Build A Crypto Wallet To Make The Lives Of Cryptocurrency Users Easie - Moon Technolabs

While the future of cryptocurrencies and crypto-based trading looks bright, people need digital wallets for their cryptocurrencies, just as they have something similar for storing conventional money. Here you’ll learn what it takes to create one.

Tech startups of today, as well as the owners of established businesses, are attempting to eliminate the boundaries between the real and virtual worlds using blockchain technology. It has already changed the world beyond all expectations.

Thanks to distributed technologies designed by every blockchain or crypto wallet app development company for mobile applications, one can integrate cryptocurrency payments and other web-based payment options. 

In other words, you can build a digital wallet for cryptocurrencies to suit the needs of your business or integrate the same for use as a method of payment.

About crypto wallets

If you want to use cryptocurrency, you’ll need an exclusive software program for it. It’s what you want to build for your tech startup or existing business – a digital wallet designed for cryptocurrencies. It remains connected with the blockchain and supports performing different operations.

Based on research conducted by Statista, cryptocurrency wallets had more than 70 million customers by the end of March 2021.

Number of Bitcoin block explorer Blockchain.com wallet users worldwide from November 2011 to April 6, 2022

Figure 1

So, what does a crypto wallet do? It lets customers purchase, sell, borrow, and monitor the number of cryptocurrencies present in their portfolios. These wallets are software programs that maintain records of customer transactions, even the number of cryptocurrency coins they possess.

Almost all the wallets available these days support the two most popular cryptocurrencies – Bitcoin and Ether. Then again, due to the growth and ever-increasing number of altcoins, various desktop wallets facilitate storing other cryptocurrencies right now.

Every transaction made via an app designed by a crypto wallet app development company depends on asymmetric key cryptography. This system uses two keys – a private key and a public key.

Wallet categories

Wallets for cryptocurrencies are of four types, but all of them belong to these two categories.

1. Hot wallet

A hot wallet is an online storage unit that users can access from almost anywhere. There is a problem, however. As a hot wallet remains on the internet, it’s susceptible to hacking.

2. Cold wallets

These are much safer as they remain stored physically. As a result, hackers won’t be able to get to them.

Wallet types

1. Mobile wallets

A mobile wallet is probably what you want your mobile app development company San Jose to build. It eases the task of making payments by allowing users to scan QR codes with Near Field Communication or NFC and touch-to-pay.

2. Desktop wallets

The purpose of a desktop wallet is akin to that of a mobile wallet. The only difference is that this one runs on a computer. Desktop wallets work as a user’s address where they can receive cryptocurrencies and send them. They even allow customers to store their private keys.

3. Web wallets

Web wallets ease the task of accessing cryptocurrencies for users from any browser or mobile device. Now, users need to be extra careful when selecting a web-based wallet as it stores their private keys online.

4. Hardware wallets

According to experts, hardware wallets are the best because they’re the most secure. They store cryptocurrencies on physical hardware that a user can connect to a computer via a USB port. They’re almost immune to hackers and virus attacks.

The advantages

Here’s a list of the perks of having a designated digital wallet for cryptocurrencies.

1. It’s private

Every piece of information stored in the user’s wallet will be safe and protected at all times.

2. It’s decentralized

As cryptocurrency wallets are decentralized, users won’t have to rely on intermediaries for communication.

3. It’s simple

Cryptocurrency wallets have no timeframes or borders. Transaction processes can take place 24/7 and at high speeds. Also, the formalities are simple, which, in turn, makes it appropriate for cross-border trading.

4. It’s anonymous

The data will remain encrypted. Even if someone finds out the address of a wallet, they’ll never know who the recipient is.

5. It saves money

The transaction fee is low because of automated systems that negate human errors.

6. It’s reliable

As there aren’t any financial regulations to adhere to, running a business becomes easier.

7. It’s transparent

Cryptocurrency wallets provide significant levels of financial transparency to their users.

Building a wallet

Now, it’s for you to learn about the stages of building a cryptocurrency wallet with the help of a mobile app development company San Jose. You have two options to choose from.

You may consider using prefabricated templates and a collection of tools to build your app and customize it according to your requirements.

Or, you can build your crypto wallet app from scratch.

Building a customized app using readymade templates

Several open-source standard crypto wallet app development libraries are available these days. Your developer team can use them as the foundation of your future application. These standard libraries provide the necessary functionalities, construct the wallet for blockchain, and carry out financial transactions.

Here’s a list of the development stages.

1. Installation

The process starts with downloading the necessary API from the right website.

2. Creation

Developers will click on the corresponding button in the menu to fabricate a new wallet.

