Crypto’s quest for a killer app (Part 2)
Despite the challenges of the last few years, the crypto sector keeps building itself up. The price of the most attractive coins keeps rising and innovators and entrepreneurs all of the world are using the sector as a way to raise capital. What the sector lacks, however, is a killer app, a tool that makes the sector indispensable to the mainstream.
In the first part of this linked pair of articles, we discussed the development of the crypto sector and examined how it has continued to attract interest despite the catastrophic collapse in 2018 and the often-unfriendly noises coming from regulators in many parts of the world. In this article, we discuss the sector’s need for a killer app.
A killer app is something that makes a wider piece of software or hardware indispensable to a wide range of people. It can be a specific game that drives people to buy the console or a particular feature that makes people want the phone.
What would it need to do?
In the case of crypto, the killer app would need to do several things.
- Bring crypto together
It would need to be a place where different types of crypto could be exchanged relatively simply so that a range of projects could give themselves visibility to a range of potential people that might give them support.
- Simple for beginners
It would need to make it simple for people to use even if they are not well versed in the nuances of the financial markets or the complexities of technology. It would need to offer simple functionality that would help people see and change their positions with relative ease. It would also be important to have a way of helping people research crypto projects and take advantage of the innovation that is increasingly possible.
- Functional for experts
It would need to have advanced functionality that would attract professional traders to the platform. This could involve advanced analytics and other tools that would make it attractive for a range of relatively expert traders to make the most of.
- Secure
It would also need to be as secure as possible to give consumers protection and confidence that what they are doing is going to give them the potential to have their wealth enhanced rather than torn from them.
- Regulated
It would also need to have some sort of regulatory support or even approval. This is an important aspect for its own sake, but it would also help build consumer confidence if it could be proved that a reputable set of regulators had looked over the platform and given it some sort of approval.
This is a relatively simple list that in reality would be very difficult to achieve unless you came at it with a significant level of experience in the financial markets and technology, as well as good relationships with regulators and a strong reputation with traders and potential traders of all levels.
The Emirex platform has been developed to meet the requirements listed above. We believe that we are in a position to deliver the killer app that crypto has needed, and as we roll out over the next few months we look forward to explaining how we will make crypto activity simple, secure and regulated.
