Crypto Wallet App Development | Requirements for Efficiency and Security

Crypto Wallet App Development | Requirements for Efficiency and Security

Posted by : Mudit Kumar | 17-Jul-2020

  • crypto wallet app

    Crypto wallets enable users to buy, sell, lend, and keep records of their portfolios in cryptocurrency.  Cryptocurrency wallet development ensures the creation of a piece of software in which transaction records of users are stored including how many coins they own.

    Most crypto-currency wallets accept bitcoin and Ether, the two most common digital currencies. Nonetheless, several wallets also support several cryptocurrencies, including an increasing number of altcoins.

    Now we’ll go through the most key aspects that every successful crypto wallet app needs in this post. We sorted features into different categories.

    Develop Your Crypto Wallet App | Features

    Like with all applications, the creation of crypto wallets starts with a heavy dose of preparation. Before you type in a single line of code, you must consider every aspect of your company. 

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

    Here are the categories to take into account, and some basic tips for each.

    Security Features

    It should not go without saying that the top priority for any development firm should be security. Nothing else counts without the capacity to keep the coins secure. 

    Crypto security in conventional banking apps has some security similarities and some of these features would be familiar if you’ve used one of those. 

    Some are unique to the blockchain security world but equally significant.

    Two-Factor Authentication

    The simple truth about passwords is, they’re not enough anymore. 

    You need to gate access to the wallet via two-factor or multifactor authentication, either using one of the existing apps, a text message, or your system. 

    Although many current crypto-users are unlikely to use weak passwords, the currency is booming. It won’t be long before crypto includes lay users, and they’ll need security.

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

    Timed Logout

    Another functionality that safeguards laymen than power users, timed logout is still key to any effective cryptocurrency wallet application. Much like the banking websites, users should be signed out automatically after a short inactivity time, or if the system is locked. 

    There is no industry-wide best practice until logging out for the duration of time, but five minutes of inactivity is normal.

    Client-side Private Key

    There is no valid justification for a third-party server to store its private key for the users. 

    No matter what speed improvements or usability enhancements you may be able to achieve, avoid the temptation by storing private keys outside of the device. Remember to make the protection of consumer funds a priority. Most importantly, your wallet software can be trusted as a means to access cryptos safely. Through holding the server-side private key, the only thing you ‘re accomplishing is to open yourself up to hacks, and therefore to litigation. There’s no chance you’ll lose it by holding the private key locally on the user’s computer.

    Deny Repeat Payments

    While a crypto-wallet is not a bank, some of the same security features should still be provided. If you have used any modern bank, you ‘re likely familiar with credit or debit card fraud warnings. Spend in a new location or an unusual amount, and you receive a text or call from the bank requesting confirmation of the transaction. Say no, and you refuse the charge, as plain as that. Such forms of advanced analytics may be out of access for many wallet development budgets on cryptocurrency, but you can easily introduce a crypto-specific edition. Any successful wallet application can create a new wallet address for each transaction. If someone tries to get coins twice in the same address, there’s a good chance they ‘re up to no good at all.

    Also, read | Securing Cryptocurrency Transactions and Assets with Multisig Crypto Wallets

    Usability Features of a crypto Wallet App

    The next most critical piece of a crypto-wallet device after security is usability. 

    Also known as quality-of-life features, this applies to everything that makes your app an enjoyable, easy, and, above all, fast experience.

    Robust Backups

    One of the first things every user would want to do in case a computer is hacked or lost is a remote wipe. Through initiating the wallet backups, you will make the operation much less painful. 

    The safest backup would be to the user’s device or a deleted SD card, but it’s far more convenient to add protected cloud storage apps such as Dropbox or Google Drive.

    Solid UI

    When creating a high-tech application such as a crypto wallet, it’s easy to forget that in the end, you ‘re making an application. Niceties like an appealing look, smooth function-to-function instructions, and a strong support file are more important than they would seem. There are several in-depth guides for best practices in the production of UIs out there. Make sure you don’t make mistakes that differentiate your app in a bad way.

    Also, read | Making Secure Online Payments with Blockchain-Based Crypto Wallets

    Push Notifications

    Push notifications are another feature common to conventional banking applications and are a must-have for any new mobile device. 

    Users want to know when their coins are going to happen. It makes sense to put the details upfront, whether it’s a request for payment, a good sale into fiat, or major shifts in coin prices. Also, enable users to personalize their notifications for extra points. They might want to ask, for instance, whether the USD to BTC conversion rate reaches a certain high or low level. You may also be innovative and offer features like geo-locating nearby shops that embrace crypto, or online vendor deals. 

    Just make sure to have granular control of what alerts are being sent, otherwise, you risk alienating users.

    Smart QR Scanner

    Many crypto transactions in-person still occur via QR code. 

    The wallet addresses are long and complicated and it’s slow and awkward to ask people to type them. And every application for the crypto wallet requires a QR scanner. A lot of devices just have three scanners. One for public keys, one for payment requests, and one for private keys.

    For example, a user goes to the “Send Coins” page and then scans the code for the address of its recipient. You will make the lives of your users much easier by incorporating some reasoning into the app to distinguish between the various places QR codes lead.

    If an app checks a public key, then it must open the page to submit money. When it scans a particular payment request then automatically add that detail to the list. When a private key is checked then open an option to sweep the account. It enables you to simplify the interface quite a bit by putting the interface with a big, prominent “Scan Code” button. 

    For a one-size-fits-all scanner, users may go there to address all their crypto needs.

    Also, read | A Guide to Essentials for Feature-Rich Cryptocurrency Wallet Development

    Outsource | Crypto Wallet App Development

    If you plan to develop your crypto wallet,  you’ll need to find something else.

    Who can code you all of this?  Outsourcing the heavy concept of lifting and coding to a team that has done it before you spend years cutting off the development cycle.

    Oodles has over a decade of success in all types of crypto applications. By using the best of offshore talent, we ‘re doing so at a bargain price.


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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.

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