Cryptocurrency is already trending now as we all know and it is being used in almost every digital platform now.
Recently, Facebook launched its own cryptocurrency Libra and now it is got everyone wondering about how what is the future of cryptocurrency in mobile app development.
Due to poor knowledge of this subject, it is quite common to witness people who are completely unaware of this.
Cryptocurrency has been in play for a long and now it is time for us to truly understand its future and the advantages of cryptocurrency.
The companies now who hire mobile app developers are investing in them so that they can learn Blockchain technology and how to understand the future of cryptocurrency.
So without any further ado, let’s understand what cryptocurrency is and also understand if there is any future of cryptocurrency in the Mobile App Development.
What is Cryptocurrency?
Cryptocurrencies are virtual currencies that use Blockchain technology for their work. Bitcoins and Ethereum are some of the most famous cryptocurrencies in the world.
These cryptocurrencies, unlike real currencies, cannot be counterfeited. This is because they use high-security protocols that include cryptography.
The whole Blockchain system is decentralized which is why it is liked by many who bought cryptocurrencies.
There are many advantages of cryptocurrency and it is because of it can also be stridden into a positive path so that its features can be applied in Mobile App services.
Why are they special?
These cryptocurrencies work on decentralized blockchain technology. There is no particular central authority and thus it can be protected from any kind of attacks or data manipulation. You will also not face any interference from the government.
What are the most famous cryptocurrencies?
Bitcoin is the first cryptocurrency introduced in this world with the use of blockchain technology. You can call it a pioneer in the cryptocurrency world.
Though there are other famous cryptocurrencies like Etherium, bitcoin is one of the favorites when it comes to applications.
Bitcoins are now being utilized in Mobile App Development Companies.
Bitcoins run on blockchain technology. Blockchain technology has a wide range of uses and it is beyond cryptocurrencies.
It is made out of data blocks where there is a database. It is helpful in P2P kind of transactions and exchanges.
These data blocks have a stamp on them and a link to the previous block. So all the data blocks are linked to one another.
Thus when this technology is used in iOS App development or the Android App Development, every process is done in real-time and there is not a single involvement of the third parties.
Apart from this, no personal data is let out when this technology is in place.
Here are some of the most cryptocurrencies:
Since its inception in 2008, it is known to be the first cryptocurrency ever. Its owner is not known but they go by name of Satoshi Nakamoto.
It is based on blockchain technology. This is one of the most favored cryptocurrencies due to its ability to decentralize the intermediaries like credit card companies and banks when you are making e-payments.
Here are some of the advantages of Bitcoins:
- If you want to transfer bitcoins to your loved ones, you can do it directly without involving any bank-backed payment gateway. Bitcoin is a digital and decentralized transaction.
- It has an outstanding community of developers and thus, it has a lot of people investing in its stocks for better growth.
- Bitcoin is a fantastic start for someone who is new to the cryptocurrency world. It can be easily purchased as some of the famous exchanges and wallets are now accepting and supporting bitcoins.
- Bitcoin is slowly making its mark in the mainstream economy. Big giants like Mircosoft, and Overstock.com. Expedia.com are already accepting bitcoins as a mode of payment.
- Bitcoin is represented as BTC and one of the main drawbacks is the transaction made in the bitcoins take almost 10-12 minutes. In addition to this, a lot of expensive software is required which consumes so much electricity when bitcoin mining takes place. Mining is quite a significant activity that needs to take place in cryptocurrency.
After Bitcoin, it is Ethereum gained the most popularity. It was made in 2015 by Vitalik Buterin and since then it has been much more than just a virtual currency.
Ethereum also known as ether is based entirely on blockchain technology. This particular platform is known to develop and make decentralized apps.
Ether is the cryptocurrency for official transactions on the Ethereum-Blockchain platform. Ethereum has its own blockchain so whenever you have fresh ideas of getting into iOS App development or Android App Development then you can directly build from Ethereum’s blockchain. Here are some advantages of Ethereum:
- One of the most popular platforms for Mobile App Development and also for smart contracts. These smart contracts are considered the next big thing in the cryptocurrency world.
- Ethereum transactions are faster than Bitcoins. Bitcoins take up to 10 minutes while Ether is done in a few seconds.
