Cryptocurrency app development is an emerging trend and gaining momentum with the growth and awareness among the masses. If you can weight pros and cons of Cryptocurrency mobile application development, you can know how worthy it is. I did the same in the current post and help to get a big picture of it.
We have seen Cryptocurrency and its Blockchain technologies in details in my previous blog “Emerging Trends of Blockchain a Worthy Asset for Mobile App Developers” where I have introduced Blockchain technology that is behind the Cryptocurrency phenomena and offers promising futures for mobile app developers who have gained considerable command over it.
Therefore, today I would like to discuss pros and cons of Cryptocurrency app development by exploring Blockchain technology on the mobile landscape.
Pros or Merits of Cryptocurrency App Development
Scopes beyond Cryptocurrency
The biggest pros of Blockchain technology on mobile app development is it is not up to Cryptocurrency only to create Digital Wallet App. Instead, it has a wide implementation including:
- Enabling Smart Contract System and develop apps accordingly
- Creating Digital Identity App
- Developing Stock Trading App
Benefits of a Decentralized System
The next big thing in Cryptocurrency app development is that it brings all benefits on the table that a decentralized monetary transaction system can grant its users. It means:
- Beneficiaries are free from obligations of the third-party intermediary.
- There is a big portion of the world population that is devoid of possessing accounts in traditional financial institutions like a bank, and those regions are Asia, Africa, and Middle-East. Cryptocurrency wallet and related app facilitate global transactions through digital currency without any involvement of traditional finance system at all.
- Cryptocurrency is operating on P2P (Peer-to-Peer) basis. Therefore, it is completely transparent and open system where fraud and manipulation like mishaps have no scope at all.
- There is no centralized authority to monitor and operate transactions. Therefore, it is free from the interests on deposit or storage of Cryptocurrency.
- No financial institution involved in transactions, so no hefty transactions charges at all, instead it has a negligible amount levied upon each transaction when it converted into physical or real-world traditional currencies.
- No one or more financial institutions involved in the Cryptocurrency transactions means no approval and settlement period exist there. It makes transactions rapid and comparatively cheaper than the traditional system.
- Thanks to P2P distributed system, the ecosystem of Cryptocurrency is free from any dependency on a centralized server or cloud system and drastically cuts the overhead accompanying with settlements.
- The blockchain is recording transactions in real-time and updating all nodes and clients at lightning speed. It leaves no scope for duplicate usage of any form of Cryptocurrency and renders it safe and secure among the masses.
- Cryptocurrency app developers and developers who are mining Blockchain technologies can get direct payment over their work using AppCoins like application that use the token system and pay developers directly without indulging in marketplace mess like Google Play Store and Apple Store have. Blockchain app developers get quick payment without paying any commission as well as suffering from any chargeback at all.
Cons or Demerit of Cryptocurrency App Development
Issues with Real-time Updates of Cryptocurrency Mobile App
Cryptocurrency generated and sustained on a P2P network, and each node or device is not all times connected to the Internet or always on the on-mode that can reflect the real-time updates immediately.
If any latency or delay occurs in an update while system comes from offline to online, you have chances to arise discrepancies in redeeming of the token and hence duplication of Cryptocurrency usage.
No doubt, today we have advanced technologies and multiple modes to connect our mobile devices or servers to the Internet and get real-time updates or quick refresh when the device restores the connectivity.
Issues with Settlements of Cryptocurrency Mobile App
It is possible that users and developers have disagreements on the validity of transactions on some points and it makes difficult to diagnose the settlement issue on a distributed system and tougher for mobile app developers.
Issues with Development & Maintenance of Cryptocurrency Mobile App
Once upon mobile app developers believe that creating cloud app with the integration of cloud services and using MBaaS, but when they have seen complexities in development of an app based on Blockchain like the distributed system they convinced that it is toughest to traverse the unknown water.
Issues with Testing & Debugging of Cryptocurrency Mobile App
It is easy to use the latest testing tools and methods for testing a single mobile app during development process where the testing environment is under the control of developers. When it comes to a distributed network over the Internet, where several instances have spread, and need to cover under testing and debugging it is indeed daunting.
For instance, debugging following bugs is a big challenge for Cryptocurrency mobile application development team.
- Heisenbugs: The app changes the way it behaved when it tested.
- Mandelbugs: It origin is unknown and tough to determine it and chaotic to resolve.
- Schrödinbugs: It appears when an app is used in an unconventional
It is true that one has to be careful when traversing the unknown water. So, Cryptocurrency mobile app developers should be careful while setting deadlines and giving quotes with accurate estimation. If Cryptocurrency application development team has enough experiences with IoT applications, on-demand app development, and cloud app development where some similarities are existing with distributed app development like for Blockchain technologies.
It is a team of SysBunny that has gain credentials to deal with the latest and upcoming mobile app development technologies and trends successfully. Thus, it is the most reliable team for your next Cryptocurrency app development.
Hemant Parmar is a veteran mobile app consultant. He is co-founder of the company. Thanks to his prolonged exposure to mobile application development projects for myriads of niches and industries, he is capable of providing high-end mobile app development consultancy. He is devoted to providing honest and transparent consultancy services for clienteles looking for righteous guidance to augment their niche services/products using the latest mobile technologies.