Author Archive David Adamson

Reading this post here on Coinideology there’s a good chance that you have a fairly good idea of the concept of Blockchain Explained like what a blockchain is. And that Bitcoin is a digital currency or cryptocurrency that is built on the blockchain technology.

In this post, we aim to give you an in-depth look into what blockchain is, how it works and why most of the biggest companies and organisations around the world are investing heavily in this new technology.

What is blockchain?

The very literal name of blockchain is referring to the records of data and information stored on blocks. And each new block is connected to all the previously created blocks, thus creating a chain of blocks. All are storing information of every single block created before it.

Essentially the blockchain is like a database. That is made extremely valuable and unique due to its decentralised nature. Where no person, company or government can control it, without diminishing its appeal and use cases. At least when we talk about public blockchains or permissionless blockchain.

There are also private blockchains, or permission blockchains. Where a pre-selected group only can participate and enter new data, or transactions on the blockchain.

The latter we have seen emerge from global tech and media companies lately. Trying to create their luck in this new emerging technological landscape. But in this article, we will be focusing on the decentralized and public blockchains.

Because it is those with Bitcoin at its lead that is generating the awareness and attraction across almost every industry.

Bitcoin and blockchain have for a long time been heavily intertwined. Where Bitcoin, the cryptocurrency was created by this unknown figure only known as Satoshi Nakamoto. Satoshi Nakamoto created both Bitcoin and the blockchain now more than ten years ago, back in January 2009. Who or whom that is behind Bitcoin remains still a mystery.

But what we have seen is a shift in recent years. Where the blockchain technology have started to go down its own path. Separated from Bitcoin. Where businesses and organisations around the world have understood the unique value that a blockchain represents.

“Whereas most technologies tend to automate workers on the periphery doing menial tasks, blockchains automate away the center. Instead of putting the taxi driver out of a job, blockchain puts Uber out of a job and lets the taxi drivers work with the customer directly.” —Vitalik Buterin, co-founder Ethereum and Bitcoin Magazine

How does the blockchain work?

In the case of blockchain and Bitcoin specifically. Each block contains unique information about each transaction included in that block. Such as:

Number of transactions, date and time of each transaction, the sender and recipients and the amount of Bitcoins sent and each block also contains a unique, or ‘hash’

And each block also contains the information of all previous blocks. All containing the same information in them.

For new transactions to be accepted and entered into new blocks they need to be validated by, in the case of Bitcoin, miners. Miners is the name given to the group of users that through computational work solve mathematical puzzles, and by doing so they validate new transactions and get rewarded with new Bitcoins.

This model is known as the Proof of Work (PoW) system. Which is the most commonly used model for blockchains. There are also other models known as the Proof of Stake (PoS) model, where users stake their cryptocurrencies instead of mining to validate new transactions. Another model is known as the Proof of Authority (PoA) model. Which is a new PoS model, where only selected authority nodes can validate new transactions.

How secure are blockchains

The key value that blockchain represents is that they can automise current services and products, and remove unnecessary middlemen from the equation. It is both a technological advancement as it is a political concept.

Where power and rewards are brought back to the users and the providers. Much aligned to Vitalik’s quote about removing Uber from the equation and giving a greater reward back to the taxi drivers.

So the concept and technology have for understandable reasons grabbed a lot of attention and interest. But one of the major questions often asked about blockchains, is how secure are they?

And that questions centres around a few key concerns:

• Can the data be removed, altered or falsified?
• Can inadequate, incorrect or corrupted data be added to the blocks?
• Can someone take control of the blockchain?

So to answer all those questions, in order to modify existing data on the blockchain the hacker would also need to modify all future blocks. So the data and information are matched and linked correctly. Doing so would require huge amounts of computational power and taking control of a majority of the work done in a PoW model.

For example, the 51% attack is an example of this. Where hackers trying to take control of the Bitcoin network would need a majority of the computational power of the network, to be able to control all future transactions.

If any hackers fail to achieve a majority of the power of the network, miners can more easily sway off their attacks. And keep the network secure and intact.

