Community development is still driving crypto - TheBit

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Community development is still driving crypto

Talk about customer-centric


The Bit

The IOTA Foundation now has a more “user-friendly” mobile wallet. Their major differentiator: Efficiency and…customer labor.


The Bigger Picture

Get this: Their user community developed it ALL on their own. The wallet “Trinity” was adopted by the IOTA Foundation in order to provide assurance to the wider community that the wallet is safe to use, and as free from the threat of user error as possible. To make this happen, they gave the programming two external reviews, a threat modelling exercise and a security audit, to ensure maximum security for our users. The adoption is more of a relationship between the IOTA foundation and the community, rather than a takeover. They still work closely with their community to perfect the wallet.


Crypto-G.O.A.T. continues to perfect the game


The Bit

People talk about the downfalls of Bitcoin as if the tech community is blind to it. In reality, there are people out there still making strides to keep it relevant – Meet eltoo.


The Bigger Picture

It was only in March this year that the Lightning Network was deployed on the Bitcoin Blockchain, and we already have a fully developed whitepaper explaining big improvements. The Lightning Network allows people to transact instantaneously and reduce transaction fees by keeping them off the main network. This new proposal addresses the problems with how much data the Bitcoin network takes up on a user’s computer, as well as improving user wallet security. It is designed for mobile wallet to store only the most recent transactions.


Formula: Find user base – give them coins


The Bit

The company that holds 96% of the Korean messenger app market is now working on blockchain applications – similarly to Telegram’s coming token.


The Bigger Picture

Messenger services have an advantage since they already have an established user base. Kakao is primarily used for messaging, but has more functions than something like Telegram. Their new blockchain division “Ground X” will be integrating blockchain tech a little differently as well, both for technical reasons and the fact that ICOS were banned in Korea. Rather than uploading a whole service to blockchain, certain functions of the components that make up the service could be separated out for decentralization and tokenization. They have not determined how they will issue tokens, without an ICO, possibilities are an airdrop or offering tokens as rewards for active participation on the platform like Steemit does.


“Right now, nobody knows what kinds of services might come out of the blockchain world. We haven’t seen them yet… But if you sit on your hands for a while and then something new comes out, it will already be too late. In this situation, having a go is the right thing to do.” – Jason Han

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