Chapter 1: The History of Blockchain Wallets


Wallet 1.0 Period
(2009 – 2013)

In 2009, the main Bitcoin website went online. The blockchain was just in its infancy during this period, and as a giant distributed ledger, Bitcoin only had simple transfer and bookkeeping functions.

Limited by the development of the blockchain, wallets at this time were used to store bitcoins. That is, in single-asset wallet form, a wallet could only support one currency.

On 29 June 2011, BitPay, a Bitcoin payment processor, 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 shop, the first Bitcoin-related smartphone app.

Wallet 2.0 period
(2014 – 2018)

In 2014, the launch of the Ether project heralded the blockchain’s entry into the 2.0 era, and smart contracts began to be used on the blockchain. At this time, wallets were able to perform on-chain contract operations in addition to transferring money and receiving payments, but due to the slow speed of the blockchain at this time, wallets were only able to perform non-instantaneous reactive contract services.

Ethernet has a block-out speed of 15 seconds, and it takes about 15 seconds for a transaction to be recorded on the blockchain, not taking into account issues such as the network environment.

A smart contract is a set of computer programs that can still ensure that contracts are executed without the need for a third party, and anyone can perform calculations and develop application layers based on this.

Wallet 3.0 period
(2018 – Present)

Starting in 2018, optimisation for slow blockchain 2.0 and high miner fees to achieve high concurrency, high scalability and other performance of blockchain marked the entry of blockchain into the 3.0 period, and the most representative of which is EOS.

EOS has a block speed of 0.5 seconds, and it takes only 0.5 seconds for a transaction to be recorded on the blockchain, regardless of the network environment and other issues.

At this time, in addition to basic storage and transfer functions, wallets can also interact with on-chain contracts instantly; wallets are no longer simple asset management tools, but also a public chain ecological service platform; at the same time, single-chain wallets can no longer meet the needs of users, and more and more wallets are developing in the direction of multiple chains. Nowadays, users can experience asset management, asset trading, DApp, social networking, information, quotes and other functions through wallets.

Wallets have gradually assumed its role as the entry point to the blockchain world.

Author: Token Pocket, Source: https://github.tokenpocket.pro/BlockchainGuideSeries/