12:04 GMT +320 July 2018
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    Blockchain

    First Blockchain-Based Cryptocurrency Messenger Wins Over Millions Users

    CC BY 2.0 / Mike Seyfang / Blockchain
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    The new platform is aimed at sharing and distributing information about cryptocurrencies and blockchain to the general public, according to BeeChat developers.

    The world’s first cryptocurrency messenger has already drawn millions of users around the world, amid an increased global interest in digital currencies.

    BeeChat is a blockchain-based messenger and cryptocurrency community. The platform was launched in October and is now delivering hundreds of millions of messages every day through its network.

    The platform uses end-to-end encryption and provides communications such as messaging, calling and video calls.

    BeeChat currently supports over 10 cryptocurrencies, which can be stored in a digital currency wallet and exchanged between users in real time. The platform also provides options to facilitate the exchange of information about the cryptocurrencies market and blockchain.

    READ MORE: Cryptocurrency Reddcoin Skyrockets After John McAfee's Coin-of-the-Day Tweet

    "Facilitating information exchange in a social environment to educate the general public on the benefits of blockchain and cryptocurrencies is key to fostering the growth of the community – this is something that will revolutionize the way we interact," a member of the BeeChat founding team pointed out.

    Blockchain is definitely one of the buzzwords of the outgoing year.

    Blockchain technology is a distributed database, all replicas of which are regularly updated to add information about new transactions. Every time a transaction occurs, it is encrypted in a block, which is then sent out to all network users. Each block has a time stamp and a reference to the previous block, which allows for establishing a sequence of transactions. The data is therefore transparent and very difficult to change, which makes it a helpful security solution for any distribution or transaction processes.

    Blockchain is often regarded as an "anti-establishment" innovation associated with digital currencies, such as bitcoin, which rely on the technology.

    Bitcoin, the world’s most popular cryptocurrency, saw a meteoric rise in 2017, from below $1,000 at the beginning of the year to a historic threshold of $20,000 earlier in December.

    READ MORE: 'New Standard of Value': Why There is a Real Place for Bitcoin in Global Economy

    The cryptocurrency market has recently experienced a string of losses, culminating in a nosedive on December 22, with Bitcoin falling below $11,000. After the drastic downturn, Bitcoin recovered and has been hovering between $13,000 and 16,000 in recent days.

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