- Sui aims to improve crypto transactions in 2025 by introducing SMS-based payments, particularly benefiting those in rural areas with limited internet access.
- Kostas Chalkias of Mysten Labs demonstrated how SMS technology can be used for managing crypto transactions, although a wallet address is still required.
- Sui’s technology could help over three billion people with poor internet access, providing an alternative financial solution for the unbanked.
- In addition to SMS payments, Sui’s 2025 plans include major updates like Mysticeti V2 for improved scalability, and new protocols like SCION and Walrus for enhanced security and storage.
Sending crypto transactions in 2025 isn’t rocket science – but it’s not exactly a walk in the park – especially for those in rural locations.
Sui is looking to change that by introducing SMS-based payments.
The blockchain, which was a leading narrative in 2024 after bursting into the top 20 cryptocurrencies by market cap, is aiming to improve the conditions of sending and receiving crypto.
Specifically, SMS technology can help those with limited net access manage their finances remotely.
Related: Bitcoin Dips Below $100K as AI Jitters Rattle Tech, But Analysts See Silver Lining
SMS Technology Can Assist Over Three Billion People With Poor Internet Access
The decentralised innovation was championed by Kostas Chalkias, founder of the Mysten Labs project that builds Sui.
In a social media post, Kostas demonstrated exactly how the new feature would work.
To be clear, Sui’s tech won’t let you send crypto via a mobile number. You’ll still need to use a network-compatible wallet address like any other digital asset transaction.
The impressive part of the function is the ability to transfer crypto using SMS networks. Most who live in metro regions may never need this utility – but even then, you could theoretically react to market movements while in the middle of the desert.
More pertinently, nearly one third of the world’s population (three billion) have poor or no internet access.
Many of these people are unbanked and deal with corrupt governments and financial institutions, making crypto an enticing alternative.
And Sui’s new product may finally give them the keys to unlock the financial freedom of crypto.
@kostascrypto casually dropping an industry-changing product, which has huge implications for payments, DeFi, rewards, gaming and more! https://t.co/QCwm8A0zVT
Sui Set for Transformative 2025
SMS transactions aren’t all that’s on Sui’s agenda for the new year.
The Layer 1 project came along in leaps and bounds and is looking to push that momentum into 2025.
The biggest update, called Mysticeti V2, will revolutionise the network’s consensus mechanism. The goal is to improve transaction throughput, finality time and ultimately scalability.
This will likely have a flow-on effect for decentralised gaming and AI applications on the SUI ($1.53) network, which rely heavily on protocol efficiency to operate.
On top of the Mysticeti upgrade, Sui also plans to add the SCION security protocol and the Walrus storage solution for managing massive on-chain files.
The post Sui Blockchain Enhances Accessibility with SMS-Based Transactions appeared first on Crypto News Australia.
24h Most Popular
Utilities