Could This Be Responsible For A Smartphone Sales Increase?
Monet is among the latest companies trying to apply solutions to existing problems within blockchain. These solutions are supposed to make it easier for the general public to take up blockchain and move from centralized platforms and applications that have been in use.
The usefulness of centralized systems may have elapsed and blockchain’s push for decentralization seems to be the future of all applications. Monet is advocating for mobile ad-hoc blockchains that will be operated through its platform providing a more secure and more controllable blockchain experience to its users. These ad-hoc blockchains are likely to provide solutions to various problems facing blockchains while also creating new opportunities that would have otherwise not existed without this setup. This article focuses on one of the opportunities Monet is likely to create through its platform and the positive effects on the smartphone and mobile device industry.
Smartphone Popularity Plateaus
Smartphones have always been on an upward trend in terms of features and sales ever since the release of the first iPhone. It ushered in a new era of communication, revolutionizing the whole industry in the process. It gave ground-breaking ideas to companies such as Samsung who realized the general concept of an iPhone and created their own smartphones, applying unique features to allow for user differentiation.
The battle between these two giants has been on-going not only in sales but also in the courts. However, in regards sales perspective, events seem to have taken a wrong turn for both of these companies and for the entire smartphone market. A decline in overall smartphone sales was observed in 2017 for the first time ever.
To tech enthusiasts, this may not be shocking at all. A decline could have been predicted as smartphones advanced too fast.
It has reached a point where good smartphones are getting cheap and cheap smartphones are getting good.
This peak in smartphone features has resulted in stagnation in sales and even a decline as it’s become increasingly harder to persuade smartphone owners to upgrade their existing models yearly for huge sums of money, in return for a few subtle changes.
Declining sales in the smartphone market may be hazardous to many economies due to the centralized set up of most of the systems in the world. A lot of supporting industries may be affected in cases sales keep on declining. The ripple effect will be felt across the globe due to the magnitude of the industry in all economies around the world.
Spending on Advertising
Statistics obtained in 2014, from advertisement spending in 2012 and 2013, and statistics from 2016 show the importance of smartphone companies to the economy. Their contribution, from these two sources, show that the amount of money spent by smartphone companies on advertising is above the 1 billion-dollar mark and it could be way above this at this point in time.
This spending is on a global scale which makes it even more worrying to consider falling sales in smartphones as the entire world is likely to be affected by this decline. Factory workers, videographers, models and the entire supporting industry of the smartphone market rely heavily on the revenue that smartphone companies make. A decline in spending on advertising is likely to affect most economies. It is therefore crucial that smartphone companies get new strategies for increasing their sales.
New Strategies
Blockchain has had massive fanfare with an increasing popularity after the success story of Bitcoin. Its advantages and applications are still being studied and implemented as the Bitcoin success are trying to be replicated. The smartphone market stands to benefit a lot from the use of blockchain as most of the applications founded on blockchain are designed to work with smartphones.
However, blockchain applications may require specialized services from smartphones. Most smartphone designs did not consider the use of decentralized applications, therefore, developers have to adapt their innovations to the existing smartphone infrastructure. These apps still work but they could perform better if there were dedicated smartphones for such services.
This is where the smartphone industry takes a leap of faith. Business is all about risk; the higher the risk, the greater the reward. Creating blockchain smartphones will open up a new dimension within the smartphone market.
A number of smartphone companies such as HTC are venturing into this territory as the use of blockchain and cryptocurrency grows. These blockchain smartphones are set to introduce standards such as built-in cold storage wallets to store cryptocurrency. Such features are likely to be popular with blockchain enthusiasts at first before encouraging wider market adoption if the right steps are taken. This is where Monet enters with its revolutionary ad-hoc blockchain.
Blockchain Issues Still Persist
Blockchain found massive success with Bitcoin. It’s well documented meteoric rise in 2017 cemented the importance of blockchain in Bitcoin. However, the same rise in greatness has not been replicated in other applications of blockchains. There are some successful decentralized applications that have resulted from blockchain, however, the majority have not lived up to the expectations they created for their users.
This cannot solely be blamed on them as some challenges lie with the currently available architecture. Protocols such as Ethereum are unable to scale to the demands of large-scale use of decentralized applications on its protocol. Its transaction rates are poor at about 15 TPS which cannot meet the demands of fintech decentralized apps or social media apps as they require much faster TPS rates.
Scalability issues have also greatly restricted blockchain from fulfilling its potential. Most application users have stuck to their centralized apps as a result of the convenience they offer. No one would want delays in anything they are doing especially with apps which are supposed to increase the convenience of everyday life
Mobile Ad-Hoc Blockchains
Monet steps in with its mobile ad-hoc blockchain plan to help improve the state of blockchain. It targets to increase the performance of apps that will integrate Monet. Performance enhancement is likely to promote the use of blockchain among app users. Furthermore, Monet can be applied to revolutionize a variety of industries which may further promote the use of blockchain. For smartphone companies, an increase in the use of blockchain is likely to translate into blockchain smartphone sales which could help improve sales in the future.
Increasing the Use of DApp’s
Overcoming the scalability issue will make it easier for people to move from centralized to decentralized apps. Monet does this innovatively by using mobile ad-hoc blockchains. Ad-hoc blockchains help increase the security and scalability of applications supporting the setup. Integrating Monet to DApp’s is thus made easy to afford app developers these services. Developers only have the task of coming up with applications that can work with Monet effectively and efficiently to provide app users with the best blockchain experience a platform can offer.
