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There are no other browser engines in the app store.

No but there is WhatsApp, Fantastical, VSCO, Camera+, Halide, Google Photos, Evernote, Bear Notes, Google Maps, Spotify...

That's for security reasons. Apple doesn't want outdated web engines becoming vulnerabilities.

How does a browser “compete” with a non revenue generating Safari?

Because you can't use any other browser in iOS. It's not AppStore rules. https://stackoverflow.com/questions/11259152/chrome-ios-is-i...

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