DigitalBTC Launches AirPocket as "Uber" for Remittances, Shares Spike

Australia-based DigitalBTC has announced its launch of "AirPocket", a Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term-based system that is envisioned to function like an "Uber" for remittances.

The company has until now engaged in the mining and trading of Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term. The latest offering can be described as a way of decentralizing remittances among the general population, as opposed to processing through a single agent like Western Union. CEO Zhenya Tsvetnenko explained:

"This is designed so that anyone can start their own business. Like anyone with a car can become an Uber driver, this will allow anyone with a smartphone to become an AirAgent and begin distributing cash to those receiving remittance from overseas."

Similar to an Uber driver, Airpocket's mapping interface allows you to find an agent in another country, who would send the funds to the recipient. An encrypted code, "Aircode", is generated once the agent receives the funds, which are sent via the blockchain. The recipient validates the code to access the funds.

The obvious challenge will be security, seeing that agents will be entrusted with sensitive information. Tsvetnenko acknowledged that "stealing someone's one-time AirCode is like stealing someone's wallet with cash in it. In general, there is little protection that can be provided from this."

The fees for the transaction would be charged to the sender and come in at 3%, significantly less than traditional remittance channels. DigitalBTC would retain 1%, as would the agent.

DigitalBTC is publicly traded on the Australian Securities Exchange (ASX). Its shares soared by 89% to close at $0.175 (AUD) today, their biggest daily gain since re-launching for public trade as a Bitcoin company 14 months ago. The launch may have contributed to the spike, although it would seem insufficient for a rally of this size.

Shares are now at their highest since November, but are still more than 60% off their March 2014 peak after losing as much as 84% following the re-launch.