Astronaut loading animation Circular loading bar

Try : Insurtech, Application Development

AgriTech(1)

Augmented Reality(20)

Clean Tech(6)

Customer Journey(12)

Design(37)

Solar Industry(7)

User Experience(57)

Edtech(10)

Events(34)

HR Tech(2)

Interviews(10)

Life@mantra(11)

Logistics(5)

Strategy(17)

Testing(9)

Android(47)

Backend(30)

Dev Ops(7)

Enterprise Solution(27)

Technology Modernization(2)

Frontend(28)

iOS(43)

Javascript(15)

AI in Insurance(35)

Insurtech(63)

Product Innovation(49)

Solutions(19)

E-health(10)

HealthTech(22)

mHealth(5)

Telehealth Care(4)

Telemedicine(5)

Artificial Intelligence(132)

Bitcoin(8)

Blockchain(19)

Cognitive Computing(7)

Computer Vision(8)

Data Science(17)

FinTech(50)

Banking(7)

Intelligent Automation(26)

Machine Learning(47)

Natural Language Processing(14)

expand Menu Filters

The dark side of Bitcoin/Cryptocurrency

2 minutes, 29 seconds read

What is Bitcoin/Cryptocurrency?

“Cryptocurrency is a digital currency that is managed by using one of the most advanced encryption techniques called cryptography to secure its transactions. Bitcoin was the first decentralized cryptocurrency that was created in 2009.”

Bitcoin is crushing the markets with its high evaluations and a lot of interest from general people. It is not the only one, there are now a plethora of cryptocurrencies that people trade in the not so traditional market place. In fact, there are exclusive platforms, especially for trading cryptocurrencies. There is overall a general excitement about the whole cryptocurrency industry if you will categorize it so. 

While these are highly secure transactions, there is a darker side to the whole story as well. This is without even looking at the rapid fluctuations in the pricing of bitcoins or how many new forms they are coming in. We are listing some of the forbidden or undiscovered factors that may not be great for the general acceptance of bitcoins/cryptocurrencies.

1. Inefficient for retail

The cryptocurrency transactions rely on blockchain technology which is a mutual agreement-based system. The blockchain technology involves sharing, updating, and validating ledgers (contracts) at multiple places, making the system very slow for retail transactions. In such scenarios, cash and cards are much faster.

[Related – What is blockchain technology?]

2. Lack of market regulations

Currently, there are no legit market regulations for trading cryptocurrencies. Even the governments are skeptical about the viability of bitcoins. Therefore no government-regulated financial institutions support the transaction of cryptocurrencies (e.g. encashing). Moreover, because of a lack of regulations, cryptocurrencies are extremely difficult to track and that’s why people often use it for dark trading. Thus, bitcoins are prone to bring financial chaos if all transactions are beyond the control of regulators.

[Related: Does Smart Contracts work for India Inc.?]

3. Power inefficiency

Mining cryptocurrency consumes a lot of electricity and it may take nearly 25% of the miner’s revenue. Unless we have renewable sources of energy, it’s really not worth it. For instance, mining bitcoins in India takes almost INR 180000 worth of electricity. So, if the Indian economy were to run completely on bitcoins, all of the world’s electricity will not be sufficient to support the transactions.

4. Parallel Economy

When you can’t track the money, people start leveraging it for illegal transactions. Using it on the Dark Web, Money Laundering, ransom demands are just a few of those use cases. 

The fact is — these problems are similar to the ones we have with the cash economy. If the problem remains (or aggravates), then there is no point in opting for digital currency.

[Related: How Forex Trading Is Going To Be Affected By Cryptocurrency?]

Bitcoin/Cryptocurrency: Should you go for it or not?

We’re not the naysayers. Blockchain is a great technology and is indeed useful for financial transactions. However, it does not target day-to-day transactions. There are several higher-level applications of blockchain viz. Insurance, supply-chain, data transfer, etc. for which the technology is proving fruitful. 

About the author: Kumar Sambhav is the CTO at Mantra Labs. He is a pro in Business Processes, Requirements Analysis and Agile Methodologies. He always enjoys exploring trending technologies – be it cloud computing, blockchain, artificial intelligence, AR or VR.

Read more – 

Cancel

Knowledge thats worth delivered in your inbox

Bringing Interfaces to Life: The role of animation in UI and UX

Interfaces are everywhere. The user experience encompasses the overall experience a user has while interacting with a product or service. Animation, in the context of UI and UX design, involves adding motion to these visual elements to create a more engaging and intuitive user experience. Animation may serve a functional purpose by guiding users or providing feedback.

Think of motion as a design tool in your UX journey. It should help achieve the user’s goals or contribute in some way to enhance the experience. Animation shouldn’t be distracting or excessive. In other words, if it gets in the way of the user accomplishing a task or takes up more seconds for what should be a quick task, then it becomes unnecessary and annoying.

One common example of animation in UI design is the loading spinner. Instead of staring at a static screen while waiting for a page to load, a spinning animation lets users know that something is happening in the background. This simple animation helps manage user expectations and reduces frustration.

Introducing animations to the interface serves a psychological purpose as well. One aspect involves ensuring users remain informed throughout their interaction, minimizing ambiguity. Uncertainty can lead to user anxiety; for instance, if a page is loading without any interface feedback, incorporating a micro animation can be beneficial in providing reassurance. Although not all problems may need animations, adding them increases their appeal.

In recent years, several applications have pushed the boundaries of animation in UI and UX design. One notable example is the Duolingo app, which uses playful animations and interactive elements to make language learning fun and engaging. Interactive animations can gamify the user experience, making mundane tasks more engaging and Duolingo has used this to its advantage. Another example is the Headspace app, which employs calming animations and transitions to create a serene user experience. 

Let’s look at Duolingo’s application which embraces animation to engage the user’s attention. It keeps users hooked and gives them the comfort of gamification. This not only makes the information more visually appealing but also helps users quickly understand the current stage. It keeps the user hooked throughout the level with its cute animations.

Credits: Kim Lyons 

Additionally, captivating animations can also serve to promote and enhance the appeal of your product. 

Micro-animations extend beyond just the gamification of applications; they can also be leveraged to enrich the aesthetics and express the essence of your product. They contribute to making your website feel more alive and interactive, elevating the overall user experience.

UI/UX

In essence, animation in UI and UX design is not merely about adding visual flair, it’s about creating meaningful interactions that enhance user engagement and satisfaction. From improving usability to expressing brand identity and personality, animation has the potential to transform digital interfaces into dynamic and memorable experiences. Whether it’s guiding users through a process or providing feedback animation, it has the power to elevate the overall user experience. Next time you witness animation appreciate the magic that brings it to life, you might just be amazed by its impact.

About the Author: 

Shivani Shukla is a Senior UI & UX designer at Mantra Labs. It’s been a while since she started her journey as a designer. Updating her knowledge and staying up to date with the current trends has always been her priority.

Cancel

Knowledge thats worth delivered in your inbox

Loading More Posts ...
Go Top
ml floating chatbot