Why is the blockchain so interesting?

We have touched on this question briefly, but we want to summarise our thoughts on the appeal of Bitcoin and blockchain technology.

1 ) The decentralized nature

A key factor is that the idea of no one owning, or controlling the blockchain can appeal to the masses. Where for a long time people might have grown tired of how current systems favours the few. And where the voices of the people have gone unheard and unanswered.

So the concept of a new technology where we are all but equals. And where we can participate in the network when we want and without asking for permission, or for that matter when it comes to Bitcoin and other cryptocurrencies paying huge fees to use it.

So with the advancement of new blockchain technologies, like the one of Ethereum. Where introductions of smart contract technology and decentralised applications have been added to the mix. The concept of a much smarter and more powerful blockchain, but still decentralised is for sure a very strong message and opportunity.

Imagining taxi drivers and other businesses receiving a larger piece of the pie, all while us consumers pay the same or less.

2 ) The technology is highly adaptable

Another key factor is that blockchain technology seems to be able to adapt to other technologies around it, and with current trends in business and society. Many businesses are trying to bridge blockchain technology with other technologies like AI, machine learning, VR and AR to pretty much everything else. And there is no inherent blocker, where these technologies can’t marry together well.

We are so early in the journey of where blockchain can take us. And we are still trying our best to figure out its current and future use cases.

So exactly how, what and where blockchain technology will continue to develop and form is not yet clear. But that is for us consumers to decide on our needs. And for businesses to understand by creating the technology, products, and services to meet that need.

3 ) It’s potential to influence every industry

Lastly what is perhaps the most exciting notion is that the power and value of blockchain technology can influence and positively affect pretty much every single industry.

From the supply chain industry where we have seen new blockchain projects like VeChain, Waltonchain and Ambrosus. To medicine and healthcare areas, to the automotive and transportation industry, to how governments operate. And the list can go on and on. Wherever there is a need and solution in place, there’s a good chance blockchain technology could be implemented and improve current use cases.

So today the effect of blockchain technology is still minimal if compared to the potential. Therefore it is so interesting to observe and engage with this space. Because of the opportunities for new businesses to form, for new use cases to be thought out and entrepreneurs to be made.

That means if you have the interest to be apart of this new emerging technology, then nothing should stop you from getting onboard. The potentials are there, now it’s for us to make something real out from it.

That concludes this review of blockchain technology and our visions for how and where blockchain technology can go next. No matter which role you decide to take, blockchain technology can’t and won’t be stopped.

Blockchain is getting busy in the future. Many companies have shown interested in investing in Blockchain. There are many reasons behind the investors to invest. It may be easy to handle the cryptocurrency than the database. The market of cryptocurrency is gonna hit the transaction value. It follows incentive models to maintain the network in control.

Blockchain Vs Traditional Database

A traditional database is getting old to maintain the data with a wide variety of features. It may have pros but as the future is dependent upon the time, thus the blockchain gets hype into the market. Most of them get confused between the term cryptocurrency and blockchain.

Blockchain is a type of block that is used to distribute the cryptocurrency under a network, where cryptocurrency is said to be a digital currency. Thus the blocks are easy to maintain the data than the traditional method called database. Thus I have listed out the difference between the traditional database and the blockchain.

It’s Easy to Control

When you compare the mechanism of database and blockchain, you might notice the difficulties of handling the system. The database follows a CRUD system that allows it to create, read, update, and delete. Blockchain carries a function to just insert the data. It makes the operation simple than the database. The required operation to maintain the data follow data that is a cryptocurrency, where the database doesn’t follow the chain to secure the network so that it can’t easily control data flow with the time.

Each block can control easily by its flow when it crosses via the cloud. The cloud technology creates data usage with more efficient usage than the database. Multiple databases are difficult to control whereas multi-data in a blockchain can easily control. Each data can be operated easily than the traditional database as it doesn’t allow the user to access the information when it is required.

The network plays a Vital Role

Blockchain carries out the data via the network which has been designed to maintain its security level against the hackers but the database follows the centralized method to secure the data. It may be easy to get track the information of data as it is in the same location. The decentralized method of blockchain allows the system to be secure more than the database method. Each block has been designed with a complex network.

