FameEX Hot Topics | Anatoly Yakovenko, Co-Founder of Solana, Sees Potential for Crypto to Challenge App Store Duopoly

Anatoly Yakovenko, Solana Labs' co-founder, sees cryptocurrency as a formidable challenger to the app store dominance of Google and Apple. He critiques the current model of software distribution on mobile platforms, where these giants take a substantial 30% cut from developers' revenues for sales and in-app purchases. This model, according to Yakovenko, stifles competition and disproportionately benefits the duopoly by merely showcasing a list of top apps.

The potential of cryptocurrency extends beyond its monetary use, aiming to revolutionize sectors like mobile app distribution. Yakovenko believes crypto technology could undermine Google and Apple's grip on the market. He highlights the overlooked value within the mobile gaming sector, which is part of a $100 billion industry heavily taxed by the app store duopoly. This situation underscores the necessity for an innovative approach to app distribution.

Yakovenko suggests that the crypto ecosystem could offer a novel, more equitable method for app transactions and distribution, posing a threat to the established business models of Google and Apple. Solana Mobile's introduction of the Saga phone and the accompanying Solana Dapp Store, which features over 16 crypto-centric applications, is a step towards realizing this vision. Yet, the dominance of Google and Apple, with their combined repository of over 5 million apps and a market on track to surpass $500 billion by 2024, presents a formidable challenge.

Undeterred, Solana Labs continues to pursue market penetration with the announcement of their second smartphone, Chapter 2, signaling a deeper commitment to integrating cryptocurrency with mobile technology. The presale success of Chapter 2, achieving over 100,000 orders, demonstrates the market's interest and the feasibility of producing the device. Moreover, Solana Labs' ability to process $20 million in USDC payments without traditional fees illustrates the tangible advantages of adopting crypto for app distribution.

Solana Labs' efforts with the Solana Dapp Store and the development of blockchain-powered mobile phones signify a bold attempt to disrupt the conventional app store ecosystem. By reducing developer costs and creating a more diverse app marketplace, Solana aims to provide consumers with alternative, innovative options, challenging the existing duopoly and reshaping the landscape of mobile app distribution.

Disclaimer: The information provided in this section is for informational purposes only, doesn't represent any investment advice or FameEX's official view.