PayBito to reinforce wallet structure to prepare for the impending crisis of wallet functionalities, arising from the proliferation of asset classes
Global digital asset exchange PayBito asserts its intent to redesign its digital currency wallet to broaden the range of functionalities currently offered.
Digital wallets are software applications that emulate physical wallets and provide storage facilities by categorizing payment instruments. Upon inception, the digital wallets served as mere payment instruments. With time they transformed into other stubs as digital passes, tickets, and boarding pass. However, crypto wallets have continued to gain importance and emerged encompassing more utilities than providing safe storage of crypto.
“Any attempt to study the drift in the blockchain and crypto space typically returns the exponential growth of innovation on the implementation layers: each feuding against the other,” remarked Raj Chowdhury, CEO, PayBito.
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“However, when the steam surrounding the competing blockchain innovations subsides, chances are that cryptocurrency wallet may turn into the next battlefront in the crypto-sphere, as they are the traditional containers of asset classes in this sector.”
Indeed, with over 100 crypto wallets and counting, the crypto sphere is quickly filling up and raising complexities to an already fragmented blockchain and virtual asset space. Asset classes like cryptocurrency, DeFi, and NFTs are relentlessly trying to outdo the others. To top it all an alarming number of digital currencies are emerging on the horizon every year.
“The rising activity and proliferation of blockchain-based applications are sure to result in soaring demand for an enhanced digital wallet circumscribing more functionalities than before,” added Chowdhury.
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As per PayBito designs the later versions of crypto wallets should:
- Provide the wallet holder with a choice framework for entering a regulated network that emphasizes digital identity and requires KYC.
- Simultaneously be a part of emerging networks that conceal identity and lay stress on the confidentiality and privacy protection of the participants.
- Be able to efficiently maneuver the choice framework and to enable holders to participate leveraging flexible designs.
The performance of the reigning asset classes casts an inevitable impact on the wallet necessitating it to garner more strengths to accommodate the bulk and variations.
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