Mycelium Wallet status update for November 2016

Dear users and supporters of Mycelium Wallet,

We apologize for being silent in our updates over the last few months. We are still always available for questions or concerns at info@mycelium.com and on our Telegram group at https://telegram.me/MyceliumWallet. You can also follow us on Twitter @MyceliumCom.

Although we have been quiet, we have been very busy behind the scenes. The project we have in mind requires both a new way to manage multiple apps (plugins) within a single app, and do it securely in a way where one app can’t steal the contents of another (such as a private key being stolen by a rogue plugin). We researched numerous ways to do this, discarded many development platforms we found to be inadequate, and found plenty of security issues to fix in them that were previously unknown. Generally when it comes to projects, the saying is “the perfect is the enemy of the good,” but in a project such as ours (or any bitcoin wallet) we can’t have something that is simply “good enough.” Here, security can not be compromised for expediency. Unfortunately this has also been the main reason for our slow progress: there are way too many things that currently exist which turned out to be not secure enough (to our hardcore requirments), and the only way for us to find that out has been to test them, if possible fix them, and if not, scrap them and try something else.

That said, we have made a lot of progress over the last six months. On the back end we have optimized our bitcoin node servers to deal with the increased load on the network. On the new wallet, we have completed the following:

  • Converted the core from BitLib to BitcoinJ

  • Built out the plugin architecture foundation

  • OTR messaging for use in communication between wallets (currently used in our CoinShuffle project)

  • Hardware wallet module

  • UI designs

  • UI implementation platform (what it will run on top of)

The following we have started and are currently in development:

  • Converting of all main wallet screens to new UI

  • SPV implementation through BitcoinJ (demo by our lead Android dev Leo)

  • Converting all secondary services to use BitcoinJ (LocalTrader, Glidera, Locks, BitID, etc).

  • Support for Colu tokens, which at this time only has basic single address support

  • Converting existing third party services to plugins

  • SegWit implementation (basic implementation is done but needs more testing and UI changes)

  • Multisig support

  • CoinShuffle Support (demo by jr dev Constantin. You can download the precompiled file here)

Most of these things aren’t visible to end users, or only exist on a new wallet, so unfortunately it’s hard to see progress on them. But we should have the following available to show our users by mid November:

  • An SPV module that users can download and use with our current wallet, including support for using your own node

  • A demo app that shows the new wallet UI functionality, although it will just be a mockup without actual functions, which we hope to use to get feedback from our users

  • A command line usable version of our CoinShuffle implementation (ShufflePuff)

With regards to Mycelium Tokens (MT), the two biggest questions we have gotten were, when will it be possible to store them in our wallet, and when will they be available to trade on exchanges? With regards to support for them in our wallet, as mentioned, the basic implementation is done, so that should be soon. As for exchanges, MT is already available on the Bitsquare decentralized exchange, and should be available on Bittrex soon. The issue we hit here is that MT isn’t just another coin like the hundreds of others out there, and that it has actual value backed by a company. Due to this, exchanges have been concerned about requiring a wholly different set of regulations to be able to support us, and some would have required us to pay them substantial monthly fees to cover their risk. We have been told that Bittrex is close to finishing implementing their regulatory infrastructure for tokens such as ours, and will be able to add MT soon. Hopefully once they do, other exchanges can follow their model and add it as well. There are some good news for Mycelium Token holders, but we can not disclose the details yet. The only thing we can say now is that they have to prepare to receive their share of appreciation.

Finally, there have been some rumors circulating with regards to Mycelium’s involvement in Mass Network. Mass Network is a conglomerate of a few prominent blockchain businesses, each providing their own set of skills to the project. Mycelium plans to provide wallet support for Mass, since Mass tokens use Colu, the same architecture used in Mycelium Tokens. This would involve simply expanding the Mycelium Token support in our wallet to cover Mass as well. I, as Mycelium CEO, am also one of the people on the board of directors of Mass, and one of its treasurers. As per the press release, I plan to take over as CEO of Mass as well to help provide them with some guidance, and will make a major purchase later the year. However, the purchase is not connected to Mycelium (though it is possible that Mass project will be aquired by Mycelium in the future) and will have no relation or impact on the wallet project in any way. Mycelium is a completely separate company with its own finances, developers, management and projects. In this case Mass has only outsourced to Mycelium’s expertise the payments segment of the project (as Bitfury did for lightning implementation).

Thank you all for your trust and support,

Alexander Kuzmin

Mycelium | CEO

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