A Crypto currency is basically a virtual currency which uses cryptography for security purposes. It’s extremely difficult and nearly impossible to counterfeit it because of its security features. Many crypto currencies are decentralized systems which are mostly based upon a Blockchain, which basically is the record keeping technology behind bit coin.
What do you mean by blockchain?
The blockchain is nothing but everything beyond the crypto currencies. It is an overall distributed database where it is made up of data blocks. Each and every data blocks have a stamp and a reliable link connected to the block that came before it. This kind of technology is the most needed one where there is a great runway to run the Peer to Peer system for the overall transaction including the exchanges.
One guarantee is assured that there will be no involvement of the 3rd parties between a developer and a customer and hence the fees are quite lower than before. At the same time, there is no personal data is also exchanged. Yes, no doubt the crypto currencies make use of the Blockchain technology in a well-defined manner.
What are the major pros?
The most important benefits of the Blockchain technology are decentralization of traditional finance. At most of the time, both the developers and the folks manage the database. This one directly means that the central authority has no longer control and there is no burden of the interest rate including the transactional charges. This one automatically makes the business dealings a faster one and cost effective too. A probable solution is also developed for the developers in order to face the longer settlement periods.
Other pros
There is a wide variety of uses for mobile applications in crypto currency. Many companies have initiated and have started creating app development for android processes too. There is a number of uses of some mobile applications which benefits the users of crypto currency in unimaginable ways.
Coin Portfolio
There’s this app called Crypto Tax and many other similar to this, which actually worries about what you would be doing with the coins more specifically rather than the number of coins that you have. If you just input the transactions that you have done in this app or any similar one to this, it will track the value of your holdings as well as your prospective losses. It will also provide you with information regarding the current market fluctuations of the prices of the coins if you are planning to buy some. The app also alerts you when there is a sudden rise or fall in price so that you can buy it at the right time and in the right place.
Gaming
Crypto currencies like Enjin Coin are used for gaming purposes. But the Enjin Wallet also supports major crypto currencies. Almost like every other app, such apps used for the purpose of gaming through crypto currencies too require major security as the key element. They also provide a secure specialized keyboard along with optional randomized keys.
Investment
The apps used solely for the purpose of investment tips and ideas have been around for almost 10 years now. They mainly focus on offering expert advice on everything about investment so that there would be an increase in the use of crypto currency. Some of the similar apps may not provide wallet functionality, but, it does have some of the most comprehensive databases for tracking both the real-time as well as the historic price. It also gives you an insight into the money that you have made and also any possible losses. You can even sell at the price which you desire by fixing it.
Transfer
Just like any other money transferring apps, crypto currencies which uses bit coin and such similar currencies also have mobile applications for transferring fees. They are very easy to use even for the beginners as well as the old users. Along with this, they also transfer a bunch of useful features, like transferring of bit coin through QR code. Master seed backups are provided by them which ultimately assures the safety of your data and it’s recovery as well. Users can buy Bit coin directly from their wallet also.
Storage
An app like Xapo claims to have been described as storage by the Wall Street Journal. It promises three layers of securities. But that’s as far as security for investments can really go. Such apps are extremely users oriented and help them with any sort of doubts that they have.
Cons
What are the major problems with the distributed apps?
Both the development and the testing of the apps is a great challenge for the experts. It is a little bit difficult to test and also debug the code which runs on a single device. In case if you are trying to use the Blockchain for an app then you need to build the expectations and also plan everything accordingly to the real values.
Coming to the criteria of the mobile industry, the crypto currency is not going to change at any cause. On the other side of the flip, the Blockchain enables the app developers to change its way where the apps are distributed and maintained too. Sure for the future, it will be impossible to ignore the important to ignore the aspect that this gigantic one has a major impact on the mobile app development.