Secure Enclave, EOS and Future!

in eos •  7 months ago

As we know, @dan is thinking of using Apple Secure Enclave as the hard wallet for EOS tokens.

Read Here

We are extending our support for elliptic curve keys validation to include the secp256r1 curve. This is the standard created by NIST and used by Apple, Android, and many Smart Cards. Users will have the option to pick their curves (secp256k1, is used by Bitcoin and EOS by default) and can use both (r1 and k1) if they don't know which one to trust! The most important aspect of this is that it will give every cell phone user a hardware wallet with biometric 2nd-factor validation.

Link https://steemit.com/eos/@dan/eos-io-developer-update-support-for-apple-s-secure-enclave-and-similar-technologies

Is it just about the security?

We know how mobile applications have changed a lot of things for Businesses. From looking for a restaurant to booking the movie ticket, everything comes handy these days, all thanks to the evolving mobile application ecosystem. For most of the transactions on an application we use or credit cards/debit cards.

The centralised companies like VISA, MASTERCARD, MAESTRO and Paypal earn commission from banks to process the transactions of the users.

Let’s look at closely for what all things we use Online banking on Mobile Applications.

Shopping - E-commerce.
Recharges.
Bill payments.
Game Tokens eg Zynga poker/ top-ups buy.
In applications features.
Hotel Booking
Travel Booking
Taxi- Uber
Movies Rental/Buy
Books Rental/Buy
Games Buy
What else?

What if we all have a decentralised payment option that could be connected to every application?

We all know transactions on EOS are completely free and with secure enclave, hard wallet people could access the wallet much fast.

We know many applications such as esteem are emerging on iOs/Android. With EOS in place many real-life oriented dapplication like Steem, ONO will emerge. And I feel Secure Enclave wallet and related Apps will make the transactions on the among various applications similar to what we today see with the combination of fiat and VISA/Mastercard.

We are using meta-mask on our browser to connect with different dapps on a web browser on Ethereum network. Similarly, we will be having Scatter with RFID solution on EOS ecology. The hard wallet system was missing for the mobile market, which I feel will be solved by Secure Enclave.

What about the Android Devices?

Seriously, I don’t have any about what @dan has in his mind for Android Devices. But still iPhone as the hard wallet is still a big deal.

What the future looks like?

I could sense hundreds of real- life, real-use application emerging on EOS network. Which will be using EOS or EOS based token for their working. The transaction could just be approved by biometrics among different dapps, as the transactions will be fast and require no fees more and more people will look towards using the technology, unlike hard wallet which looks like a geeky thing to do.

Maybe next time you go to drink coffee you could just transfer money using your fingerprint through your iPhone, buy clothes online through EOSbaba or EOSzone (I don’t feel mainstream will adopt the tech fast) or even buy the games books movies in a similar fashion.

It would be great if we have something like internal market and exchange connected for just EOS and EOS based tokens. It will be like buying EOS token like a regular game application on Store using Mastercard. Once you bought the token you could exchange them, invest in emerging application, delegate to different dapp platforms or use them to buy different projects or products from the dapp store.

I don’t what the ecosystem will bring to us, what all things the developers or @dan have in his mind. But I know one thing once mobile phones would start acting as hard wallet for cryptocurrencies, it will open many opportunities for business and people will start using the tech. Without thinking about it twice.

Image credits - PIXABAY.COM

My previous EOS posts-


Lets clear up some rumours around DAN
Voting on EOS and it's challenges
DAN ANNOUNCED STEEM 2.0
Partnership Update EOS and FINLAB.DE
Understanding EOS Resource Allocation for Layman
HOEDL- Why you Hold on EOS for Dear Life?
Community Update on EOS
Why I think EOS will overtake STEEM

Follow Me: @tanishqyeverma

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Coins mentioned in post:

CoinPrice (USD)📉 24h📈 7d
BTCBitcoin9101.300$-3.55%11.98%
EOSEOS15.098$-1.78%69.74%
ETHEthereum639.491$-9.39%23.11%
STEEMSteem3.740$7.66%25.95%