Blockchain Wallet Development History - Blockchain ABC Blog

Blockchain Wallet Development History

When it comes to digital currency, you can’t get away from digital currency wallets. Bitcoin has been around for 10 years, and blockchain has gone through three iterations of 1.0 – 3.0. During this period wallets have evolved from single-asset wallets and single-chain wallets to multi-asset wallets with multiple chains, and from a single transfer receiving wallet to a blockchain ecological service platform.

Wallet 1.0 Period
(2009 – 2013)

In 2009, the main Bitcoin website went online. Blockchain in this period was just getting started, and as a huge 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 June 29, 2011, BitPay, a Bitcoin payment processor, launched the first Bitcoin e-wallet for smartphones. On July 6 of the same year, a free Bitcoin digital wallet app appeared on the Android app store, the first smartphone app related to Bitcoin.

Wallet 2.0 Period
(2014 – 2018)

In 2014, the launch of the Ether project announced that the blockchain entered the 2.0 era and smart contracts began to be used in the blockchain. At this time, in addition to transferring and receiving money, wallets were also able to perform on-chain contract operations, but due to the slow blockchain speed at this time, wallets were only able to perform non-instantaneous reaction contract services.

The block-out speed of Ethernet is 15 seconds, and it takes about 15 seconds for a transaction to be recorded on the blockchain, not considering the network environment and other issues.

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, the optimization of blockchain 2.0 for problems such as slow speed and high miner fees to achieve high concurrency and scalability of blockchain marked the blockchain’s entry into the 3.0 period, and the most representative of which is EOS.

The block speed of EOS is 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 the basic storage and transfer function, the wallet can also interact with the on-chain contract instantly; the wallet is no longer a simple asset management tool, but a public chain ecological service platform; at the same time, the single-chain wallet 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, information, quotes and other functions through wallets.

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