Mycelium is one of the most ordinary Bitcoin wallets since 2013. We spoke with product boss Dimitrij (known as Rassah) about the history of Mycelium, the challenges in pocketbook development and the plan for an upcoming big release.
Hello Dimitrij. Tell me something give you and your team!
We are an international team. A lot of people are in Europe, for example in Austria or Denmark, and some in Canada and the US. We accept no central office and are just connected online.
When was Mycelium bring about?
In some way Mycelium was a chield of the arab spring. People used chatter and other social media to organize the protest, and the government stopped the internet to cessation the protest. The original idea of Mycelium was to build a device that usuals up a mesh network. This is something like twitter, but without internet uniting. This was in 2008.
Than came Bitcon. We had the idea to use Bitcoin on the device and started to show it. We build a wallet, developed our brand, and made the Mycelium you know. This was in 2013.
What are the object ti in developing wallets?
First challenge is, it should be completely secure, so that people should not rambling their money. Another challenge ist the slow internet connection of canny phones. SPV (Simple Payment Verification) was available, but still difficult for smartphones, because you comprise to download all the blockheaders and that requires a lot of processing power. Using this in 2013 was not doable, because you had to wait some minutes after starting. So we created a backend server structure: the billfold asks the server for the balance. This is not decentralized as SPV nodes are, but it’s faster and the retired keys are still stored on the phone.
How can you earn money with a notecase? It seems that this is a problem.
Our CEO and founder has other sources of proceeds he uses to fund our work. He hopes that we will earn well-to-do, when we are established. With entropy, a small USB device that ends hardware based entropy to create paper wallets, we earned some notes. We have a well recognized brand and now we try to monetize our brand.
I think the commerce of wallet development is a general problem. There is no way to make money with the pocketbook itself. There is the idea to charge for transactions, but than people be gone and use other wallets. The only way to earn money with wallets is to accord a service on top of it. Coinbase and circle for example sell bitcoins, ledger or trezor push hardware. We made some money by integration third party air forces, like cashila, and with local trader we earn a small return with fees.
What makes Mycelium special compared to other billfolds?
Mycelium is made for advanced users. There are a lot of of Bitcoin wallets, and some are childlike – you have an acount, and you can send and receive money. With Mycelium you bear different types of accounts and we support third-party-services, like trezor. We also put aside to build a paper wallet and to sign a message with your key. One of our top seniority is privacy, we support HD addresses and TOR.
Recently you announced a big new release at the end of the year. Can you aver me something about your plans?
The idea of Mycelium is to bundle multiple works in the wallet. The way the wallet is designed, we are the only ones who can add features. Any time a third-party wants to entertain their service added, they have to come to us and we have to enact it. This takes much time from our developers. The new wallet wish be designed more modular: Third parties can use our APIs and build plugins by themself, and alcohols can add the plugin they wish to use.
The same we make with Bitcoin itself. By now we use a spelt bitcoin code we wrote ourself. That makes it difficult to swap to another blockchain. But we make bitcoin modular itself, as a plugin, so we can add other blockchains, another currencies, and another forms like colored coins and so on. This allows us to concentrate on the security and core on bitcoin specific improvements. For example we plan to support coin-shuffle and slyness adresses to enhance privacy, or multi-sig for security. It’s a lot of work to do, but by now we don’t have the pro tempore to do.
Another big announcement was the crowdsale of shares in Mycelium. Can you explain this?
The billfold will be a separate entity and decoupled from the rest of our company. We are market 5 percent of the wallet division. It’s something like stock, but just a get. You can buy and sell the tokens, and if there is going to be a profit or the company’s value set in motions, then the worth of the share will raise too. If this happens, the share desire be converted to something that pays out dividend.
We build the token on colored species. Anybody can trade them and prove he is the owner. You need the colu-wallet to salvage them now, but we are working on adding colored coins to Mycelium. It’s possible to choice of words a private key for your asset.
Do you work on integrating Segregated Witness and RBF?
We are go on Segregated Witness for a few month. It’s not done yet, it’s a very complicated project. RBF at ones desire be shortly afterwards. For Segregated Witness you’ll need to have a special account, it utilizes another address format. Both accounts will be compatible. If you send from an account, that is not compatible to Secluded Witness, the new account will be able to receive it as a standard transaction and be proficient to build a Segregated Witness transaction.
Thank you for the interview!