Anatoly Yakovenko co-founder of Solana posits that cryptocurrency holds the potential to challenge the dominance of the App Store Duopoly
Bollywoodfever, March 12: Anatoly Yakovenko, the visionary co-founder of Solana Labs, is setting his sights on challenging the dominance of Google and Apple in the app store market.
He has voiced his concerns over the current state of software distribution on mobile platforms, highlighting the hefty 30% commission that these tech giants command for merely showcasing a list of the top ten most downloaded apps.
In a bold move to redefine the landscape, Yakovenko and his team at Solana Labs are exploring how cryptocurrency technology could serve as a catalyst for change in the monopolized mobile app store sector.
Yakovenko pointed out the paradox of meme coins and loot boxes lacking intrinsic value while underpinning a vast $100 billion mobile gaming industry, a sector from which the app store duopoly secures a significant portion of its revenue.
Yakovenko emphasized, “There is a tiny outside chance that crypto rails can grow fast enough and different and weird enough that they can disrupt the duopoly business models.”
2023 marked a significant milestone for Solana Mobile, a branch of Solana Labs dedicated to mobile technology, with the introduction of Saga, its inaugural smartphone. The launch of Saga was notable for featuring the Solana Dapp Store, equipped with over 16 applications designed for various cryptocurrency-related activities.
Despite the formidable presence of Google and Apple, which boast a combined total of over 5 million apps across their platforms, the mobile app market is on track to surpass $500 billion in revenue by 2024.
This growth presents a lucrative opportunity for companies like Solana Labs to innovate and capture a share of the market.
Looking ahead, Solana Labs is gearing up for the release of its second smartphone, Chapter 2.
The anticipation for this device is palpable, with over 100,000 orders already placed during the presale phase—a testament to the demand and potential for disruption in the mobile app ecosystem.
Moreover, Solana Labs has demonstrated its operational efficiency by processing over $20 million in USDC payments without incurring any fees, showcasing the practical benefits and financial viability of leveraging cryptocurrency technology in this domain.
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