The network follows the user data by the user-id which is created for the respective users, through which the user can easily control their data but the traditional database doesn’t have this type of feature. Due to its unavailability of the network system as blockchain, the database cannot sync with the image of blockchain.

Each node of the network has been crucially patronized by the engineers to restrict the hackers from the system of the database as it follows the centralized pattern. The blockchain consist of following tokens which is responsible for the network operation.

Recommended Post: Bitcoin vs. Blockchain – The Difference Between Blockchain and Bitcoin

Currency tokens

This token is an important player in the blockchain. It classified as currencies, which can describe the mean into payment for goods and services as an external service for the blockchain platform to run the token.

Let me explain you with an example, the mechanism of blockchain is about cryptocurrency as a bitcoin which replaces the currency into digital money. Where bitcoin holders can able to buy and sell the product and services from the shops, online retailers, and other merchants.

Utility tokens

This token is for the investors who were investing in terms of cryptocurrency as their digital assets. You can access in terms of the name as product or any kind of service. For example, the cryptocurrency holder can exchange the digital currency with their native cryptocurrencies for customers to reduce the trading price.

The major difference between the currency and the utility token is access to the function with a cryptocurrency issuer. The holder can access the trading price to get reduced by using the token. Tokens are majorly developed by EOS and Ethereum. These are said to be the utility tokens. Each token can be used on a single platform. It is said to be the decentralized app (dApp).

Investment/asset tokens

It is one of the important token classified as complicated. This token requires an important security-wise. These tokens are said to be the assets that play a vital role in the investment. These assets are distributed by the company itself that has created.

Auditable History

By using the blockchain, it is possible to track the history of transfer by the holder with certain limits but the database can make this kind of activity. Thus it will be more beneficial in terms of auditing history when any hacking kind of activity is taking place. Although the tracking is complicated in the blockchain the holder can avoid the tracking threats.

Cost It Requires

The cost of maintaining the blockchain is higher than the database. This is due to the maintenance of the digital currency through the network. Thus it is important to maintain the network with the higher priority of secure.

Whereas the database requires few possibilities to be secured as it is decentralized. Thus as many nodes are there in-network, it will be more secure to eliminate the hackers to track.  The cost might be affecting the supply and demand when it comes to the largest sector of products and services.

Conclusion

The database is known for secure in the past but when it comes to future the blockchain gets hype in the market.  Each process of blockchain is dependent upon the block which can share the currency using the smart contacts. Each node of the network is well constructed with its property. The design cannot allow the invader to interpret the blocks.

It has been maintained by a strong chain of networks. As I mentioned above the future of blockchain developers is getting raise and the demand will increase gradually. I hope the above content might give you information about the difference between the blockchain and the database.

The undeniably ingenious invention of the era is Blockchain. This technology is continuously taking over the business world.

Earlier it is considered to be confined to Bitcoin and other cryptocurrencies are just the tip of the iceberg.

By enabling digital information to be distributed but not copied, the blockchain technology created the backbone of a new type of Internet.

It is often touted as the new Internet and it has built-in robustness. It stores blocks of information that are identical across its network. The best attribute of this technology is that it cannot be controlled by any single entity and has no single point of failure.

Blockchain opened new doors of opportunities and profit for the entrepreneurs and established brands. After ruling in some unexpected industries such as sports, logistics and many more it is moving forward in the mobile app economy.

There is no doubt in saying that the mobile economy is virtually unstoppable as we can see the statistics that it will reach $6.3 trillion by 2021. The question is whether the technology has the potential to influence mobile app development space to ponder over.

Let’s dive in to find out how this futuristic technology is going to be benefitted.

Smart Contracts

Smart contracts will help in exchanging property, money, shares or anything of value in a transparent, problem-free way as well as it eliminates the need for a middle person.

The website blockchain technologies see smart contracts mingling into a hybrid paper and digital content where contracts are verified through blockchain and confirmed by physical copy.

