Blockchain technology has many use cases, most of which have yet to be discovered. The use cases that have been discovered and widely used, like financial transactions and decentralised applications, haven’t yet been integrated into a user-friendly device.
A blockchain phone could change all of that. Several companies have already created such a phone. While the market today is very small, it signals a new level of innovation for the crypto community.
One interesting application of blockchain involves using it in telecommunications. While the actual usage of a phone for talking and texting might not change much, the smartphone itself could provide an easy avenue for integration of other blockchain-based use cases.
Why Would Anyone Want a Blockchain Phone?
What’s so great about a blockchain smartphone?
It can do just about everything that has so far made blockchain revolutionary:
- Cryptocurrency wallets can be run from within the phone’s native operating system.
- Users can hold their private keys in cold storage if they wish.
- Decentralised applications, or Dapps, can be run right on the phone.
Or, it can be used to run nodes on a network.
Blockchains work through a distributed network of computers that store encrypted data in order to prevent tampering. This network makes it possible to keep a record of transactions with a centralised third-party. Computers that participate in this process are referred to as nodes.
“The Exodus site claims that each blockchain phone will serve as a node, and that “we want to double and triple the number of nodes of Ethereum and Bitcoin.” Jules White, an assistant professor of engineering at Vanderbilt University, said that the upside to a phone that’s already configured to be a node is that it would make it easier for people to enter the cryptocurrency market. “The average person is probably not going to know how to download an application to do something with bitcoin,” he said. “So if you had a phone that had it built in from the beginning … it might allow a lot more participation in these cryptocurrencies.”
Having thousands or even millions of people carrying around nodes in their pockets would allow networks to scale much more easily.
Mass Adoption of Crypto and the Blockchain Phone
The blockchain phone could be an easy way to facilitate the mass adoption of crypto.
Because a blockchain phone can come complete with all the software necessary to interact with the blockchain, more users might be inclined to use it.
It has often been said that one of the biggest things holding back mass adoption of crypto is a user-friendly interface. People need to be able to engage blockchain in a way that feels comfortable as they can with other technologies.
When you interact with the internet, you’re not necessarily aware of everything happening in the background. Things like TCP/IP protocols and DNS servers aren’t something the average internet user has to think about or even knows about, even though they are necessary components of using a web browser, for example.
In a similar way, users of a blockchain phone may be able to use cryptocurrency wallets and decentralised applications without having to understand the technology behind them.
The Avesta Wallet Also Provides a User-Friendly Interface
The Avesta wallet takes less than two minutes to set up, involves no long strings of random characters, and doesn’t require much technical know-how.
Using the wallet, users can send, receive, and store tokens, create, send, and record invoices, and much more. This functionality is contained in one simple desktop wallet program.
For fast and affordable transactions, sign up for an Avesta wallet today.