By Shivani Uppal on The Capital
2020 has been quite eventful, and rollout of 5G technology adds a feather to the hat. It is the next big thing in digital network standards that will bring crypto and blockchain to everyone adding intrigue to the decade.
Currently, the 4G network is dominating in many regions, but 5G is the next iteration and significantly faster. The system supports phone calls, text messages, and Internet interaction. The coordination and infrastructure cost is exceptionally high, which is not surprising because years of Research and Development has gone into it. The delivery and expansion of network technology are expected to accelerate only when people realize its advantages. The question is, how will it facilitate crypto adoption? Certified Cryptocurrency Experts say bandwidth, speed, and power consumption.
What is 5G?
The next generation of wireless networks is 5G. As expected, there would be an increase in speed. However, 5G also promises higher capacity and quicker response time in addition to mandatory security enhancements. 5G can transform the way we live by providing the ability to connect different types of devices. It was primarily made by keeping in mind video streaming, gaming, mobile broadband applications, and enterprise application considerations. It can be thought of as the backbone of YouTube, mobile gaming, and others in the digital world that need to meet the growing demands of businesses and consumers.
5G is unbelievably fast, and the testing reveals that it can reach 1–2 Gb/s. Compare it to the average WiFi speeds of 50–100 Mb/s. This makes buffering and lagging things of the past now. The data can be transmitted in real-time, but latency might be 5G’s killer application. With 5G’s hyperresponsiveness, Ultra-HD gaming would be possible on phones leading to a pleasing user experience. Cloud gaming is an imminent reality because of 5G. It has opened many varied promising doors.
5G and Crypto
The market is saturated with crypto wallets, but they are underrated. There lies a more significant opportunity in terms of expansion of operation and functionality. The wallets with tangible UX operate as a gateway to an unexplored digitally financial infrastructural world. 5G is the backbone for manifesting this vision. While complex functions run in the background, low latent 5G will enable the crypto wallet’s UX to work seamlessly. 5G can go a long way in obscuring the complexity of the crypto from the user. Crypto wallets can be imagined as mobile wallets plugged into the Web, along with the promising landscape of streaming and gaming. The potential of crypto with 5G hinges on the expansion of bandwidth and power consumption support. This generation of cellular technology will bring in more crypto users as 5G is all set to provide fast, byte-sized mobile phone interactions, precisely what the young generation demands.
5G and cryptocurrency offer the potential of a promising combination. Crypto can secure mobile banking networks, which can further secure granular transactions. Here, 5G makes sure the complex framework doesn’t succumb under blockchains. It will be a significant step for both underbanked and unbanked if crypto networks can deliver payment solutions. These changes in banking will mark the first steps of a developing world having high-speed internet and general economic volatility. The 5G can be the most significant leap forward than promised by Certified Cryptocurrency Trader and mobile industry.
In 2020, 5G would become available in metropolitan areas and spread in developing ones by 2021. The fracas erupted by Facebook’s Libra ambitions though it dashed but underlined the rising influence of crypto with the commerce industry globally. The influence continued putting in pressure, and as a response, more and more financial institutions, regulators, and governments are exploring their own blockchain-based digital currency initiatives as a countermeasure. The combination of 5G and blockchain enhances the mining of cryptocurrency in terms of transparency, improved mining speeds, and intelligence. Integrated technology can transform the global telecom industry by bringing in blockchain products applicable to the most sophisticated and latest technologies such as international payments and mobile portability. These projects solve the issues of fraud, speed, and real-time transactions boosting digital money’s uses. Blockchain application as cryptocurrency is most widely accepted. For non-crypto currency applications, understanding is yet to be formed. Large corporations like Oracle, IBM, and Accenture and startups are making massive strides on this front. Blockchain-based solutions are required in healthcare, supply chain, and real estate, thus creating a way for 5G to foster crypto adoption in these areas.
5G is a highly anticipated technology because it can help doctors for real-time interaction with robotic tools for surgery and, at the same time, can precisely track assets in supply chains. It forms the foundation of low latency and high speed that is necessary for making 5G mainstream. This blog has highlighted much importance of knowing about cryptocurrency for the future. The best way to learn about cryptocurrency today is by taking up an Online Degree in Cryptocurrency.