Anticipating the growth of both the number of available digital coins as well as users’ uptake, the exchange ShapeShift and VC fund Blockstack are jointly funding a project designed to create the pinnacle open source, universal wallet for cryptocurrencies, announced on April 25, 2018.
The companies are offering $50,000 to the developer who produces the best solution, which is to have users enabled and secured facility that provides the best possible UX for digital coin enthusiasts within a single-source wallet facility regardless of which virtual currency they employ.
Thinking Ahead to a Crypto World
Blockstack is providing their authentication, encryption and storage protocols while ShapeShift brings their token exchange API to the project. The top developer or development team will walk away with the prize.
Blockstack is participating through their VC fund, the Blockstack Signature Fund, and the companies are hoping a sleek solution to the need for a truly universal wallet will emerge from their generosity.
Contestants are tied into the useful ShapeShift and Blockstack protocols and need to produce a wallet solution that can accommodate any native tokens, their storage, transaction and the overall application of cryptocurrency on a global basis. A part of the build needs to be the anticipation of inclusion of new tokens that have yet to be released, maintaining the wallet’s universal application. The offer is pegged to a deadline of June 29, 2018.
A spokesperson for Blockstack, Xan Ditkoff, explained “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.”
All available wallets support only a limited number of currencies, a dissatisfying state of affairs that sees users holding multiple wallets or, worse, storing their funds on exchanges where security may or may not be targeted and compromised.
Although Jaxx wallet incorporated ShapeShift support circa 2016, security concerns around the wallet remain, and it is a far cry from a universal wallet app, also supporting only a limited number of tokens.
Ease of Wallet Use to Get Much Better Overall
The partnership between the two companies stems from Blockstack’s concerns around missing out on developments and overall forward motion by a lack of support for various coins. Ditkoff confirmed:
“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. As soon as we came up with that idea.”
He continued, “ShapeShift was an obvious partner. They’ve probably done the most of any project … for users to hold, exchange and add new tokens.”
ShapeShift’s stands to benefit users employ their API to convert currencies, revenue for the company is generated. A company spokesperson explained that “Much like you don’t have a website that serves all of the needs of an individual, you won’t have a single wallet or decentralized application that serves all of the needs of an individual as well.”
Ditkoff sees the sometimes cryptocurrency tribalism as limiting, whereas cooperation of the kind they are engaged in with ShapeShift can enhance users’ prospects, catering for all, and generating much greater ease of use. “We’d love to see other developers use this going forward,” Ditkoff added, saying that “This space, in general, is going to succeed, or it’s not. It’s not going to be a winner take-all-type thing.”