It seems the long-awaited Mycelium Card Network (MCN) is on the horizon. The organization’s website has had a major overhaul showing off its new product labeled the “cost efficient global distributed payment solution.” The offering is an issuance of mesh-networking cards.
“The Mycelium payment architecture is based on distributed ledger, as a consequence, it does not need the complex and expensive infrastructure used by traditional payment systems.”
Mycelium has been involved with the cryptocurrency community for quite some time. The group has provided various product lines with a wallet service, merchant processor called Gear and more. Gear announced earlier this year is a beta platform that allows merchants to accept payments directly to their Electrum or Mycelium wallets without an intermediary. The new card with its updated website now states the latest project brings two elements to the table: “a Mycelium Card and a Mycelium Hub.”
Mycelium’s short video explains that traditional accounting systems used today are weak and outdated as the blockchain concept is far superior. The cards issued to users communicate with each other and also connect to the hubs that strengthen the network. These nodes are run by individuals and businesses who distribute the transactions to the MCN architecture. Mycelium claims users can deposit funds into the card and use them without the drawbacks of traditional systems. Additionally, the network has no need for servers, terminals or routers that typically need maintenance and updates.
The MCN network claims to be “entirely self-sufficient” using different techniques than existing platforms. Each card transacts normally like your typical bank card, but instead of using gateways such as Wi-Fi or Bluetooth it uses long radio standards. This gives the card system a mesh net-like technology throughout the MCN system. Additional security is provided due to the built-in keyboard on the card’s display. This enables the owner to use additional pin security right on the card itself keeping the funds safe from fraudulent activity. Another noteworthy feature is the cards ability to also bypass banks and institutions by sending money directly peer-to-peer. Terminal network and online glitches also cannot affect the MCN network due to its unique long radio connectivity.
The distributed ledger system used by MCN is what sets it apart from traditional technology. Mycelium explains:
“Mycelium security is based on the blockchain infrastructure. Thanks to its redundancy and distributed architecture, coupled with cryptography-based security, the distributed ledger architecture has been proved secure.”
The Mycelium card has been talked about in the past for some time now though not a lot of information is available at the moment. Considering the subtle hints in the video, however, it seems as though this card may be able to handle fiat transactions. Nevertheless, that information hasn’t been confirmed as there hasn’t been an official announcement yet from the Mycelium camp. In the meantime, you can their the Mycelium card video below.
Bitcoin.com will keep you updated on this story as we receive more information.
What do you think about Mycelium’s card concept? Let us know in the comments below.
Images courtesy of the MCN website, and Vimeo