- Ethereum is coded of Solidity and does not support any other coding language. Also, Ethereum has competitors like Cardano that are offering the same features but with better technology.
- Ethereum has a humongous market capitalization of $77.5 billion.
How Cryptocurrency can be the future of Mobile App Development?
Before you even talk about how cryptocurrency helps, let’s understand how blockchain technology can be the future of Mobile App Development.
☛ It can make secure apps and give ultimate protection of data
There is a growing vulnerability in the apps that are being made today.
Due to so many cyber-attacks and personal data leaks, every Mobile App Development company be it an iOS app development company or an Android App Development company invest huge amounts for that extra layer of security.
And it quite happens with giant companies and successful startups where data loss is at stake.
Thus when you incorporate blockchain technology in mobile app development, then all these security issues will vanish.
Blockchain technology uses cryptography like encryption of the stored data and decryption. Thus, it is highly secured and cannot be hacked.
☛ A plethora of options for the Mobile App Developer
Blockchain might sound like a great idea for a few mobile app developers but they do not know how to go about it.
They might like it so much that they can actually start working on the technology but again set their foot back due to the lack of information.
But slowly, some of the mainstream apps are slowly bringing blockchain apps to the market.
In fact, a few companies have actually started to bring blockchain into app development and let the clients know its specialty of it. Since the blockchain market is rising rapidly, it will provide a plethora of options to mobile app developers.
In a few years from now, every tech company or startup should start fitting blockchain technology into their app development strategies due to tough competition.
☛ Terms of Agreement norms are being tested
Blockchain technology is changing the way how clients and businesses are signing the terms of the agreement.
Any mobile app development company when signing with a new client sets certain rules and then starts working.
But blockchain can make conventional agreements a passing phase and introduce smart contracts for smart projects.
But what is a smart contract? It is a code in the computer that is on the top of the blockchain and has all the kinds of things the party has agreed on.
It can be about the kind of features or it could be about the personnel. Either way, it is surely changing the way the Mobile App development industry is.
This way, there is a timestamp which is almost like your digital signature and the financials are also agreed upon.
This ensures that the apps that are built will validate the transactions properly without any security breaches.
☛ Mobile Payments and cashless transactions are encouraged.
A lot of people in the world have now switched to digital transactions or cashless transactions.
The credit card system was there but bringing blockchain into the payment wallet apps is completely phenomenal.
It eliminates all kinds of risks like carrying cash all the time or bringing a certain amount of change cash with you. You can make the payment in a moment and get going.
When you are incorporating blockchain apps, it can blend the mainstream economy with cryptocurrency.
If a person would like to pay via cryptocurrency, he will have a medium. So every mobile wallet app which allows cryptocurrency as a viable payment option needs to have the blockchain to back it up.
☛ Great improvement in the cryptocurrency wallet app development
When the cryptocurrency wallet application development uses blockchain technology, it is to make the financial transactions extra safe and quite private.
In addition to this, it is done by not taking the help of any of the mid-financial intermediaries. Though there are certain boundaries set to how and where you can use cryptocurrencies for purchasing, they are a great way to transfer money overseas or internationally.
The crypto mobile wallets will easily allow you to sell cryptocurrency through your bank (selective countries).
They will also give you permission to turn it into cash or real currency. You do not need to put your personal data at stake for this.
☛ App developers get to create secure digital ID Management Apps!
The digital currency has now stepped up its game as the blockchain has its own digital identity.
The technology which is being used by mobile app developers can be tweaked in with a little of the blockchain.
They can use that source to create some safe and secure digital ID management apps. This way, they can have their own digital identity in the record and can securely conduct business.
They can accurately paint it just like smart contracts and retain the ownership of the particular individual. This saves a lot of resources.
☛ The Cryptocurrencies can be a huge market
Though they have their advent a decade ago, cryptocurrencies are slowly emerging markets.
They are trying to outdo each cryptocurrency by using blockchain and there can be a huge underlying opportunity for a P2P basis.
Also, the developers will now have to work in a decentralized structure of the database.
So if there is any Mobile App Development Company out there, it is a great endeavor if you are incorporating blockchain technology and cryptocurrencies in your upcoming apps.
You can have loads of expansions and there are huge improvements in cryptocurrencies. Their reach is expanding and hopefully, it is for a safe and secure environment.