We all know that the app stores of Android and iOS are counting millions of dollars in revenues and downloads on a daily basis. The platforms grew by 15% this year and have a reach of over 50 billion covered devices online. The revenue, on the other hand, is close to $15 billion for the Google Play and Apple App Store together as the most widely used mobile marketplaces in the world.
This duopoly has made Google and Apple winners in their own segment – able to impose a 30% cut on all purchases, app downloads and in-app items. However, the plans for the future are endless for Apple and Google – with AppCoin is definitely NOT one of them.
‘So, what’s the deal with AppCoin?’ – you are asking yourself.
Basically, AppCoin is a platform that wants to change the entire app ecosystem using the blockchain technology. Just like the blockchain itself, it aims on promoting sales and transactions that will disrupt the traditional app economy (which is worth $77 billion today and may double by 2020).
AppCoin is not only aiming to create a decentralized marketplace. Moreover, it aims to improve the apps maintenance in the store and enforce security measures that will guarantee the integrity of every transaction made. Thanks to blockchain, there will be no data leaks and privacy concerns – not to mention that the app manufactures will get a fair share of every sale (instead of the 70% they are getting nowadays).
So in a nutshell, there are three main functions of app stores:
- in-app purchases and
- app approval
While Aptoide (another platform on blockchain) wants to move these three functions to blockchain and revolutionize the mobile app industry with a new store protocol – AppCoins. Thanks to smart contracts, AppCoins will act as a medium of exchange between end users and developers that will improve user experience and market efficiency through the smart contracts technology.
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