By the end of year 2018, it is very clear that “Blockchains are here to stay.” There have been many developments in this domain and enterprises are now actively researching on leveraging the benefits of Blockchain for improving their business.
Creating a token on a Blockchain Platform is relatively easy now. By abiding to the appropriate token standard we can easily create a token. For example, You can create an ERC20 Token on Ethereum platform.
At the time of writing this article, CoinMarketCap lists 2073 Cryptocurrencies. With big enterprises entering this space, this number is surely to increase in future.
Imagine having to own and utilize multiple cryptocurrencies/tokens. It is very difficult for a user to remember all these names and their use cases. Due to this, people might prefer using the fiat currencies and the whole purpose of using cryptocurrencies is defeated.
In this article, I attempt to solve this problem.
During my vacation to India in August 2018, I wanted to purchase a book. Upon opening Amazon, due to my location I found the prices listed in “Indian Rupees”(India’s fiat currency) instead of US Dollars.
Due to a change in my geographical location, there has been a change in the currency.
By drawing analogous relation, what if the cryptocurrencies change automatically in a wallet based on the location of the service that is being used.
Eureka, I have found it!
Let us zoom into the future. Every corporation will be having their own tokens/coins. You might be required to buy:
For the sake of simplicity, let us assume that all these coins are built upon Ethereum blockchain platform. As a consumer, you have to purchase these coins and store them in your wallet.
Let me now explain the wallet design:
Hence, we need not worry about remembering the list of cryptocurrencies in our portfolio. Such applications will improve the user experience and appeal to a wider user base.
Only by making cryptocurrencies simpler to use, will Crypto ever achieve mainstream success.
Towards a safe bright future, cheers!
The following quote motivated me to write this article:
“When it comes to raising kids, you have got to be futuristic.”~EMMAY
Thank you for reading my article.
This article comes under research work done at Wright State University’s SMART Lab under the guidance of Dr. Yong Pei.
Wright State University: https://www.wright.edu/
Department of Computer Science and Engineering : https://www.wright.edu/degrees-and-programs/profile/computer-science
Dr. Yong Pei : https://people.wright.edu/yong.pei
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