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Friday, October 5, 2018

A Blockchain Application Explained in Fewer than 300 words

You’ll need a Crypto wallet to have an easy access to your CryptoCurrency. 
It can look almost whatever you want it to look like — simple sheet of paper, super technological software with loads of security functions on the Flash-medium and so on. 
The main function of the Crypto wallet is to keep secret digital keys that give you access to the Cryptocurrency address and obviously your money.
There’s a lot of forms of wallets, but they can all be divided into four categories: for PC, mobile, online and offline wallets. We are obviously more interested in mobile wallets.
PC wallets are quite good, but not exactly very comfortable, especially when you are outside and want to pay for something on the shop. In this case the mobile apps with wallets come to the rescue. They work like an app in your smartphone and give you the possibility to pay directly from your phone, it’s made possible by keeping the closed keys to your Bitcoin addresses right in the app. In some cases you can even use the non-contact NFC technology and pay just by touching reader, not giving anyone any of your data.
The common feature of all of those mobile wallets is that they aren’t fully functioning Cryptocurrency clients, so that they don’t need to download the whole blockchain, which continually gets bigger and reaches the size of multiple gigabytes. It would lead to the huge mobile traffic and our mobile operators would happily send us an equally huge receipt for it. Anyway, most mobile phones simply don’t have enough memory on board to keep the whole blockchain.
Instead of that, mobile clients are often developed with the help of such system as simplified payment verification (SPV). They download a very little amount of blocks from chain and just relay on other, reliable units of Crypto-network to confirm the correctness of existing data.