Since the blocks are capable of recording their ownership, values, and timestamp it will reduce the possibility of data manipulation.

It has a peer-to-peer architecture, which supports the concept of smart contracts between businesses and their customers.

Let’s take an example, software companies also have some rules and procedures when they sign a project with the client such as NDA between the company and the client. This will make everything sorted, smart contracts are just like the legal agreements but they are digital and virtually available in which everything is transparent.

As mobile applications will be developed to facilitate validation of transactions, smart contracts will become highly secure and cost-effective in comparison to real-world procedures. This will be only achieved by applying Blockchain App Development as the smart contract is totally based on Blockchain technology.

More Secure Environment

The Blockchain is a distributed ledger which records everything in such a way that the information is easily tracked by its users. This characteristic makes it impossible to falsify information or to create any fake transactions.

This removes the risk of trusting each other as this issue will be taken care of with an immutable record as a blockchain ledger, everything is clear so that you can see each precise detail involved in the process.

As well as the storage of data can be verified, tracked and secured all at once. The blockchain expands as more entries are made to the ledger so that you can add more data. The system has full authority and also a very strong check and balance system.

Blockchain App Development Services also introduce you to the encryption power of this technology. It is next to impossible to decrypt without any decryption key by anyone to fool the system. This accommodates it to any system that requires giving access to various users but also needs verification of information.

As the mobile development advance and blockchain technology matures the merger of this technology will become widespread. It will provide a new definition to the privacy with the ease of use.

Approval of apps in the stores

The current scenario of app approval is entirely controlled by the two dominant app stores that are Google’s Play Store and Apple’s App Store.

These app stores are leading with 3.8 million apps in the Play Store and 2 million apps in the App Store. They decide which app will be published on their store and which will not on the basis of their quality assurance test process and distribution policies.

But the process of approval is not transparent and leaves the developers with an exclamation mark in their mind. This makes the task clumsy and time-consuming but also increases the confusion among mobile app developers in case of app denial.

On the other side, the less transparent process also increases the risk of the distribution of malicious apps by the users and leads to lesser security in the app market.

The introduction of blockchain technology into the process can make this process transparent through a reputation system for the developers. This system will directly be linked to the transactions on the public ledger and will be available for validation all the time.

Other than this with the help of Blockchain Application Development Services, various means will be employed to verify the identity of the mobile app developers.

It will also enhance the ranking system used by the users and will build up the trust of the users.

Resolving the Hassle of In-App Purchases

In a recent surveys report by We are social and Hootsuite unveils that there are 4 billion around the globe using the Internet. This means that now more than half of the population is online.

Though only 2 million mobile users have access to the payment solutions for in-app purchases. Besides this, the traditional in-app process allows the user to pay to the app store, deals with the banks, fraud cases and many more. After all these intermediaries the payment comes to the developer from the app store with a hell lot of hassle.

As a result, neither the developers are able to get the best nor the end-user is able to enjoy the perks of in-app purchases.

Here comes the superpower of Blockchain technology as a blessing. It enables mobile users to use and spent their reward coins in the absence of credit card and other payment methods. With this, it will also eliminate the middle person and will empower developers to get 85% value.

Cheers to No More Data Loss

The buzzword blockchain still leaves people amazed at the actual use and function of it. So let me tell you precisely what it actually is, it’s really easy to understand how blockchain development functions when you fantasize it as a ledger. The reality is that blockchain is just a digital ledger that is powered by a friendly computer network that allows sending and parsing data simultaneously.

The best part is if one person changes the information that change is transmitted to the other machines on the network that holds the same ledger. This systematic approach makes it adaptable and mobile technology needs such an approach.

Most systems use a client and server-side system, in this case of mobile networks the phone and mobile app act as a client and a central server distributes data on the request.

Millions of users and channels try to get the data wirelessly which makes the mobile networks stressed and causes some information to be lost. With the help of blockchain, mobile app development companies can implement it to get more advanced storage and data streaming.

