Introduction:
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 the 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 comprehensive 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.
- A significant portion of the world population is devoid of possessing accounts in traditional financial institutions like a bank, and those regions are Asia, Africa, and the Middle East. Cryptocurrency wallets and related apps facilitate global transactions through digital currency without any traditional finance system involvement.
- Cryptocurrency is operating on a P2P (Peer-to-Peer) basis. Therefore, it is an entirely transparent and open system where fraud and manipulation like mishaps have no scope.
- 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 is involved in transactions, so no hefty transaction charges. Instead, it has a negligible amount levied upon each transaction when 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 exists. 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 accompanying overhead 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 who are mining Blockchain technologies can get direct payment over their work using AppCoins like applications 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 and 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. 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. Suppose any latency or delay occurs in an update while the system comes from offline to online. In that case, you have chances to arise discrepancies in redeeming the token and duplicating 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
Users and developers may disagree on the validity of transactions on some points, making it difficult to diagnose the settlement issue on a distributed system and more challenging for mobile app developers.Issues with Development & Maintenance of Cryptocurrency Mobile App
Once upon, mobile app developers believe that creating cloud apps integrates cloud services and uses MBaaS. Still, when they have seen complexities in developing an app based on Blockchain like the distributed system, they are 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 the development process where the testing environment is under developers’ control. 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 daunting. For instance, debugging the following bugs is a big challenge for the Cryptocurrency mobile application development team.- Heisenbugs: The app changes the way it behaved when it tested.
- Mandelbugs: Its origin is unknown and tough to determine, and chaotic to resolve.
- Schrödinbugs: It appears when an app is used in an unconventional
Conclusion:
One indeed has to be careful when traversing unknown water. So, Cryptocurrency mobile app developers should be careful while setting deadlines and giving quotes with an accurate estimation if the Cryptocurrency application development team has enough IoT applications and on-demand app development, and cloud app development where some similarities are existing with distributed app development like for Blockchain technologies. A team of SysBunny has gained credentials to deal with the latest and upcoming mobile app development technologies and trends successfully. Thus, it is the most reliable team for your subsequent Cryptocurrency app development.About Post Author
