Cryptocurrency needs to be supported by Wallets to exist
Jan 15, 2018 Posted / 6826 Views
Creating a cryptocurrency is a simple process and does not require much of effort and time. Most of the time companies’ copy codebase of an existing digital currency and then rename it as their own. Many popular currencies are born this way only by mining a genesis block and hence creating a cryptocurrency. However, a cryptocurrency cannot run until a mobile wallet does not support the coin. A cryptocurrency wallet facilitates in carrying out the transactions and also every financial operation is directly dependent on the wallet.
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The Internet originated on desktop devices but it now dwells in our pockets or essentially in our hands as we seldom stop utilizing our mobile devices long enough. When Satoshi Nakamoto mentioned about Bitcoin and published the concept of cryptocurrencies in his white paper in October 2008, the desktop remained the favoured way of performing a business on the web, but all that was about to transfer. 14 months later, Steve Jobs had unveiled the iPhone, escorting and inspiring in what would shift into a mobile revolution.
At same time, Satoshi was silently paced with his own cryptocurrency surge and by late 2010, Satoshi started declaring out of the currency while the seed he had sown was sprouting into a digital money tree that was growing expeditiously. By 2016, mobile web usage surpassed desktop utilization, and the crypto economy, which had stood still for the last two years, burst out into life. All of a sudden everyone was launching coins and tokens, and major portion of it were mobile-oriented. The boom met with ecstasy of social media where every person who grasped the concept started was tweeting, Snapchatting and vlogging about crypto.
There is just one major problem that arises at that specific situation that most of these innovative cryptocurrencies weren’t essentially spendable. They were more like future currencies, that could be utilized between 18 months’ time when the development team got round to releasing Android and iOS wallets. Bitcoin might be expensive to send and ripple might be pointless to send, but at least they can be used as a form of currency, P2P or P2B. Good luck transforming the lives of the unbanked with your “affordable and fast” transactions that can only be sent from desktop wallet to desktop wallet.
The arduous task that many developers face these days is having an app approved for the App Store, which includes a rigorous process. Apple doesn’t accept any old code, cobbled together and rushed to market, which is how many cryptocurrency projects seem to operate. As a result, mobile wallets operating on iOS specifically have proven to be a sticking point. Of the coins at present in the cryptocurrency top 10, half don’t have their own devoted wallet.
Ripple, Cardano, stellar, IOTA, and EOS all lack proprietary iOS wallets, with ripple and stellar are loaning the third-party wallets. Venture outside the top 10 and very few coins have a mobile wallet; monero, for instance, is still appending on full iOS support. Mobile wallets take time and care to perfect, so it’s not the fault of development teams that they are not able to push these apps out in a small amount of time. Nonetheless, until these currencies do all this, their slogans of being able to substratum and holding on thousands of transactions a second and ensuring peer to peer exchange are just plain lies.
Applancer is an open platform for discussion on all things like Blockchain , Cryptocurrency and Ico news updates. As such, the opinions expressed in this article are the author's own and do not necessarily reflect the view of Applancer .
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