Conclusion

Now, it is perfect to state that Blockchain will redefine the mobile app economy and offer the possibilities to the mobile app developers as well as the users that they have been waiting for years. Ease of use and access without the need for extra resources is too fascinating. If you are looking for a perfect solution for your app, we have your back. We blend blockchain in a way that it will reshape your business.

We are transforming the way you do business. Our innovative engineers build software solutions that are resilient and scalable to the changes that any market-leading business would face. Whatever be your need, to make a strong strategy or to design a groundbreaking user experience we have your back.

Being one of the Blockchain Development Company Services render solutions for Blockchain-as-a-service, Open source Blockchain, Blockchain Application Development, Mobile Wallets, ICO and more to help you enhance your businesses by blending best available technology.

People around the world are investing billions of dollars in cryptocurrency every year. It can be said that the market capitalization of digital currencies is only bound to increase in the future. That leads to the question – how does one trade cryptocurrencies?

The answer is simple, anyone looking to trade in cryptocurrencies needs to sign up with a crypto exchange. A crypto exchange is a platform where users trade cryptocurrencies for other assets, such as fiat money or other digital currencies.

Currently, there are three types of exchanges: Centralized exchange (CEXs), a decentralized exchange (DEXs), and a new innovative platform, Hybrid exchange.

Each exchange comes with its unique business model and features that might or might not serve your business requirements. So which exchange fulfills your needs? Although there is no definite winner in the race, a trader can analyze the advantages and disadvantages of these exchanges to make a more informed decision.

So, let’s learn about different kinds of exchanges functioning in the crypto market today:

Advantages and Disadvantages of CEXs

Today, most people around the world trade digital currencies on a centralized exchange because they appreciate its simple interface.

The technology behind the model is easy to understand; the exchange’s ledger updates its internal database regarding who owns what at different points in time. The third-party in control of the server possesses all exchange data, transaction history, and funds of customers. Therefore, a centralized exchange platform enables high liquidity, fast transactions, and streamlined user experience on the exchange. The speed and simplicity of a CEXs have led to a majority of traders adopting the platform over a decentralized exchange. The higher user base, in turn, has resulted in a much higher trading volume as well.

However, the problem with a central server model also resides in its simplicity. The central, third party server that holds KYC data of every user, becomes a single point of failure. For instance, if a hacker manages to corrupt the central server, he’ll come to possess the data of every user on the system. The obvious drawbacks in security and privacy are quite real; there have been hacks in the past that have caused substantial losses.

Pros and Cons of DEXs

Those looking for a trustless and discrete experience prefer a decentralized exchange. A decentralized exchange does not have a central server. It does not hold the data of all its customers, which permits its users to have more control over their data. Every transaction on the network happens in a peer-to-peer manner, thus, eliminating the intermediary. It results in lower service charges than centralized exchanges. Moreover, it is a much safer alternative to traditional centralized exchanges as there is no single point of failure. To hack the network, a hacker must compromise the entire digital ledger to gain access to customer data. A decentralized exchange is much more secure and reliable than a centralized exchange.

Even though it is a much safer alternative, many users still prefer centralized exchanges, due to their easy accessibility. A beginner struggles to understand the complicated format of a DEX whereas an expert finds the lack of analytical tools frustrating. Above all, DEXs are slower than CEXs. Furthermore, DEXs don’t have as many trading pairs as CEXs. That means users incur extra costs of converting one crypto coin to another before they can trade them on a DEX. All these problems have led to lower user adoption, and consequently, a much lower trading volume compared to centralized exchanges.

Pros and Cons of a Hybrid Exchange

Hybrid exchanges are a new type of crypto exchange; they intend to combine the best features of centralized and decentralized exchanges. A hybrid exchange is not only secure and reliable but it also provides analytical tools to experts and aficionados.

Due to its “hybrid” nature, a user enjoys the features of a CEX and a much more secure environment provided by DEXs.

Businesses stand to gain a lot from this innovative method of trading cryptocurrencies and assets. However, it is not well tested and developers need more time to streamline the experience for their clients. If you’re ready to invest in this type of exchange, make sure you’re patient, because the potential benefits outweigh the negatives.

