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Hiring a Blockchain Wallet Developer
Cryptocurrency wallets can be software or hardware devices like a pen-drive, which stores public and private keys to access a cryptocurrency. A software wallet is a mechanism that interacts with blockchain to receive and send transaction records. Blockchain wallet development emerged as a strong enterprise trait in blockchain industry as cryptocurrencies grew as a popular asset. Blockchain wallet developer needs to remain updated with this evolving industry.
Although there are several cryptocurrency wallets, users seek more option, which can provide stronger security at a lesser cost. Also, user-friendly attributes and capacity of transactions are the factors that make a wallet popular. It is necessary for enterprises to develop cryptocurrency wallets, with an objective to gain an edge in the competitive market.
Types of Cryptocurrency Wallets
Wallets are categorized broadly as per their features of internet connectivity, support for cryptocurrencies, number of signatures required and their physical state. Based on whether a wallet is connected to the internet, they are divided into Hot and Cold Wallets. Blockchain wallet developers are mostly associated with software or application based wallets.
- Hot Blockchain wallets are connected to the internet, while Wallets are understood as Cold, if not connected. Generally, Desktop and Mobile wallets are referred to as Hot wallet while storage device or paper records are known as Cold wallets. Applications or software installed in the computer may require authorization to connected to the internet, but they are regarded as hot wallets.
- Paper records are also considered as wallets because a wallet stores only the transaction records of the cryptocurrency, Public Keys and the Private Keys to access a currency. These records can be also printed making the printed material synonymous with wallets.
- Wallets act as the access to cryptocurrencies. However, some wallets may not support certain currencies. Any blockchain wallet developer should focus on creating wallets to support a larger number of cryptocurrencies in order to gain stronger adoption.
- Based on the accessibility, wallets are categorized to Full Node Wallet and Custodial Wallet. Wallets that supports a full copy of the blockchain and allow complete control of private keys are Full Node Wallet. Such wallets are developed by cryptocurrency companies. Custodial Wallet lets the user control private keys. Most cryptocurrency exchanges offer such wallets.
Industry Application of Blockchain
Automotive Tourism Real Estate Insurance
Which Type Fits You?
As an enterprise, ready to invest in blockchain wallet development, it is necessary to evaluate most amicable features to support mass adoption. From the perspective of types, it is better to diversify as much as possible. Developing both desktop and mobile version is a better idea as it automatically increases the prospects of adoption. Here are some aspects any enterprises should focus and let the hired blockchain wallet developer fulfill them:
- Transaction Cost: Generally, wallets charge a transaction fee on each transaction. A recent trend is the priority based fee. In this system, users paying high fees will be served faster, while those paying less have to deal with wait times. Sometimes, this wait-time could be more than a week. Some wallets charge a flat fee for any transaction, while some wallet allows access for timely payments.
- Capacity: Although cryptocurrencies serve the common purposes of facilitating digital transactions and asset creation, they are based on unique technologies. Universal wallets are those that support any currency, while multi-coin wallets support more than one type of currency.
- Speed: Due to the bulk of transactions, online wallets are slow. Therefore, while developing an online cryptocurrency wallet, an objective to provide an adequate speed of transaction is a strong factor adding to its quality of service.
- Security: This is the strongest factor that determines the popularity of a wallet. Security has been a primary aspect in the cryptocurrency ecosystem.
Read: How to Ethereum Wallet to a Private Blockchain.
Read: Being Cautions while Using Altcoin Wallets.
How Oodles Blockchain Specialize
Oodles Blockchain follows a holistic approach to combine long-term gains with quick popularity. Our intensive market research and technology expertise enables us to develop quality crypto wallets. Security is our benchmark when it comes to blockchain wallet development. We create easy-to-use wallets keeping in tandem with the expectations of users.
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