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Sui aims to enhance cryptocurrency transactions through SMS-based payments by 2025. This initiative is seen as a significant step, particularly for individuals living in rural areas with limited internet access.
SMS Technology and Accessibility
Sui plans to implement SMS-based payments to reach wider audiences, leveraging the advantages of blockchain technology. This will enable people in areas with poor internet connectivity to manage their financial transactions more easily.
Sui’s co-founder Kostas Chalkias stated, “Managing crypto transactions with SMS technology will provide great convenience for users without internet access.”
Technological Developments and Security
In addition to SMS payments, Sui also intends to enhance network scalability with Mysticeti V2 and develop SCION and Walrus protocols for security and storage solutions. These innovations will contribute to a more secure and efficient crypto ecosystem.
Target Audience and Financial Access
Approximately three billion people globally lack internet access, often being unbanked and having limited access to financial services. Sui’s SMS-based solutions aim to empower these individuals by increasing their financial freedom.
Moreover, the ability to transfer crypto through SMS networks can be beneficial even for individuals living in metropolitan areas. This feature offers crucial advantages for users looking to respond swiftly to market movements.
Developed by the Mysten Labs project, Sui aims to make a difference in the cryptocurrency landscape with this innovative approach.
Upcoming updates planned for next year aim to strengthen Sui’s technological infrastructure, making it more user-friendly. These developments may support the democratization of the financial system by enabling broader access to cryptocurrency transactions.
Sui’s initiatives could alleviate challenges in accessing digital financial services and enhance economic participation.