The idea is new but holds immense potential if the developer can come up with customized solutions for your business.

Conclusion

As explained, each option has its pros and cons. It’s ultimately up to the client to determine what works best for them. To make an informed decision, one should first ascertain what is the primary concerns of potential customers? Security, speed or privacy? We, at Oodles, can help you with this complicated decision and guide your business to success.

Author Bio

We are a blockchain development company that also has expertise in providing cryptocurrency exchange development services. Contact us now for hassle-free exchange development solutions and start your cryptocurrency exchange business today.

In today’s world of business, you have to either be on the side of the product or the consumer. However, in the new world where the demand and supply are in excess, one of the most lucrative business ideas is to be the mediator between the demand and the supply.

Cryptocurrencies stand among the most innovative revolutions that have occurred in the field of finance and technology. There are different types of cryptocurrencies created day-in and day-out across multiple blockchains. These cryptocurrencies have a need to be traded to increase profits and to make the circulation and acceptance more dynamic.

To facilitate trade and transaction between cryptocurrencies, a robust cryptocurrency exchange is essential. You can create your own cryptocurrency platform using these steps!

What Is A Cryptocurrency Exchange Platform?

A cryptocurrency exchange platform is a digital marketplace where users can sell cryptocurrencies that they possess at established exchange rates. Cryptocurrency exchanges operate as an intermediary between buyers and sellers.

Before you go on to the actual process, the idea and the concept are of vital importance. Preparing and planning are quite crucial because all the specifications that you will need have to be specified even before the project starts. The exchange platform should have the following characteristics

• Flexibility to develop, customize, and scale
• Safety and security
• Complete control
• Instantaneous response to all actions

As a prescribed best practice, it is recommended that the entire ecosystem of the exchange is made of different modules. Each module should work independently. The interaction between the different modules should be managed by specific requests and should be hosted on different servers to balance the load. This will ensure that even if one of the modules is under attack, the others can function smoothly – taking care of just one server would be enough to get the exchange up and running again.

The Different Types of Cryptocurrency Exchanges

Given the fast-paced change in the world of cryptocurrencies, there are different types of exchanges. It is only upon your choice of the type of cryptocurrency exchange that the structure can be decided.

Direct trading platforms provide the tools for making immediate deals between the users. This type of exchange platform does not involve set market rate but depends on the rates set by the traders.

Brokerage platforms are the kind of sites that any person can use to buy currencies at the rate that is defined by an agent. The cryptocurrency agents are quite similar to foreign currency dealers in their functionality and profit-model.

Almost all cryptocurrency exchanges require the following steps:

Obtain The Legal Counsel To Ensure The Meeting Of Requirements

Any exchange is subject to the laws of the jurisdiction. Therefore, it is important to seek legal counsel and understand regulatory requirements. Proper licensing will need to be obtained in all the jurisdictions that your company plans to operate at. Some exchanges operate without significant oversight of recognition and legality. There have been instances where cryptocurrencies have not been recognized by the Government. Whatever be the geographical location of exchange and the intensity of the regulatory requirements, it is important to adhere to the KYC (Know Your Customer) and AML (Anti-Money Laundering) norms.

Estimate the cause and assure the funds

Before the start of the project, it is a good practice to estimate the approximate cost involved. It is known that a bare minimum of 12BTC will be needed to develop and launch a cryptocurrency exchange. The cost includes but is not limited to technology, hosting legal advice, government registration, and marketing. While the whole of the cost might not be required in the beginning, assuring the availability of funds ensures that the project will not succumb in the midway.

Finding a technology service provider

These Companies provide complete cryptocurrency exchange solutions charging a one-time fee without royalties or commissions. Buying a white label cryptocurrency exchange will also come in handy in the process of you launching the trading platform.

Ensure exchange liquidity

Liquidity is defined as the magnitude of the ease with which a currency or a cryptocurrency or an asset can be converted into tradable real-world cash. Liquidity for an exchange is the cornerstone to its success. If you don’t have a live order book with trading activity, there is a very good chance that potential customers think there is not enough demand on the exchange to sell their currency.

