A laptop can connect to the internet better and provide better computational service. A camera can take pictures at much greater resolutions. And a cellphone can stay charged for much longer than a typical smart phone. Together though, the extraordinary convenience of not having to lug around three separate devices outweighs the functional cost. The smartphone camera is good enough. The battery still can last most of the day. You can still do most basic computational things on an iPhone such as Facebook and check email which is all that most people need. But being able to carry all of that power in your pocket makes it an essential item that we never leave home without.
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In my pockets, I usually carry around my iPhone, my car keys, and my wallet. Once technology improves enough (from a security standpoint), it would be cool to be able to use my smartphone to pay for my groceries. The wallet will be trickier since I don't see an easy replacement to ID cards, but this is again a security problem to solve. Cars already have keyless ignition, so it's just a matter of cooperation in being able to start your car with an app. Once these items can be combined into one, then where do we go?
I am definitely against something as invasive as a chip. I still prefer an accessory. Aside from my conspiracy tendencies, I think all people still can appreciate being able to turn off and be disconnected from their smart devices. If smart wear is implanted in you, then it can potentially always access you. I personally like the idea of a watch more so than glasses. A watch is already more of a fashion accessory than a useful device, and as someone who just stopped wearing glasses about a year ago, I don't want to start wearing glasses again.