ChangeTip, a social media tipping service, has launched ChangeTip Wallet. a blockchain-powered, decentralized platform that provides a way to send and receive bitcoin online. ChangeTip Wallet combines the ease and convenience of ChangeTip with the ownership of private keys.
ChangeTip, the flagship product of Silicon Valley, Calif.-based ChangeCoin, allows users to express appreciation and pay people via monetary tips. The tips are sent within the context of each social platform, allowing users to transact in the normal course of their Reddit, YouTube, Facebook, Twitter, Slack and other online interactions. ChangeTip’s social media integrations make the service a convenient way to move money on the Internet. In this way, ChangeTip represents the next generation of financial payment infrastructure as well as the next iteration of the “Internet of Value.”
Instant Transactions Via ChangeTip
Built on bitcoin blockchain technology, the ChangeTip platform allows instant transactions among two parties without inconveniencing either user with formal sign-up processes and waiting periods for bank account and other validations.
Many bitcoin users in the ChangeTip community have been asking for the platforms’ decentralization. For this reason, the company is now offering a decentralized ChangeTip product that allows users to manage their own private keys and to more fully experience the benefits bitcoin offers.
ChangeTip Wallet is currently in closed beta and will be available only by invitation. Interested parties can join the list by entering their e-mail address at https://www.changetip.com/wallet.
A Decentralized ChangeTip
ChangeTip Wallet is a decentralized version of ChangeTip. ChangeTip Wallet, unlike ChangeTip, allows users to hold their own private keys and be able to initiate and approve payments using a web and mobile app.
ChangeTip Wallet users will have more financial freedom than what ChangeTip offers. ChangeTip Wallet transaction amounts, account sizes, and user locations are unlimited. Unlike ChangeTip, users can use the service and send any amount they wish from any location.
“We’re really excited to launch something that’s pure bitcoin,” said Nick Sullivan, founder and CEO of ChangeCoin. “Many in our community like ChangeTip, but shy away from the service because it’s centralized. We talked for a while about creating this product, and ultimately, we decided it was something we really wanted to build.”
ChangeTip Wallet’s first release will be demonstrated in person to limited and select parties Feb. 27 at an unnamed North American resort.
Also read: ChangeTip now enabled on Soundcloud
A Way To Promote Bitcoin
ChangeTip Wallet will be a way to display the benefits of bitcoin technology to people not familiar with the system. The company’s goal is to introduce a product that fills a need in the ecosystem, one that allows others in the industry to leverage and integrate with the technology. It also incorporates feedback from the community into its development.
ChangeCoin has been exploring a Lightning Network payment channel or a sidechain. Given the benefits of remaining on-chain and the positive developments in the bitcoin industry, the company believes the timing is right to build a decentralized platform that empowers users to hold and manage their own funds.
ChangeCoin has raised more than $3.5 million in funding to pursue micropayments and bitcoin technology. Investors include Gil Penchina, Pantera Capital, and 500 Startups.
Images from ChangeTip.