So many people do not understand this yet, but Monero (XMR) is the leading cryptocurrency focused on private and censorship-resistant transactions.
The majority of existing cryptocurrencies, including Bitcoin and Ethereum, have transparent blockchains. As a result, transactions can be verified and traced by anyone in the world. The sending and receiving addresses of these transactions could potentially be linked to real-world identities.
Monero (XMR), on the other hand, uses various privacy-enhancing technologies to ensure the anonymity of its users. So why expose yourself to financial voyeurism?
When Vikrant Sharma first started experimenting with bitcoin, it was during a slow year with his family business in the steel industry. He attempted to buy antibiotics with bitcoin (BTC). Within hours, Coinbase shut down his account, and Gemini eventually also flagged his account with them.
This led Sharma into the path of looking into the privacy coin Monero (XMR) to avoid the pitfalls of the transparent surveillance coins. A Monero wallet for iPhone users did not exist at the time, so not long after, Vikrant changed that with the development and launch of Cake Wallet in 2018.
I recently had the opportunity to speak with Vik Sharma, the CEO of Cake Technologies.
Vik told me clearly:
“The ultimate goal [of Cake Wallet] is a fiat on-ramp straight to Monero.”
Cake Wallet was the first open-source Monero wallet for Apple iOS, and as of January 2020, it is available for Android as well. Since 2021, Cake Wallet supports BTC (Electrum) and LTC (Electrum) wallets.
Most importantly, Cake Wallet is a non-custodial wallet, meaning that all information about your wallet is stored on your device, and you, the user, are 100% in control of your wallet and your funds.
Here’s Vik Sharma’s advice to those starting to get into privacy coins:
“Don’t overthink it. Number one, you’re not going to figure out everything before you start. It’s a new field, it’s an ever-changing field, and you just have to jump in with both feet and learn.”
The mission of Cake Technologies is to bring crypto to the masses through a simple and intuitive experience for beginners while offering robust features for more advanced users.
As a free and open-source project for over three years, Cake Wallet has helped its users send, receive, and exchange crypto safely and easily.
During our interview, Vik details his journey for Cake Wallet to go open source, explains where he got the name Cake Wallet from, and shows us what the app can do. Cake Wallet stores Bitcoin (BTC) and Monero (XMR) exclusively, but it can exchange many other coins to Monero.
Sharma also offers his take on the current price of XMR and why it is so undervalued. He does not believe there is a conspiracy to suppress the price but that it just isn’t well known or accessible enough.
Enjoy my full interview with Cake Wallet CEO Vik Sharma:
Here at The Crypto Vigilante (SUBSCRIBE), we’re excited to see how Cake Wallet will continue to innovate. Vik’s goal for the product is to support direct fiat to XMR conversion.
Unfortunately, Cake Technologies must acquire state licenses from all 50 states to go about it legally, though they may do a soft launch with 5 to 10 state licenses.
For liquidity, they’re looking into THORChain. User-friendliness is also a focus of Cake Wallet, as Sharma notes that technology is useless if no one is using it.
Vik explained his vision like this:
“We’re almost kind of led by the community, we listen to their needs and wants, and we shape our direction for the Monero community. We’re dedicated to that.”
Vik laments that mainstream crypto traders only care about investment prices going up, without any concern for privacy or other uses for cryptography.
This fact remains. Many of us were very early to Bitcoin several years ago, and we’re still early to Monero today. Nevertheless, fungibility and decentralization are the foundation, and entrepreneurship is the way forward.
Cake Wallet is available for Apple iOS and Android (with Google Play and direct Android APK). You can learn more on their website at cakewallet.com.
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