Tag Archives: apple money

Meet Apple Money gadget, Apple’s entry into the high-paced world of cryptocurrency mining + storage!

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According to a research report by RBC Capital Markets, Apple’s market value could rise by almost 25 percent if it brings the cryptocurrency platform to its ecosystem. Given the Cupertino giant has an ultra-secure wallet app, the move could make the USA the global leader in crypto assets. This fact is further strengthened by the trust shown by Elon Musk in bitcoin, who bought $1.5 billion worth of cryptocurrency, shaking the future of digital money prospects. Apple has treaded with caution regarding digital currency, as they banned cryptocurrency wallets from App Store in 2014. However, they revised the decision as some faith in digital money was reclaimed and now allowed transactions with certain restrictions. For example, it is not allowed to mine cryptocurrencies on iPhones or to use an Apple Card credit card for any cryptocurrency purchases.

Now there are some rumors in the air that Apple could enter the cryptocurrency market fair and square. So how would the ecosystem look like if it were to happen? Creative director Antonio De Rosa gives our imagination wings with his ideation for Apple Money, the currency, and the electronic wallet that’ll make it all possible. The designer believes Apple Money will be available on the Apple Card+, scanned via the sleek gadget made out of aluminum, carrying the company’s signature design language. It’ll be connected to the Apple devices to create a mining ecosystem, one which is found in a decentralized family ecosystem. The device will be powered by the Apple Security Chip S2, capable of managing 27 assets and ERC20 tokens. Connected and approved devices will mine the digital money via a seamless app, keeping everything in the Apple ecosystem.

The Apple Money gadget will get a stylish cover in lively colors to match other Apple gadgets you already love. Antonio’s vision is reasonably practical with a product design to match the functionality. While we are not fans of the thickness of this device, the rumors about the newest M2 chip mean I can imagine this as a sleeker, slimmer version of itself. So would you actually want to have Apple Money in your arsenal in the near future?

Designer: Antonio De Rosa

iTunes and App Store Down for 11 Hours; Apple Loses $2.3 Million an Hour

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iPhone App Store logo

After Apple’s digital marketplaces, iTunes and the App Store, went down yesterday, the company lost over $2.3 million an hour.

Thursday was a total nightmare for everyone with an Apple product as all of Apple’s digital marketplaces experienced heavy outages. For approximately 11 hours, iTunes and the App Store were both unavailable, even the Mac App Store and the iBooks Store were down. For this duration, the millions of people around the world who own Apple products were unable to buy songs, music, books or any other digital content. In short, it was a total disaster.

So why were all of Apple’s services down? The company explained in the following statement that it was down to a DNS (Domain Name Server) error:

“We apologise to our customers experiencing problems with iTunes and other services this morning. The cause was an internal DNS [domain name system] error at Apple. We’re working to make all of the services available to customers as soon as possible, and we thank everyone for their patience.”

Never mind that this is a PR nightmare for the company as one of the smartest technological companies on the planet can’t fix a problem like this quickly but it also had serious financial ramifications for the company. According to calculations by the International Business Times, for every single hour that Apple’s digital storefronts were down, the company lost just over $2.3 million. Multiply that by 11 and Apple incurred losses of $25 million altogether.

For Apple, this is just a drop of water in the ocean. Not only is the company the richest one on the planet right now but it also has around $120 billion saved up so losses of $25 million are nothing to them. This is perhaps a bit more worrying for the content creators who depend on these stores for their income but perhaps Apple will do them a solid and will reimburse them.

Source: IBM

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