Bitcoin News: Bitcoin Payment Now Integrated with Social Networking

A new Japan-based wallet service called ‘Ninki’ aims to be a social network for payments, where users build trusted groups who may need to transact on a regular basis or for a common cause. Local charity events, crowdfunding campaigns, small- to medium-sized businesses and international freelancers are among the most likely kinds of user groups, said the company’s lead developer, Benjamin Smith. Users can form groups and share details as easily as they can on popular social networks.

Smith further said “The idea initially came from seeing how difficult it was for people to exchange and scan QR codes, copy and paste addresses, etc. Even for my tech friends. People get lazy and use the same address all the time.” What makes Ninki stand out from other bitcoin wallets is its Contacts list, where users can categorize their contacts depending on their transaction needs.

Ninki, which means ‘popular’ in Japanese, has undergone extensive alpha testing over the past few months and opened in beta to the public last week.

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Registering a new account with Ninki generates quite a few keys and codes, so get ready to take secure notes. The software generates a public user name and a 15-word public phrase. These are for others to identify you within the network and so you can perform a secure out-of-bound validation of the user.

At the user dashboard level Ninki’s interface is in plain language and straightforward, with all the encryption and security handled seamlessly in the background. You can search for other users by username and avatar, adding and approving them as desired. For one-off payments, you can also send to a standard bitcoin address.

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To start building a trust network, simply share your 15-word public phrase with another user. Upon accepting, the other party will also share its phrase. In the background, Ninki performs an exchange of public PGP (pretty good privacy) keys between the two users. The user dashboard is simple and supplies all information regarding balances, contacts, groups and pending payments. This is a big step towards the wider usage of bitcoins.

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