to do this integration with, rather than coming up with an integration for some of the existing coins.

The reason I bring this up is that it seems that it would be difficult to reinvent the wheel in terms of getting adoption and people familiar with Social Wallet & the WIRE token. Even if you don't need to know what it is to receive it, how do people know it isn't spam / take out the time to learn about it once they have received it? Having a debit card that you can spend globally also seems to be a very difficult problem that other cryptocurrencies have already struggled with.

If there was a hook for integrating an arbitrary or some of the already established cryptocurrencies into social media accounts, where you could send transactions to people's social media accounts and no one had to worry about the underlying wallet -- you could use this hook for all sorts of applications including helping people out or giving money to charity.

I'm just not sure if I understand why a separate cryptocurrency is needed to support this admirable use case.

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