Apple has a market capitalization of $2.5 trillion. And the corporation may explore new technologies like self-driving cars and glasses with mixed reality come to mind. There is another enormous possibility that the iPhone and other phone manufacturer have been relatively silent about: cryptocurrency and how the mobile phones might be the mechanism that brings millions of people into the ecosystem. You have to keep in mind that Apple is a firm that creates devices that enable people to connect with protocols and has been doing so for years. The iPod allows consumers to communicate with the MP3 standard, while the modern cellphones will allow customers to interface with internet standards, especially when it comes to cryptocurrencies.
How Does The Mobile Platform Fit?
Cryptography is a collection of protocols, and there are several tools available to communicate with it. The mobile phone platform — which over a billion people carry in their pockets daily — may serve as the required bridge for crypto transactions. Safari or chrome add-on: MetaMask, a Chrome extension crypto wallet with 21 million users, is one of the most powerful onboarding tools for crypto thus far. Apple’s iOS 15 version, released in November, adds support for browser extensions. And with Safari accounting for 54% of mobile traffic in the United States, there is room for further crypto iPhone solutions. The iPhone is equipped with a hardware feature known as a secure enclave. It is a subsystem on the iPhone A1 chip that saves sensitive data (passcodes, biometric data) for FaceID and Apple Pay apps. Notably, iOS is unable to access the data directly. Suppose Apple added an encryption signature known as the Elliptic Curve Digital Signature Algorithm (ECDSA). In that case, the iPhone could transform into a secure crypto hardware wallet capable of storing private keys and performing digital authentication, transforming your iPhone into a full-fledged hardware wallet while remaining the familiar iPhone.
Where Are We Currently
Users of most smartphones may now download cryptocurrency wallet applications. However, Apple has determined that NFT-viewing applications are not fit for the App Store. Altalix, a cryptocurrency gateway, is still available to visit if you want to purchase some cryptocurrencies straight from any mobile browser. Apple’s embrace of cryptocurrency would not be the first time a big technology company had a change of heart. When Web 2 companies understand how cryptocurrency may benefit their consumers, they all come around to the idea of embracing it. The hardware wallet is a longer-term solution, but one idea that has the potential to be revolutionary comes when we consider given Apple’s ability to design consumer-friendly tools. In some respects, cryptocurrency is already subject to the whims of mobile industry. Coinbase Global CEO Brian Armstrong said in a blog post on February 4 that the cryptocurrency exchange must “follow Apple’s standards” to be included in the App Store and provide services to iPhone consumers.