Developers, start your engines. The announcement of Apple, Inc.’s first smartwatch this week opens up a whole new avenues of application development. Dubbed the Apple Watch, this new device has unique features, functions, and a compact interface that means developers will need to design for an even smaller screen and respond to different types of input and points of interaction.

Here are three key aspects of the Apple Watch that developers should keep in mind about the device that’s oh-so-much-more than a timepiece.

WatchKit

Anticipating a malestrom of applications for their new wearable technology, Apple set up a third party developer platform, WatchKit.

According to Karissa Bell of Mashable, WatchKit allows developers to “create everything from customer interactive watch faces to new versions of the app.” There are already new versions of Facebook, Pinterest, Nike, and American Airlines applications for the iWatch.

But app developers shouldn’t fear being pushed out–Katy Huberty, an analyst with Morgan Stanley, says that since the product demo introduced the Apple Watch as a tool with a “Swiss Army knife” of functions, there’s still plenty of room for the little guy to get in with a “killer app” at the ground level.

The WatchKit SDK has yet to be publicly released (and exists under NDA), but information and answers are already building up at Quora for interested developers.

Apple Watch sensors

The Apple Watch has the ability to collect its users personal body information. Among other pieces of data, this includes heart rate, number of steps taken, and calories burned.

Theoretically, this functionality will give developers more to work with. Although, as Bloomberg‘s Olga Kharif comments, since Apple’s own Activity and Workout apps come baked-in to the Apple Watch, which may cut demand for third-party workout and pedometer apps.

However, not all app developers share her concern. Kharif reported that Christopher Glode, Under Armor’s head fitness applications, believes that the more wearable devices, the better chances will be that more users will start using fitness applications of all sorts. Kharif also suggested that the Apple Watch may potentially be useful for apps that remotely monitor the vital signs of medical patients or the chronically ill.

Apple Pay

Another key feature of the Apple Watch is Apple Pay, which digitizes banking info to allow Apple Watch wearers to make purchases without needing to fumble with wallet or phone. Large stores such as Whole Foods and Macys are already on board.

Seth Fiegerman of Mashable reported that the Apple Pay announcement has forced quite a few mobile payment providers to reexamine their current approach. Many mobile payment providers, including Square, Clinkle, and Softcard, said they are eager to adopt to Apple Pay and work with the tech giant to enable their payments through Apple Watch and the new iPhone.

But can it make a phone call?

Boasting convenient features and encouraging new app development, the Apple Watch is an exciting new piece of Apple technology. It’s important to note, though, that its umbilical cord to the iPhone is pretty firmly attached.

Bernstein’s Toni Sacconaghi commented that “the majority of the Watch’s functionality is dependent on the presence of an iPhone.” Just as well, Rob Cihra of Evercore explained that while the Apple Watch has WiFi and Bluetooth built in, it requires an iPhone for essential abilities, like using GPS or making a phone call.

Image credit: Apple, Inc. https://www.apple.com/watch/features/