Fine tuning applications will involve making apps effectively work in ad-hoc setups. This will include aspects such as defining the requirements that have to be achieved in order for users to access these applications. Factors such as selecting participants of an ad-hoc blockchain will be left to the users themselves. Any group using DApp’s that work with Monet can come together and form an ad-hoc blockchain where they can carry out their intended trade.
The use of ad-hoc blockchains is likely to increase the performance of applications which is what app users want to hear. Transaction rates will be a lot faster as participants will be fewer compared to full blockchains. These ad-hoc blockchains will also be more secure as participants may even know each other personally thus far fewer incidences of fraud are likely to occur. Since these ad-hoc blockchains involved fewer people, services are likely to be superior as they can each be tailored to specific users.
Possible Applications
Monet can, therefore, be applied in areas such as gaming where users can come together to forming gaming communities. This resonates with the direction smartphones are currently taking as they are producing smartphones tailored for gaming. Smartphone companies can then tailor their devices even further such that they support both blockchain and gaming. This increase in usefulness is likely to translate into improved sales of smartphones.
Gaming on blockchain is far much advantageous as there are always ways through which gamers can earn or spend less compared to centralized gaming. There is also the aspect of security. In gaming platforms using client-servers, it is easier to obtain details of gamers as they are all put in one place.
A simple hack would affect a large group of gamers. In a decentralized setting, the security is enhanced; thus even while transacting, gamers are assured of the safety of the transactions.
Furthermore, the surety of transactions is solidified by smart contracts which ensure that conditions of every deal made are met by participating parties.
There is also the aspect of community blockchains such that within a given area, there can be an ad-hoc blockchain community which trades in different products and services. This can be based on an innovative app that allows a number of goods and services to be hosted within it. Owning a blockchain smartphone would, therefore, prove practical and useful. They support payment in terms of cryptocurrency which is the most basic form of transaction in any blockchain platform. For such levels of trading, smartphones will also require enhanced performance which can be tailored for blockchain smartphones.
The Memory Issue
Just recently, Samsung launched the galaxy note 9 which can support up to 1TB of storage. Such are the expectations of a blockchain smartphone especially one that supports multiple ad-hoc blockchains. Monet is going to use the memory on users’ devices to store blockchain data created among participants of an ad-hoc blockchain. This is definitely going to require smartphones with enough storage capacity. Fortunately, the smartphone industry is already equipped with devices that support large storage.
This is another great reason why smartphone companies should venture into blockchain smartphones. The technology is already there, what awaits is the implementation.
Use of Wireless Technology
Ad-hoc blockchains can be formed by any number of devices as long as the infrastructure in use can support the number of devices participating in that blockchain. Monet works through the use of wireless connections such as Bluetooth, Wi-Fi, and LTE-direct. The latter is the most effective of the three as it covers a wider area, therefore having the ability to support more devices at a larger range.
The wireless connectivity demands that are likely to arise from the use of Monet may also prompt blockchain enthusiasts and eventually the larger smartphone market to migrate to blockchain smartphones which support certain levels of connectivity. Speed and the number of devices that can be supported by the connection will dictate the wireless connection likely to be preferred in blockchain smartphones.
Ecosystem Support
Monet will be offering rewards to those who support its platforms. Any physical devices that have software can participate in Monet’s activities and will be treated as a node. Rewards will be given based on the support that these nodes provide to the system. These nodes will be crucial within the Monet network. They will allow for the creation of ad-hoc blockchains and transactions to be carried out without the reliance of a third-party or a central authority.
The work was done by node devices also requires adequate processing power and convenience in terms of receiving rewards and even participating as a node. Blockchain smartphones can meet these requirements which may encourage more people to buy these devices as the rewards received can be traded for services or an increase in value depending on the demand that arises for the tokens awarded.
Adapting To Change
Smartphones are at a point where innovation is highly limited as nearly every important aspect in terms of aesthetics and features have been achieved and it’s becoming increasingly difficult and expensive to continually evolve and innovate. They all have a great camera, great performance, and great user experience, thus the market for smartphones is likely to decline or at best stagnate as the need to upgrade is no longer there.
Adapting to the blockchain shift will prove profitable for smartphone companies in the long run. Monet is making it even better by coming up with a blockchain system that is solely based on the use of mobile devices.
As the popularity of blockchain increases and the practicality of the Monet platform is noted, blockchain smartphone sales are likely to have a meteoric rise just as Bitcoin did.
Monet plays a crucial role by providing solutions to current scalability issues and opening up new areas of innovation. Monet is likely to revolutionize gaming, taxi-hailing services, delivery services, and the gambling industry while with the right consultations, be able to support government systems. Its ad-hoc application of blockchain makes it a unique player within the blockchain industry.
Monet could be the key to smartphone dominance in the blockchain sphere. It has the ability to influence increased purchases for smartphones; specifically blockchain smartphones and if smartphone manufacturers take this leap of faith and invest in the production of blockchain smartphones, the rewards could be tremendous.
Technical aspects of Monet and further uses can be read through here. More on the company can be found on their official website through here.
Disclaimer: Please only take this information as my OWN opinion and should not be regarded as financial advise in any situation. Please remember to DYOR before making any decisions 🤓
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