Cryptocurrency has gain the popularity in 2021. Th rise of bitcoin price, defi invention make more people want to get benefit from investing cryptocurrency. More big companies spend million dollar investment in bitcoin and other blockchain based projects. These trends bring challenges to cryptocurrency developers to create fast, user friendly and available apps of cryptocurrency wallets and services.
Commone people are still confused about what and how cryptocurrencies. They still understand that cryptocurrency is bitcoin. It is just simple answer from common people that see cryptocurrency is bitcoin.
What technical challenges for cryptocurrency developers?
Will there be cryptocurrency mass adoption? To get the answer, cryptocurrency developers take the responsibility. iCurrently, cryptocurrency is used as the digital investment, money to money. Decentralized finance is a kind of example, money creates money. Bitcoin becomes a value asset but how cryptocurrency influences the world of economy is a home work for developers.
What cryptocurrency should look in the coming years?
1. Cryptocurrency should represent modern money.
Fiat is an old-fashion money printing system. Cryptocurrency offers different money with decentralized system. Is that enough? The writer opinion says no. Modern money should be light, fast, and user friendly, available in many forms of apps and devices, not complicated. Many people still see cryptocurrency wallet is complicated with long private key and paraphrase. They are afraid of loosing money because they forget the private key or paraphrase.
2. Cryptocurrency should be compliant to world financial regulation.
Like or dislike regulation about financial system will still be applied in all nations. Regulation is to control financial breakdown. Modern cryptocurrency should be compliant to regulations to be mass used money. Though, privacy coins are still needed, they will not be public money. Only certain communities that demand privacy coins. Cryptocurrency developers should protect users privacy together with making apps that comply with rules. That is not an easy work but to be mass adopted a cryptocurrency should take the step.
3. Cryptocurrency should overcome Security issues.
There are too many stories of breaches and lost funds in cryptocurrency. Common people do not want to take risks of loosing money by using crypto money. They should have basic knowledge about securing wallet and crypto assets. By creating easy wallet, a user should not know deeper about basic tech to secure crypto currency wallet. Online mobile banking in my county only need easy pasword, login to account and pin with short code. They use the wallet for shopping and other payment activities. The users do not know the technical facts how to use the mobile bank wallets. They download, register, get verified and use the wallet. The bank also limit transaction in wallet to secure loosing fund when the phone or pc was hacked. How cryptocurrency wallet will be as easy as mobile banks wallet with higher security will be in the need of mass in the future.
4. Cryptocurrency wallet should enable exchanging and storing multiple assets.
In the near future, one will only have an asset in cryptocurrency. He may have more than one or multiple assets in different network. He can have bitcoin, ethereum and its token, litecoin, dash and other cryptocurrency assets. How a wallet can store those assets and with a single security. Atomic wallet and exodus have this feature. Swap exchange and integrate to fiat transfer will be needed by more people. Fiat transfer to ATM card will be benefit to wallet. In my country there is a wallet service that provide the service but it is centralized. The provider can suspend our account for breaking the rules though, the rules are sometime not relevant.
5. Cryptocurrency should have fast confirmation.
Fast confirmation in transaction is very important. How cryptocurrency will be widely used if the confirmation needs minutes. In seconds, a transaction should be confirmed. You may see how long queue in supermarket? It is possible for cryptocurrency accept such long and high traffic transaction? You may see in a store, can you imagine if the crowd in many stores at the same time? can a cryptocurrency wallet process such a traffic in seconds? That is a big challenge for cryptocurrency developers.
Those are only 5 challenges that the writer as non technical person see. Technically, creating cryptocurrency wallet with such features is not an easy job. A developer can not create in short period of time. There will be trial error. Will cryptocurrency answer all the need in the money system in the future? As a user, the writer just wait for the apps to be created.
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