The 10 Big Blockchain Questions Mobile App Developers Need Answered
Blockchain
06Nov 2018
Blockchain technology was once thought to be the exclusive domain of those who were trying to conduct transactions that they hoped Big Brother would never find out about. This is a typical misconception that still plagues those who use the technology for legitimate purposes. It is a myth that keeps mobile app developers from being able to achieve their objectives.
So how are we able to sidestep the myths and half truths about blockchain? What do mobile app developers need to know so that they are not making the same mistakes as their predecessors? While some may not be aware of the sheer number of blockchain related mobile apps that are in existence and in development, those who remain on the cutting edge are always looking for the next advantage.
These are the questions that are going to shape the blockchain conversation in the months and years to come. Let's take a closer look at these queries so that developers are able to operate from a more knowledgeable place going forward.
1. Do We Understand The Economic Models of Each Token?
Before a developer can create a top notch app for blockchain usage, they must take the time to study the economic models of each token. While these metrics may look like alphabet soup to the average developer, the mobile app development firms that take the time to learn as much as possible are going to set themselves apart from the crowd. This field of knowledge is still very much in its early stages, though.
2. When Are Standards Going To Be Decided Upon?
There are many users who are reticent about adopting mobile blockchain apps because there are no unifying standards at this point in time. Developers are monitoring the situation with great interest so that they can strike as soon as the new rules are made. Right now, developers find themselves working within a relatively vague infrastructure and this can lead to certain mistakes that are better off avoided. If the ERC-20 standard is anything to go on, further standards would be a great decision for all parties involved.
3. Are Assets On Blockchain Going To Become Liquid?
This is one question that can be answered definitively. Native assets and non native assets are both going to become liquid. By the time the year is over, we are expected to see a sizable surge when it comes to the number of non currency related assets that are going to be traded with the use of blockchain. All experts in the industry expect for the level of liquidity to increase significantly for the remained of the year.
4. What Will Happen When New Crypto Related Funds Enter The Equation?
There are many who have made the joke about having far more funds to choose from than tokens but there is definitely a little bit of truth behind this common punchline. Now that these funds are going to be deploying their capital more regularly, this creates more opportunities for would be app developers. The more funds that are added, the more innovation that can take place and this is good for all parties involved.
5. What About Wall Street Adoption?
This is a massive domino that is going to fall whether Wall Street wants it to or not. There is only one piece of the puzzle that still needs to fall into place. While Wall Street does not want to risk being left in the dust by allowing blockchain to take over, they do not want to take the risk of ignoring the technology entirely. It is believed that it will one day become a part of the Wall Street infrastructure as opposed to serving as a replacement.
6. What About The SEC, Though?
Those who are not particularly worried about Wall Street will typically sweat bullets when the SEC is brought up. No mobile app developer wants to create an application that is going to be used in a manner that draws SEC suspicion. It is believed that the SEC will embrace the technology and create an environment where more specific rules and standards can be set, so be sure to sit tight in the meantime.
7. Should We Choose Blockchain Over Silicon Valley?
Right now, mobile app developers find themselves staring at two different gold rushes. At times like these, it can be difficult to decide where to put your chips down. It is important to note that blockchain is already making significant inroads overseas and this creates an environment that is rife with opportunities for would be app developers.
8. Are Central Banks Going To Get Involved?
Central banks are definitely monitoring the world of blockchain and looking to see where they are going to fit in when it is all said and done. Many of these financial institutions are taking great pains to avoid speaking about blockchain directly but it is also important to remember that the technology is in its relative infancy. Once more regulations take place, central banks will lose their reticence.
9. Isn't The Crash Fairly Inevitable?
Any time that a new form of technology starts to make its way into the news cycle, everyone waits for the inevitable crash. This is especially true for mobile app development firms. After all, it is not in their best interests to dedicate themselves to the creation of a new app that is essentially going to be obsolete by the time it ends up being released. In reality, there have been several market crashes along the way and none of them have ever proved to be fatal. Market swings are completely normal in these instances.
10. What Are The "Best" Tokens?
For developers who are looking for the right teams to work with, it can be tough to narrow this type of question down. There is no one set answer to choose from. Every app developer that wishes to work with a token team will need to sit down with them individually to find out more about their execution and delivery plans. Each token's team is going to be the deciding factor for every firm's decision.
Harnil Oza is the CEO & Founder of Hyperlink InfoSystem. With a passion for technology and an immaculate drive for entrepreneurship, Harnil has propelled Hyperlink InfoSystem to become a global pioneer in the world of innovative IT solutions. His exceptional leadership has inspired a multiverse of tech enthusiasts and also enabled thriving business expansion. His vision has helped the company achieve widespread respect for its remarkable track record of delivering beautifully constructed mobile apps, websites, and other products using every emerging technology. Outside his duties at Hyperlink InfoSystem, Harnil has earned a reputation for his conceptual leadership and initiatives in the tech industry. He is driven to impart expertise and insights to the forthcoming cohort of tech innovators. Harnil continues to champion growth, quality, and client satisfaction by fostering innovation and collaboration.
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