As a blockchain venture builder, we aim to make simple, user-friendly products and services. And at the heart of the RedFOX ecosystem is our upcoming mobile crypto wallet.
Want to try it out? Great; so do we! However, you’re in the same boat as us. Our digital stash box is still under development. But the good news is that it’s nearly ready for open beta testing.
Now, for several reasons, it’s critical for RedFOX to release a premium-grade crypto wallet. You’ll soon discover why mobility is so essential to our ideal customers. In addition, we’ll show you how a fresh piece of Komodo tech keeps our wallet agile and efficient.
Ready to hear more? Let’s dive in.
Mobile Rules in Southeast Asia
While the globe’s average mobile Internet connectivity reached 108% in 2017, SEA is led the pack by 19 percentage points. As our past article on SEA’s love for mobile illustrates, the region’s citizens are heavily reliant on their smart devices. Smartphones tend to be people’s one and only gateway to the online world.
Naturally, if our target market spends so much of their time using a phone, RedFOX must ensure our mobile app provides an outstanding customer experience. Our wallet’s design strives for effortless ease of use.
Now, if you have experience using any of the crypto market’s multitude of wallets, we’d love to hear from you.
Here’s your chance to tell us what you’d like to see in the wallet we’re creating for you!
In addition to what customers do want, we’re careful to exclude anything they don’t. One of the most disruptive to avoid is the dreaded spinning wheel. Yes, your Internet connection is a factor. But if the software is a bloated, resource-hogging pig from the onset, you’ll find yourself in this dreaded situation:
Nobody wants to wait and wonder and watch their phone do that! With the help of Komodo, we intend to sidestep this scenario altogether.
Time and time again, RedFOX Labs counts on Komodo Platform to pave the tech-driven roads leading towards our mutual success.
Thanks, Komodo. We’re more than happy to ride shotgun! And they’ve come through for us yet again. Our friends have a new accelerator for mobile blockchain technology — nSPV.
Taking a Blockchain Minimalist Approach
Mass adoption of 5G technology is still years away. Until then, when our phones transform into mirrors of data held within off-device storage, we have a problem.
Remember those bloated pigs from earlier? The Bitcoin network is an example of such gluttony. To see the King of Crypto adopted as a global means of everyday payments, it’s data requirements must go on a diet.
The BTC network’s hunger for data prevents integration with Internet of Things (IoT) devices. No integration means no cooperation with point-of-sale-terminals. And if users can’t walk into a store and pay with crypto using their phone, good luck with its widespread acceptance.
Of course, other blockchain projects actively address this issue. Komodo’s solution? It’s simple, really. They went and added an ’n’ to the front of SPV. Clever, huh? No idea what we’re carrying on about? Let’s discuss.
A New Type of SPV
Now, SPV may be a foreign term for you. It’s how certain modern-day networks operate as a payment mechanism. We’ll spell it out for you here so we can stay on the same page:
Simple Payment Verification (SPV) clients allow apps to transact on a blockchain network without downloading the entire ledger. Instead, apps need only sync with the blockchain’s headers.
But plain old SPV has limitations preventing its feasibility as a means of simple payments. Recently, Komodo’s Lead Developer — the legendary James ‘jl777’ Lee — coded a new, superlight iteration of SPV.
SPV requires clients to download every header of every block in a chain. In contrast, nSPV requires only 20–30 block headers to push transactions through.
Because the tech is so nimble, people can transact via blockchain networks with the help of nearly any smart device. And on the other side of the transaction, merchants gain the ability to readily accept IoT-powered payments.
By creating a method of value exchange that’s hundreds of times more efficient than current models, requiring far less data than the norm, the spark for blockchain adoption grows.
Let’s face it — even juiced-up desktop computers have trouble with some of the bloatware crypto wallets in the space. And if we’re hoping to walk around with secure and easy payments in our pockets, it’s time to pick up the pace.
Our new blockchain venture, a partnership with Myanmar’s MYMEDIA, entirely revolves around the mobile experience. We’re creating a loyalty rewards platform and marketplace. Given Myanmar’s massive rate of mobile adoption, a phone-powered app is where we’re focusing our efforts. We aim to allow every participant the chance to spend their points with merchants both online and off.
By implementing Komodo’s new tech, we’re equipped to onboard merchants with a simple, breezy, interoperable mobile application. Nearly everyone in our new partner’s audience is already walking around with a phone. Moreover, RedFOX Labs is looking forward to putting our rewards program right on their devices.
But before we get there, we’ll open the wallet for you as a beta tester. Rest assured, you’ll be the first to know when that day arrives!