3. Setting it up

Then, they’ll give the wallet a name and set up the permissions for all incoming and outgoing transactions.

4. Integration

Your developers will choose all third-party programs you need and integrate them with your application.

Building a wallet app from scratch

If you want to create your crypto wallet app from the ground up, your developers will follow the steps elucidated below.

1. Discovering

In this stage, developers will analyze things, plan the project, set up the workflow, and get approval for the wireframes. These aspects help to define the goals of the business, scrutinize the same, and prepare the plan for future development while finding optimal technologies.

2. Prototyping

At this stage, they’ll create a working prototype using the info gathered by a customer. It’s just a low-level working model of the final application.

3. Designing

In this phase, your developers will create the actual conceptualization. In simple terms, they’ll work on the software architecture that meets the unique project requirements.

4. Developing

This phase involves writing the code and converting the documentation of the design into the real thing through software development techniques.

5. Assuring quality

The Quality Assurance or QA team will run various tests, including system integration, functionality testing, interoperability, and user acceptance to check the code’s cleanliness. The ultimate objective of this team is to find out whether the app can meet business goals or not.

Also Read : Top Crypto Wallets: Best 7 Bitcoin Wallet Apps In 2022

The features

Here’s a list of the features you need to include in your crypto wallet. Make that your trust wallet clone app development partner adds all or most of them.

1. Authorization

This function lets users fill up a form. They’ll use their keys while doing so to gain access to their crypto wallet. An excellent way of making your app tamper-proof from the beginning is to incorporate a two-factor authentication system of Google.

2. Conversion rate

As the app will let users make financial transactions in various modes, they need a currency value updating system that’ll work in real-time.

3. Address list

This feature aims to make every transaction faster and more convenient by giving users a system to segregate the addresses with which they conduct their dealings.

4. Notifications

By using the function of push notifications, the admin will inform users about different matters associated with the application. These include digital currency prices, success & failure of transactions, adding new addresses, etc. Users will stay connected with this function and continue to receive info about every action in their accounts in real-time.

5. Paper wallet import

During your trust wallet clone app development process, ask your developers if they can include paper scanning features in your app or not. It’s available in many crypto wallet apps of today. The process involves scanning a QR code and adding keys to the wallet to conclude the transaction.

Users can use the scanned info to send and receive money.

6. Transactions

The ultimate objective of blockchain is to revolutionize the future of transactions. Understandably, the most crucial aspect of cryptocurrency wallet apps is the function that deals with transactions. Due to this feature, users will be able to send and receive digital currencies in your application.

7. Security

This feature is common but extremely vital to cryptocurrency wallet applications. The security system of your blockchain-based crypto wallet app must allow your users to change their password, PIN, or other personal info they want to change.

8. QR code scanning

This feature will allow users to scan wallet addresses automatically, which, in turn, will speed up the transactions.

9. NFC support

NFC supports follows a mechanism of asset transferences based on device proximity. It takes place whenever a sender clicks on the NFC tags and receives the wallet address of the recipient to complete the transaction process.

10. A mnemonic phrase of twelve words

It’s one of the primary features of crypto wallets that allow users to restore the app whenever they delete it or move it to another device. This passphrase remains attached to the private keys so that they match the security features.

Final considerations

It goes without saying that blockchain technology is becoming more and more popular with every passing day due to the advantages it has to offer. Companies are gaining flexibility by using payment methods that operate 24 /7/365, facilitating cross-border transactions while keeping the fee as low as possible, building a base of customers spread throughout the world, and providing safety and freedom.

So, if you’re ready to initiate your cryptocurrency wallet app development project, Moon Technolabs will be more than happy to help you. Get in touch with the organization to learn more about what it can do for you.

Frequently Asked Questions

Yes, there are a few challenges associated with developing crypto wallet applications. These include legal matters, initial costs, legacy system integration issues, power consumption, privacy, security, etc.
Of course, multiple crypto wallet apps exist these days that you can inspect for inspiration and references. These include Coinbase Wallet, Crypto.com, Binance, Zengo, Kraken, Ledger Nano X, etc.
Cryptocurrency wallet app developers are available at Moon Technolabs – an experienced and recognized app and software development agency that operates in several locations spread throughout the world.

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Jayanti Katariya

At the core, Moon Technolabs is driven by the vision, sharpness and flourished under the leadership quality led by none other than the founder & CEO i.e, Mr. Jayanti Katariya. His simple-approach & never-give-up attitude is the virtue or rather aptitude that the entire team tries to grasp and follow. From client relations to business development, from industry updates to floor walking, he does everything in his power to provide support to the team.

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