To circumvent this challenge, you can simulate activity on your exchange with dummy accounts within the new exchange. Another way to liquidity is to connect your exchange to an existing network of exchanges with a little cost. The magnitude of liquidity is directly proportional to the size of the network of exchanges.

Partner with the payment processor

You will have to consider a lot of factors like fee structure, lowest transaction rate, and processing fees before you choose your payment processor. There might also be differences when it comes to settlement time and compliances with the legal requirements. Be informed that your exchange is vulnerable to cybersecurity threats even through your payment processor!

Implement the security best practices

Security is of paramount importance for any place where the money is invested. The exchanges that are created by exchange development company ensure top-notch security, so it is immune to most cybersecurity threats. With the dubious record of security breaches like Mt. Gox, security is one aspect that users will meticulously consider before trading with any exchange.

Test your exchange

After the exchange has been built, and the contract with the payment processor has been set up, you have to ensure that the venture of the cryptocurrency exchange that you have created functions smoothly in its full range even at the beta level.

Marketing your exchange

While the technology and the functionality parts are important, it is equally important to ensure that your exchange is marketed in the right spaces. Making use of crypto news outlets and the classical elements like email marketing, search marketing, and social media could give your exchange the much-needed wings in marketing.

Provide ongoing customer support

This is one of the territories where most of the exchanges fail! A customer support desk that is diligent and attentive in satisfactorily resolving customer complaints should be in place to answer your customer queries 24/7. You can also consider implementing an existing helpdesk like Zen or Zoho.

What next? With a company, everything right from ideating your exchange to marketing your cryptocurrency exchange will be taken care of smoothly. Our white label cryptocurrency exchange scripts give you low-cost solutions for technology that is otherwise considered expensive. Just drop in your inquiries to us and we will take care to help you create and operate your own cryptocurrency exchange!

It is not the strongest of the species that survives, nor the most intelligent that survives. It is the one that is the most adaptable to change.

The law of evolution stated by Charles Darwin a couple of decades back still holds true in the case of businesses that are fighting in the blood-thirsty competition to survive, grow, and prosper. This is why, increasingly, the businesses are gravitating towards the adoption of innovative technologies to stay and thrive in the game.

With unprecedented innovations and amazing use cases of mobile, wearable, AR, VR, AI, IoT, and pretty more, if you think technology evolution has reached a saturation level. You are absolutely wrong. The not-so-old kid on the tech block- blockchain technology is ready to take the world by storm.   

Let’s understand what blockchain is:

Blockchain technology is actually a decentralized ledger that’s made up of blocks (or nodes) that are securely linked with each other through the cryptographic link to form a chain. In a distributed ledger, each block on the chain is distributed but not copied, and immutable in nature, but can be shared with no central authority. 

The ingenious invention that’s transforming the universe is originally brought to the world by the pseudonym, Satoshi Nakamoto which is underlying technology behind cryptocurrency (Bitcoin). Later, the tech has evolved into something bigger and now, it has become a backbone of the several cryptocurrencies such as Litecoin, Ethereum, Dash and Ripple, etc.

What are cryptocurrencies?

Cryptocurrency is a digital currency that’s used to execute the financial transactions securely due to cryptography. Security, no central authority, immunity to changes, no bank or government regulation or control, and no third-party involvement are the biggest allures of the cryptocurrency. That’s the reason it’s emerged as a great alternative form of payment to cash, credit cards, and checks.

The payment through cryptocurrency has certainly gained an upper hand in the world economy, but still not reliable and convenient in the age of mobile wallet app development. This need led the creation of cryptocurrency wallet app development which is a highly secure, convenient, and reliable option for the financial transactions.

Take a quick glance at the Cryptocurrency Wallet Application Development:

The cryptocurrency wallet app shares a resemblance with the digital mobile wallets that enable transferring funds, making transactions, peer-to-peer sharing, and pretty more. This type of wallet use cryptocurrency like bitcoin as a digital currency to enable quick, easy, and secure financial transaction without having intermediaries in between. The smart contract securely validates the transaction between different parties based on the pre-defined set of conditions.

