A team of software developers supported by serial entrepreneur Mark Cuban has launched the digital currency Ethereum-based Mercury Protocol for the communication industry on Aug. 24. The protocol’s system is underpinned by the ERC20 token called the “Global Messaging Token” (GMT).
According to Mercury Protocol lead Blockchain developer Preethi Kasireddy, the protocol uses the GMT token as a utility metric for communication platform participation.
Concept of Mercury Protocol
Based on the white paper released by the protocol’s developers, Mercury Protocol is designed as an alternative to centralized communication platforms that aims to ensure the privacy of its users. By using the protocol, communication platforms will reap the benefits of decentralized Blockchain technology at low cost.
The protocol will allow platforms that embrace it to exchange content across previously isolated privatized applications, boost user privacy by establishing monetization strategies that do not rely on their behavioral data and leverage tokens to promote user participation. The protocol will also offer stronger network security than those provided by a private system that has single point of failure.
Early adopters of Mercury Protocol
The protocol was already implemented by the chat application (app) called Dust, which was also developed by Cuban’s team and was previously launched in 2014.
The app, which is a private encrypted messenger that makes data “forensically-unrecoverable” upon deletion, is touted by the team as “the future standard of private communication.” The app has tens of thousands of active users on a daily basis to date. The protocol will also be used by the team in its new project called Broadcast. The project, which will serve as a social platform that will prevent issues like harassment and echo chambers, is scheduled to be launched by the end of 2017.
Cuban has been vocal about his skepticism on Bitcoin’s value. However, his recent moves include backing a Bitcoin hedge fund and announcing his plans of ‘switching’ stocks with Bitcoin.