Opinion 2022 and Huge Leaps in Crypto Mobile Technologies

2022 and Huge Leaps in Crypto Mobile Technologies

December 10, 2022

So far, 2022 has been quite a memorable year, mainly thanks to a range of terrible news. A similar situation can be seen in the crypto domain as well, where the optimism for the next leg of the then-ongoing bull run was cut short through a range of macro and micro headwinds. Presently, the price of BTC token is hovering around the 16,000 USD zone, but a slide further down seems like something that will occur sooner or later. But, in the doom and gloom of 2022, there is a big and not-so-visible factor that offers a glimpse into the future of the booming crypto ecosystem. 

That element is the proliferation and expansion of mobile technologies that are propping up a range of services and applications of digital currencies. These technologies are usually underreported and perceived by the wider public as relatively expected elements that are already present in other IT domains. However, while this sentiment is completely understandable, the ecosystem that is growing around mobile crypto technologies is more nuanced and unique than it might appear at first. Besides, these technologies are one of the bedrock elements of crypto adoption which has to occur for the markets to return to a healthier phase. They alone stand in a very limited space but still could grow into a massive support pillar for the eventual end of the crypto winter and the onset of a brand new crypto spring. 

The Merge

From a technological perspective, the Merge on the ethereum platform is the biggest event of this year. As a decentralized platform that runs smart contracts, including applications that run exactly as programmed without any possibility of downtime, censorship, or third-party interference, the ethereum network has and is the key player in the development of crypto technologies. These applications, or dapps, are powered by ether and its ETH token, the cryptocurrency that acts as fuel for the ethereum network. 

The Merge pushed the same network to the next level, ushering in the time of the proof-of-stake operations and rendering all crypto miners useless for the production of ETH tokens. But, even though this is a massive step forward, the Merge showed that the need for dapps to move to mobile platforms remains a top priority for all crypto and blockchain developers. 2022 is the year when many in the crypto industry woke up to the same fact and began actively pursuing mobile solutions for their platforms and dapps.

Importance of Mobile Tech

Mobile platforms are important for the future of cryptocurrency adoption for several reasons, all of which play a big role in the present period as well. Firstly, mobile devices are becoming increasingly prevalent, with many people relying on smartphones and other mobile devices as their primary means of accessing the internet. This means that having a strong presence on mobile platforms is essential for reaching a large audience and promoting the adoption of cryptocurrency. Secondly, mobile devices offer a number of unique features and capabilities that can be leveraged to improve the user experience of cryptocurrency applications. For example, mobile devices are equipped with sensors and other hardware that can be used to enhance security, such as by enabling two-factor authentication or biometric authentication. 

Additionally, mobile devices are typically always connected to the internet, which allows for real-time, seamless interactions with cryptocurrency networks and applications. Thirdly, mobile platforms are important for the future of cryptocurrency adoption because they provide a convenient, user-friendly interface for accessing and managing cryptocurrency assets. With a mobile app, users can easily track their cryptocurrency balances, send and receive payments, and manage their wallets on the go, without the need for a dedicated computer or specialized hardware. This makes it easier for people to adopt and use cryptocurrency in their daily lives, no matter if they are esports players, small business owners, regular individuals, or anyone else for that matter.

Web 3 Integration

Speaking in general, Web 3 is a term that is regularly used to refer to the third generation of the World Wide Web services. It is focused solely on providing a more intelligent and semantic web experience. In the context of cryptocurrency, Web 3 platforms are platforms that are designed to support the use of cryptocurrency and other decentralized technologies on the web. Web 3 platforms for cryptocurrency may include decentralized finance (DeFi) platforms, decentralized exchanges (DEXs), and other decentralized applications that are built on top of blockchain networks. 

These platforms can provide a range of features and capabilities, such as the ability to manage and trade cryptocurrencies, access decentralized financial services, and interact with other decentralized applications – making them a perfect fit for mobile devices. Web 3 platforms for cryptocurrency are important because they provide a decentralized, secure, and user-friendly interface for accessing and using cryptocurrency and other decentralized technologies on the web. By leveraging the power of blockchain networks and other decentralized technologies, these platforms can help drive the adoption of cryptocurrency and support the growth of the broader cryptocurrency ecosystem. If mobile solutions are added to that, the drive to gain new users can easily become more potent for any development team or crypto project.

Glimpse of the Future

The key metric for the future success of digital currencies and their platforms is the process of onboarding the first billion crypto users. Right now, that number is far below the same benchmark, with even the most positive estimates placing the total sum of users at well below 400 million. But, the one billion targets are still in the crosshair of the development community, especially big teams like that behind ethereum. The Merge shows that the level of commitment of the team remains high and not threatened by the ebb and flow of the market movements. 

In this process, big teams like those will need to include mobile platforms and developments as core parts of their strategies. Overall, mobile platforms are important for the future of cryptocurrency adoption because they provide a wide reach, enhanced capabilities, and improved user experience, all of which can help drive the adoption of cryptocurrency and support the growth of the broader cryptocurrency ecosystem.