Two major crypto start-ups encourage developers to build ‘universal’ wallet

Two major crypto start-ups encourage developers to build ‘universal’ wallet

Two of the world’s most prominent crypto start-ups have joined forces to entice developers to build a “universal” cryptocurrency wallet, industry website Coindesk has reported.

Decentralised app platform Blockstack and digital asset exchange ShapeShift earlier today announced that they were offering a $50,000 bounty to the developer or team of developers that creates the best universal crypto wallet – a solution capable of storing almost any native token, including ones that haven’t been created yet. Contestants need to use Blockstack’s authentication, storage and encryption technology, as well as ShapeShift’s API for crypto exchange and present their solutions by June 29.

“We’re super early in this space. There are undoubtedly winners that have yet to even appear yet. It’s important that a wallet can support digital assets that have yet to be created,” Blockstack’s head of growth and business development, Xan Ditkoff, said, as quoted by Coindesk.

In further comments to the online publication, Ditkoff indicated that the partnership had come as a result of Blockstack’s concern that not supporting certain tokens could discourage developers from building apps for its platform.

“You shouldn’t be deterred from building on Blockstack just because your community’s atomic unit of use, or wealth, or whatever, your token, isn’t represented on our platform,”Ditkoff said.

“As soon as we came up with that idea, ShapeShift was an obvious partner. They’ve probably done the most of any project … for users to hold, exchange and add new tokens,” he added.

For ShapeShift the partnership present a potentially lucrative opportunity, as the company earns revenue whenever wallet users convert crypto tokens through the platform’s API.

Ditkoff also believes that this approach could boost cooperation between different development teams, which could lead to more innovative results in the crypto space.

“This space, in general, is going to succeed, or it’s not. It’s not going to be a winner take-all-type thing,” he told Coindesk.

By Michael Harris
Specialising in economics by academia, with a passion for financial trading, Michael Harris has been a regular contributor to Invezz. His passion has given him first hand experience of trading, while his writing means he understands the market forces and wider regulation.
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