Is This New Crypto-Messaging App The Whatsapp-Killer?
The brand-new decentralized messaging app known as Secretum, that exists on the Solana Blockchain could become the WhatsApp killer. But why is there a need for new messaging apps? How does Secretum work? What effect will this have on the Solana cryptocurrency?
Let’s find out more!
The Dark Side Of Messaging Apps
After the technological revolution, the world of social media has flourished thanks to web 2.0. Instead of getting a takeaway directly from the restaurant, we have UberEATS; instead of calling your friends on the land-line, we use smartphones; we use Zoom instead of going to the office and finally, we use WhatsApp instead of meeting people in person.
Now more than ever, we are seeing the highest adoption rate of messaging apps that the world has ever seen.
According to Business Insider, more than 3.5 billion people use at least one messaging apps and the average person sends about 72 messages a day.
The first graph shows that while the average mobile-time usage has grown by 69% year on year, the rate is much higher for messaging. While time spent shopping or gaming online is relatively low, the average amount of time spent messaging on online apps has been increasing by roughly 494% year on year. And out of all these apps, WhatsApp takes the biggest slice of the pie.
WhatsApp alone channels over a 100 billion messages every single day, while WeChat on the other hand manages to channel over 205 million. But the biggest threat to online messaging and communication has been data privacy, hacking and government violation of our privacy. Most of these messaging apps have been designed for the consumers to deliver sensitive information to even use the apps in the first place. This includes our names, phone numbers and even date of birth. What makes matters worse is the fact that our messaging data is stored on the cloud, which is not encrypted, therefore making it easy for information to get hacked.
In case you don’t remember, here are just some of the huge data related scandals that the world has seen in the past:
- Back in September 2021, the EU’s privacy watchdog fined WhatsApp a hefty $255 million for data processing and data sharing violations. This did not come as breaking news, since WhatsApp, which functions under Facebook had been transferring its data to them.
- Telegram suffered a major data leak back in August 2020, which exposed the personal data of over 500 million users.
- In April 2021, Facebook experienced another breach that saw the data of over 530 million users being stolen.
Blockchain Technology And Solving Data Protection
Well, what is the solution to all of this data privacy and hacking? It could be the use of blockchain technology. Blockchain tech has given us cryptocurrencies, a decentralized method of transferring funds, with no chances of anybody stealing your data. But this is slowly evolving and now we have witnessed the same technology being used in a new messaging app.
Blockchain tech is looking to change the way data is transmitted and how it stores value. By leveraging its embedded advantages of data security and privacy as we have seen in the secure transactions of various cryptocurrencies, blockchain technology is here to stay and this tech is gaining traction among healthcare, governments, banks, finance and real estate among many other important sectors. The cryptocurrency world, which runs on blockchain technology, has made huge waves, as the entire market cap has crossed $3 trillion thanks to the strong performances of the likes of Bitcoin, Ethereum and other digital assets.
But with an increase of cyber and data related threats, a solution is needed. Turns out, a project built on Solana is looking to do just this and much more.
Secretum: A Decentralized Messaging App On Solana
A team of communication technology experts from Lithuania have developed a solution that has worked to fight the main problem that global messaging platforms face. The name of this solution is Secretum. Secretum is the world’s first and only decentralised and encrypted messaging app, built on the Solana Blockchain.
According to the Secretum white paper, they are looking to solve many existing problems in the technological world. They want to keep messages, files and other forms of communications private and safe from cyber threats and hacks of any type. Secretum also looks to eliminate the risk of cyber threats on crypto assets. This has emerged due to an increase in crypto-related hacking. For example, an average of $10 million was stolen every day in 2020 alone, with thefts having risen by 1000% between October 2020 to March 2021.
Finally, they are also looking to provide a safe and cost-effective solution for existing and new crypto users so that they can trade, buy and sell crypto assets safely.
The Benefits Of Secretum
Secretum offers everything that you can imagine when it comes to data privacy, fast speeds and easy crypto access, all under one roof. It offers users a safe, hassle-free, and direct messaging platform, revolving around major technological advantages: No servers, no moderators, and complete end-to-end encryption for all messages between users.
No message data or file storage in a centralised location or on the cloud — this is only on trusted and independently verified nodes in the Secretum network. Users can sign up exclusively with their crypto wallet address. This means that the need to provide personal and vital information like your name or phone number is no longer required. Just like we have seen with so many other cryptos and blockchains, Secretum also offers the added benefit of allowing users to trade P2P fungible and non-fungible crypto. This means that you can trade actual cryptocurrencies like Solana or Ethereum on Secretum, but you can also use the platform to buy and sell NFTs and other non-fungible digital assets.
Does Secretum Make Solana Bullish?
Solana, being the 6th largest cryptocurrency in the world in terms of market cap is always going to be talked about. But when you add in such a lucrative project, you would think that this would only help push the price further. As it currently stands, Solana is trading at around the $225 price point.
All crypto assets faced a small correction on November 15, which could be a catalyst of the rumoured increase in inflation prices for the coming year. But the good thing is that the long-term outlook for Solana is very much bullish.
According to the forecast system of Wallet Investor, Solana looks very bullish for the long term. The end of the month prediction for Solana according to the analytics team is $261.03, which would be a nice increase for current investors. But this gets even better in the long term. They expect an increase of 1138% in the coming 5 years, which would put Solana at a whopping $2786 per token.
We should mention that this is not financial advice. We are merely speculating the current market scenario and providing you with different sources of information. You should only invest what you can afford in such a volatile market.
So, do you think that Secretum is going to change the messaging app world forever? Do you think it has the potential to take on WhatsApp In the years to come? Let us know in the comments section below.