Contextual Essay

The project that I worked on across this semester was Pocket, a free to download app that’s main focus is on trading stocks and cryptocurrency in an experience that simultaneously teaches and informs users about the market and their investments. The app itself also features its own unique Cryptocurrency that can only be bought and sold exclusively on the app and is of limited quantity, the Cryptocurrency is called PocketCoin selling it in a limited quantity and exclusively to users aims to up the demand for both the app and currency respectively. The app will rival existing apps and websites such as CommSec, eToro & CoinSpot, all of which provide similar experiences but not one that is identical to Pocket. The main premise of the app was to introduce an app to the market that was different to any other by merging key features of other apps together in an easy to use interface, this is how the Pocket app was decided. 

The topic of Cryptocurrency was chosen because not only did all group members have an interest in learning about the topic of cryptocurrency but it was at a time when the cryptocurrency market was spiking in popularity. Due to the attention it was receiving there was an abundance of resources and statistics to assist the research and preparation of the product as well as increasing understanding of the market. Statista reported that as of 2021 there could be over 4,000 cryptocurrencies in the market (de Best, 2021). so learning about the vast market at a time when it is starting to boom and garner more attention than ever was interesting to all group members. From my perspective I saw this as a great opportunity to learn about a topic that was dominating headlines for months and having the opportunity to create a project that utilised elements of many popular trading apps and merge them into one was intriguing. 

The Pocket app itself is fairly easy to use and navigate which was a key element to it when creating the project as it primarily focuses on teaching starting investors the basics and key information. Pocket will feature 4 main menus, Graphs & Statistics, Trading, Tutorials & the user portfolio. Each menu will be unique to each user, being filtered by their own interests and investments. Privacy is one of the largest features surrounding the app due to its reliance on personal information so profit will be made from the app from both a small commission on trades being made and through advertisements that are present throughout the app but aren’t placed using any data of users. This is the basic premise of the app and how it will work as well as garner profits.

In summation, the Pocket app was developed out of interest for the Cryptocurrency market and therefore will place a large focal point on teaching new investors about the market and the most beneficial ways to utilise the vast market. With cryptocurrency garnering interest at an increasingly high rate daily this app was incredibly useful in learning more about the market and building an understanding for the emerging technology surrounding it.

Bibliography

• Hileman, G. and Rauchs, M., 2017. GLOBAL CRYPTOCURRENCY BENCHMARKING STUDY. Global Cryptocurrency Benchmarking Study, [Online]. 1/1, 114. Available at: https://www.crowdfundinsider.com/wp-content/uploads/2017/04/Global-Cryptocurrency-Benchmarking-Study.pdf [Accessed 5 June 2021].

• Statista. 2021. Cryptocurrencies – statistics & facts | Statista. [ONLINE] Available at: https://www.statista.com/topics/4495/cryptocurrencies/. [Accessed 06 June 2021].

• TechJury. 2021. Jacquelyn Bulao. [ONLINE] Available at: https://techjury.net/blog/cryptocurrency-statistics/#gref. [Accessed 5 June 2021].