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The history of blockchain wallet development

Speaking of digital currency, we cannot do without the digital currency wallet. Bitcoin has been born for 10 years, and the blockchain has also experienced three iterations from 1.0 to 3.0. During this period, the wallet developed from a single-asset wallet and a single-chain wallet to a multi-chain and multi-asset wallet, and a single transfer and collection wallet to a blockchain ecosystem service platform.

Wallet 1.0 period

(2009-2013)

In 2009, the Bitcoin main net was launched. The blockchain in this period has just started. As a huge distributed ledger, Bitcoin has only simple transfer and accounting functions.

Limited by the development of the blockchain, the wallet at this time is used to store Bitcoin. That is, a single-asset wallet form, a wallet can only support one currency.

On June 29, 2011, Bitcoin payment processor BitPay launched the first Bitcoin e-wallet for smartphones. On July 6th of the same year, a free Bitcoin digital wallet App appeared on the Android App Store. This is the first smartphone app related to Bitcoin.

Wallet 2.0 era

(2014-2018)

In 2014, the launch of the Ethereum project announced that the blockchain has entered the 2.0 era, and smart contracts have begun to be used in the blockchain. At this time, the wallet can perform on-chain contract operations in addition to transfers and collections. However, due to the slow speed of the blockchain at this time, the wallet can only perform non-instantaneous response contract services.

The block generation speed of Ethereum is 15 seconds. Regardless of network environment and other issues, it takes about 15 seconds for a transaction to be recorded on the blockchain.

A smart contract is a set of computer programs that can guarantee the execution of the contract without requiring a third party. Anyone can perform calculations and develop application layers based on this.

Wallet 3.0 period

(2018 – present)

Beginning in 2018, optimization has been made for the slow speed of blockchain 2.0 and high miner fees. The realization of high concurrency and high scalability of the blockchain marks the entry of the blockchain into the 3.0 period, and the most representative one is EOS.

The block generation speed of EOS is 0.5 seconds, regardless of network environment and other issues, a transaction is recorded on the blockchain in only 0.5 seconds

The wallet at this time, in addition to the basic storage and transfer function, can also interact with the contract on the chain in real-time; the wallet is no longer a simple asset management tool, but also a public chain ecological service platform; at the same time, the single-chain wallet has Unable to meet user needs, more and more wallets are developing in a multi-chain direction. Nowadays, users can experience asset management, asset trading, DApp, social networking, information, market quotations and other functions through the wallet.

The wallet has gradually assumed its role as the entrance to the blockchain world.

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