There are quite a few projects within the crypto world working towards bringing blockchain and decentralization to a mobile environment. This is quite a strange development when considering how many additional challenges there are when looking to safely, securely, and simple bring crypto to a mobile ecosystem.
It’s clear that there must be some major advantages that would necessitate multiple companies undertaking such an endeavor. Through our analysis, there are three major areas that would not only help bring crypto to a much larger audience but improve the platform itself by leaps and bounds.
Over the last 20 years, cell phones have become more and more common, and have shifted from a luxury to a necessity. Many individuals feel as though they cannot function without their phones for even a short period of time and wind up with extreme anxiety if they run out of battery, lose or forget their phone.
In 1998, there were roughly 360 million mobile devices globally, and today that number is approximately 4.6 billion. To put that number into perspective, there are only roughly 4.2 billion toothbrushes in the world, which means there are around 400,000 people in our world who have a smartphone but cannot brush their teeth.
The prevalence and importance of mobile devices in today’s day and age made the decision to develop FINNEY as a smartphone a very easy choice.
One of the most underdeveloped areas of blockchain are decentralized applications, or DApps for short. Although there are quite a few projects attempting to build a wide range of DApps, they have received incredibly low adoption rates. We believe that the primary reason for this is that DApps currently do not have a platform that is conducive to application usage.
While many popular conventional apps have web functionality, the overwhelming majority of their usage happens on a mobile device. Since we believe that DApps are an integral area that will aid in blockchain’s mass adoption, we wanted to be able to give DApps a reliable and secure platform through which they can be used.
Although the most common use for cryptocurrency is speculation and trading, this was never the goal. Most individuals who truly believe in the ideal of decentralization and cryptocurrency are looking to create a global, digital, and decentralized currency that would function without any intervention or interference from governmental bodies— a truly open and free currency.
Centralized digital currencies have been finding a natural home within mobile devices. Nearly every major company has a digital means of using fiat currency to pay for purchases. The problem is that although we’re living in a global marketplace, we’re all still paying in local currencies. This creates more challenges and costs for businesses, and increased prices for consumers.
Currently, there is over a trillion dollars spent globally from a mobile device, which represents over 50% of total global e-commerce. A number which continues to grow year-over-year. If we, the crypto community, are going to have success bringing cryptocurrency to the masses, it necessarily needs to be through a mobile device.
Mobile is the Grand Equalizer
With the number of mobile devices that are found throughout the world, it’s clear that it’s a perfect platform for blockchain and cryptocurrencies. Add in the sheer volume of commerce that happens through our mobile devices and the added benefit of bringing some of the most compelling decentralized features to a much more native and familiar environment, and you have a recipe for success.
Mass adoption of crypto is one of the few areas that everyone in the crypto community can agree on, and when looking at the factors involved, it’s clear that if we are going to realize this vision, it will be through a mobile device.