The voltage standard is a compromise between the following requirements:
- We want to keep the wire small.
- We want to keep the I2R transmission losses small.
- Safety so we do indeed need somewhat low voltage.
The frequency standard is a compromise between
- Transmission line losses which mean we want lower frequency.
- And transformer size.
Electrical components are designed to endure a certain voltage/current. So a designer will never design something that has a maximum of 50 V if the main power supply is 230 V. A good manufacturer will design a system that can operate under both 230 V and 110 V. To do so, you will need a very good regulator for the device.