A Quick Guide to Advanced Cryptocurrency Wallet Development

develop an advanced crypto wallet

  • With blockchain technology, which is transforming our society, modern digital businesses are attempting to break down the barriers between the virtual and actual worlds. Cryptocurrency wallet development can now be integrated with other online payment alternatives thanks to distributed technologies in mobile applications. You can create a crypto wallet tailored to your company’s needs or incorporate it as a payment option.

    We’ll talk about cryptocurrency wallets, their types, benefits, and key features in this article.

    Understanding Cryptocurrency wallet

    Cryptocurrency cannot be used without the use of specialized software. A digital wallet is a type of application like this. It’s linked to the blockchain and aids in the execution of processes.

    Cryptocurrency wallets had over 70 million customers at the end of March 2021, according to Statista.

    Also, Read | Crucial Insights into Crypto Wallet Development in 2021

    Implementation Areas for the Cryptocurrency Wallet Application

    Payments made in-store

    Instead of paying with a plastic card, you can use the wallet application on your smartphone or tablet to make purchases. When making a purchase using cryptocurrencies, you can simply choose the cryptocurrency at checkout to complete your transaction. The payment mechanism completes the transaction by converting the money into cryptocurrency.

    Wage Payments

    Many people wish to get their paychecks in cryptocurrency. It is a more convenient manner for them to get wages than a traditional bank transfer. Creating a wallet address for the employer to pay the monthly cryptocurrency payment is one approach to accept a salary without any issues.

    Transfers across Countries

    International transfers can be made with a crypto wallet. This will make it simple to send money overseas in minutes and without incurring any additional expenses. Cryptocurrency is also a convenient way to move money internationally without the use of middlemen. There are no constraints on the amount you can send, either in terms of the minimum or maximum.

    Also, Read | Cryptocurrency Wallet Development | A Guide for Investors

    Which is the Best Way to Develop a Crypto Wallet?

    It’s now time to move on to the most important aspects of a crypto wallet development. The first thing you need to know is that you have two options: you may use ready-made templates and a set of tools to create an application and customize it to your needs, or you can start from scratch and create a wallet that perfectly fits your demands.

    Developing a Custom Cryptocurrency wallet application

    On the market, there are just a few open-source standard libraries. They can serve as the foundation for your future app. The standard library includes all of the necessary features, configures the wallet for blockchain, and performs financial transactions.

    Custom cryptocurrency wallet application development | Stages

    Constructing

    The API can be downloaded from the appropriate website.

    Make something new

    To make a new wallet, go to the menu and click the corresponding button.

    Placement

    Set up permissions for outgoing and incoming transactions and give your wallet a name.

    Incorporation

    Select the third-party programs that you need (for example, to check the balance or create an address) and integrate them with your wallet.

    Also, Read | Crypto Wallet App Development | How to Ensure Efficiency and Security

    Creating crypto wallet apps from the ground up

    The other option is to start fresh with your project. The crypto wallet code is open source and freely available. As a result, locating all of the standards and developing an independent application that meets personal preferences as well as business requirements is not difficult. Because it takes more time, effort, and understanding, this type of development is more difficult and costly. A custom application, on the other hand, is always more useful because it is tailored to meet all requirements.

    The stages of creating a custom cryptocurrency wallet

    Phase 1: Exploration

    The analysis, project plan, process, and wireframes approval are all part of this stage. It aids in the definition of corporate objectives, the analysis and preparation of a development strategy, and the identification of optimal technology.

    Construct a Prototype

    In this step, a physical prototype is created based on the data gathered from the customer. It’s a scaled-down version of the required system.

    Create a design

    The actual conceptualization of the solution, that is, a precise software architecture that fulfills the project’s specific criteria, is generated during the design phase.

    Expansion

    During the software development process, the development phase entails writing code and translating design documentation into actual software.

    Quality Control

    To guarantee that the code is clean and that the solution’s business goals are satisfied, the QA team runs several tests, including functionality testing, system integration, and interoperability testing, and user acceptability testing.

    Also, Read | Cryptocurrency Wallet Development | Securing Your Crypto Assets

    The most important characteristics of cryptocurrency wallet programs

    Authorization

    Adding Google two-factor authentication to your app as soon as you finish the first adaptation stage is one approach to ensure that it is tamper-proof right away. Companies can add an extra degree of protection to their apps by using 2-Step Verification, which is often not available in non-cryptographic applications.

    Rate of conversion

    The cryptocurrency wallet program will need to be updated with the currency value in real-time since it will allow users to perform money transactions across several modes – between the same digital currency, between different digital currencies, and between digital and fiat currencies.

    Importance of a Paper Wallet

    Some mobile wallet apps can also use a QR code to scan a paper wallet and then add the keys to the app wallet to complete the transaction. After that, the scanned data can be used to transfer and receive money.

    Security

    The security feature that comes with a wallet app is a common but equally significant function. You must give your consumers the ability to alter their PIN, password, or any other personal information they choose to modify in the app, based on Blockchain, a technology that is recognized to revolutionize mobile app security.

    Also, Read | Crucial Considerations for Developing a Cryptocurrency Wallet Application

    For the development of crypto wallets, the following technologies are recommended.

    If you’re creating a web wallet app, the frontend should be built with AngularJS 10.0 and higher, as well as HTML5 and CSS3. Create the back end with Node JS, and the server may be set up with AWS.

    We strongly advise our clients to create cross-platform solutions. This isn’t surprising; using this method allows businesses to save time, money, and effort. As a result, you’ll require React Native to build a frontend and an API service, with Node JS serving as the backend.

    Furthermore, we should provide a set of functions for signing and verifying data with Ethereum keys. Typescript is ideal for the job.

    If you don’t want to construct an app from scratch, you can use one of the many public libraries available on the internet to accomplish it.

    These libraries will implement your application’s standard functionality and synchronize it with the blockchain. Chain-Java and BitcoinJ are two excellent instances of public libraries.

    Also, Read | Custodial Vs Non-Custodial Crypto Wallets: Getting Into Details

    How much does it Cost to Develop a Cryptocurrency Wallet?

    The cost of producing a blockchain app is determined by the project’s complexity and the features you wish to include.

    If you’re searching for a firm to develop an app for whatever reason, please reach out to crypto wallet development experts at Oodles to learn more about our experience. Our team has a lot of expertise in developing mobile and cross-platform apps.

About Author

Mudit Kumar (Writer)

Mudit has been working with Oodles since 2017. He writes about technologies that not only disrupt the digital space but also influence the physical world. Initially, he explored revolutionary technologies like ERP (Enterprise Resource Planning) and AI (Artificial Intelligence). Now, he focuses on unfolding the elements of blockchain technology, given its potential and edge over others.


Leave a Comment

Name is required

Comment is required

Recaptcha is required.

No Comments Yet.

More From Oodles

Request For Proposal

By using this site, you allow our use of cookies. For more information on the cookies we use and how to delete or block them, please read our cookie notice.

We would love to hear from you!

Oodles | Blockchain Development Company

Please enter a valid Phone Number

Please remove URL from text

Recaptcha is required.

loader