That technology blockchain is the future of payments and contracts between entities is something that very few people doubt today. In recent years and especially these last few months we have seen how the use of cryptomonies has become exponentially popular. With Bitcoin skyrocketing and even your brother-in-law investing, Apple could not be left behind. AppleCoin arrives, the new crypto currency that wants to unseat Bitcoin and position itself as the currency of the future thanks to blockchain and Apple Pay.
The limitations of traditional banks are a thing of the past
The truth is that the big technology companies have preferred to stay on the sidelines until now, but Apple has taken a step forward and is positioned as the first big company to bet fully on this technology. With the next update to iOS 11.3 , which will arrive at the end of January, Apple Pay users will be able to exchange their euros for coins in the new AppleCoin crypto currency. The value? As always, the law of supply and demand, as well as interest from users, has an influence. In principle, Apple seeks parity 1 dollar = 1 AppleCoin.
Your iPhone and your Apple Watch are your new wallet. All your AppleCoins sync via iCloud.
Some of the most important exchanges (Kraken, Binance and Bitfinex) have announced the implementation of AppleCoin among their crypto-currencies. It seems that they have been working in collaboration with Apple to have everything ready for its launch. It remains however to pronounce Coinbase, perhaps the most famous exchange of all and the one preferred by users. Regardless of that, being Apple Pay users we should have no problem buying the new currency.
Bitcoin’s value plummets in the face of the AppleCoin threat.
Why use AppleCoin? Because removes the middleman from the banks and allows commission-free transactions between all users instantly. At the same time we will have a single currency with a single value for all payments: unified prices in the App Store and the same price for the iPhone both in the United States and in Spain for example.
When we make a transaction it can be done in either our local currency or AppleCoin, depending on which option we choose.
According to Eddy Cue, Apple’s senior vice president of Software and Internet Services:
A11 Bionic, the person in charge of mining the AppleCoin and verifying its transactions
As you know, crypto-currencies work by means of blockchain technology , which is nothing more than a process by which the decentralized network verifies each transaction and is registered in a common and public database. In other words, in order to make any payment using crypto-currencies, a series of computers or devices must verify and accept this payment . Guess who will do this in the AppleCoins? Indeed, the millions of iPhones throughout the world.
Merchants with this sticker will accept payments at AppleCoin.
Often this type of process requires powerful computers to perform the required calculations, but the new Apple iPhone has the advantage that the A11 Bionic has artificial intelligence, so this process becomes much lighter.
The thing does not stop there, but the company will make available to developers a new API called BlockKit , which will allow developers to create new apps that can mine both AppleCoin and other cryptosystems. In other words, you will be able to generate your own bitcoins just by having your iPhone turned on. We will see how this affects the autonomy of the devices… Last but not least, Apple will apply the differential privacy for the whole process of blockchain , as in the rest of the services, your data will be processed in the cloud, but in a totally anonymous way and impossible to decipher even by the company itself.