Twetch, Twitter’s Blockchain-based Competitor, Launches In-Chat Payments

To leverage the encryption feature, users need to have a cryptocurrency wallet, a one that connects to the BSV network. To keep the chats private, …

Twetch introduced a new encryption feature to Twetch Chat offering additional privacy and security to users. Besides it also allows users to make in-app payments directly via chat.

Twetch, a Bitcoin SV blockchain-based micropayments social network, has introduced an encryption mechanism to its chat feature. The new encrypted direct-messaging feature on Twetch also allows users to make payments via the chat function. As per the announcement on Wednesday, September 9, the Twetch Chat is a fully encrypted messaging platform allowing anyone to chat privately with other Twetch users. By adding encryption, Twetch Chat aims to provide additional security and privacy to its users. Earlier this year at the Coingeek conference, Twetch announced its plans to provide private communication.

The Twetch Chat encryption feature uses Bitcoin (BSV), AES, and ECIES. To leverage the encryption feature, users need to have a cryptocurrency wallet, a one that connects to the BSV network. To keep the chats private, Twetch uses Bitcoin private keys. Thus, only the user, or those having permission, can access the chat.

Users get complete ownership of their data while they can give permission to decrypt the messages by starting a conversation. They can also revoke permission by leaving a group chat. This will render them inaccessible and delete all their messages. Twetch CEO Joshua Petty said:

“Unlike legacy internet services, Twetch offloads key management to the user’s account (which is a Bitcoin [SV] wallet). It’s a step toward breaking up the big tech data monopoly.”

Making In-Chat Payments Using Twetch

With the new encryption, users can also send small and large amounts of digital cash to their connections. They can do it by using BSV via ‘fren2fren’ payments. For using Twetch, users need Moneybutton or Relayx wallet for storing and sending Bitcoin SV.

Both of these wallets create a PayMail protocol that creates an email-like ID instead of a string of numbers and characters as we see in conventional wallets. Upon setting up the Twetch account, users get a 12-word seed phrase associated with the unique wallet’s public key. The seed remains stored and encrypted in Twetch’s database. If a user wants to log-in, they have to decrypt the seed, provide their identity and gain access.

Twetch Chat is specifically intended for social interactions and businesses. Using the chat feature, users can negotiate deals in private as well as make payments via the same interaction. In an email to CoinDesk, the Twetch CEO wrote:

“Messaging is a key feature for any social network. Most of the apps people use right now are not encrypted let alone give you access to the data like we do. This is setting the standard of how all software is going to work. Sound security and sound money built in by default.”

“Just like with your bitcoin or crypto wallet, it is possible people lose access to all their wallets/private keys. However, it is possible to cross-sign with multiple wallets on Twetch,” added he.

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Bhushan Akolkar

Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

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