That blockchain technology is the future of payments and contracts between entities is something that today very few people doubt.
In recent years and especially in recent months we have seen how the use of cryptocurrencies has become exponentially popular. With Bitcoin in the clouds and investing even your brother-in-law, Apple could not stay behind.
The limitations of traditional banks are a thing of the past
The truth is that the great technology companies have preferred to stay on the sidelines until now, but Apple has taken a step forward and positioned itself as the first great company to fully bet 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 cryptocurrency. The value? As always, the law of supply and demand influences, as well as the interest on the part of users. In principle, Apple seeks parity 1 dollar = 1 AppleCoin.
Some of the most important exchanges (Kraken, Binance, and Bitfinex) have announced the implementation of AppleCoin among their cryptocurrency. Apparently, they have been working in collaboration with Apple to have everything ready for launch. However, there is a lack of Coinbase, perhaps the most famous exchange of all and the preferred by the users. Regardless of that, being Apple Pay users should not have any problem to buy the new currency.
The value of Bitcoin plummets before the AppleCoin threat.
Why use AppleCoin? Because it removes the intermediary from the banks and allows transactions without commissions between all the users and 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.
According to Eddy Cue, Apple’s senior vice president of Software and Internet Services:
Apple Pay has already become part of the daily life of millions of users, who now have an easier, faster and safer way to pay for their purchases. We are very excited about the arrival of AppleCoin to Apple Pay, which has the support of major exchanges, a huge number of banks and many of the users’ favorite apps that will be updated in the coming weeks to accept the new currency.
A11 Bionic, in charge of mining the AppleCoin and verifying its transactions
As you know, cryptocurrencies work through blockchain technology, which is nothing more than a process through which the decentralized network verifies each transaction and is registered in a common and public database.
That is, to be able to make any payment with cryptocurrencies, a series of computers or devices must verify and accept this payment. Guess who will do it in the AppleCoin? Indeed, the millions of iPhone across the world.
According to Phil Schiller, thanks to the artificial intelligence of the powerful new A11 Bionic processor of the iPhone 8, iPhone 8 Plus and iPhone X minar AppleCoin is to sew and sing. 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, therefore 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 undermine both AppleCoin and other cryptocurrencies. In other words, you can generate your own bitcoins just by having the iPhone turned on.
We will see how this affects the autonomy of the devices … Last but not least, Apple will apply differential privacy for the entire blockchain process, as in the rest of services, your data will be processed in the cloud, but in a way totally anonymous and impossible to decipher even by the company itself.