There are different types of cryptocurrency wallets such as mobile wallet, web wallet, a desktop wallet, and hardware wallet that works on the same concept but have different accessibility and utilities. These wallets are carving a distinctive niche in the market due to the easy access it provides to the users access the funds in the form of wallet app.

The role of Blockchain Technology In it:

The cryptocurrency wallet app is an independent part of the blockchain’s public network where the information regarding every transaction is recorded, and reviewed and tracked by the user at any point of time. The app allows the user to turn the cryptocurrency into real paper money through QR code scanning that can be used for money transfer or shopping (Just in a few countries).

The wallet app can be created, locked, blocked, or deleted anytime without requiring any kind of user registration through a financial institution, or government. The cryptocurrencies can be sold through banks in a few nations. The peer-to-peer mechanism is also available that facilitates transparent and secure transactions. 

Most of the cryptocurrencies have their own apps while some prefer the users to use third-party apps to send and receive cryptocurrency in a secured fashion. It indicates the wallet apps allow the users to interact with different blockchains while conducting a transaction in digital currency.   

Benefits of Cryptocurrency Wallet Application Development

• The transaction becomes cheaper and faster

Either opening a bank account or creating a wallet app and conducting transactions require the users to visit the bank or financial institutions where the users are required to wait for some time and additional fees or charges is the part and parcel of the game. This is not the case with cryptocurrency as the user can create, setup and start using the wallet app in a matter of minutes with no additional questions to answer or fee to pay.

Additionally, there are some countries like Europe that allow users to buy anything using paper cryptocurrency with minimal charges involved. Therefore, with no broker or third-party involvement, the transaction becomes easy, inexpensive, and quick.  

• No centralized regulation

The cryptocurrency doesn’t play by rules because it’s not supported by national banks and not obliged to meet any nation’s regulation. Besides, maintaining and making transactions through cryptocurrency is not restricted by any of the state and bank presets, just the way they are imposed on national currency (bank monitors every transaction, impose high commission charges, restrict cash out on bank deposit or cash circulation, and more).

No government or bank has control over the cryptocurrency transactions that are done through wallets, which makes it decentralized.

• Global acceptance

It’s an international currency whose value remains same in every corner of the world, which means no matter where the users are, they can make transactions having one wallet with no issues of the current exchange rate. Moreover, trading or sending cryptocurrency abroad is as easier and faster as going to the neighborhood because there is no restriction on the transaction amount, no excessive commission for international transaction, and transactions can be accomplished in a couple of clicks.

• Unmatched safety level

The cryptocurrency wallet has gone the extra mile to keep the transactions secure. With cryptography linking, public and private keys to conduct transactions and record immutability, the wallet gets protected against different ways of scamming. The wallets also allow the users to store data offline through cold keeping that makes it impossible to hack the data through the internet. The users can keep all the cryptocurrencies cold and just transfer the amount to address that needs an internet connection, which makes the wallet robust secure to use.

• The great degree of anonymity

Cryptocurrency wallets are owned by the user who has created the account and no third-party has control over them. They are absolutely anonymous and transparent as the user can make endless transactions without revealing the name, phone number, or other details. The users can track only the last transactions and stay unaware of what the receiver did with the cryptocurrency. 

Future implications of cryptocurrency wallet

The several advantages and enormous potential of the cryptocurrency wallet clear up the air that soon people stop looking at this wallet as exotic and unusual. Simplicity, speed, and convenience are the key factors due to which wallet is gaining major attention and wider adoption across the globe. It’s expected to continue in the years to come.

In the developed nations, the hardware-powered cryptocurrency wallets, ATMs for cryptocurrencies, and POS terminals for cryptocurrency in the shop are already getting used and leading players are also joining the race. Moreover, the investors, billionaires, and even some governments supporting the cryptocurrency wallet initiative.

It’s a sign, the great hype created around cryptocurrency wallet and blockchain will not burst like a balloon, it’s here to stay as a powerful digital financial transaction tool.