Cryptocurrency Wallet Development: An Ultimate guide on everything you need to know about creating and having a Wallet.
To understand how to create your own crypto wallet or the process of crypto wallet development, you must first understand what the wallet is.
The crypto wallet is a wallet.
Not a physical wallet though.
But a digital wallet that has the functionality which enables you to keep your crypto safe offline using a private key and also transact at the same time with its QR functionality.
Here’s how it works;
Basically, a wallet involves 2 things which are the private keys and public keys.
The public keys can be likened to an email address which is the address where your crypto is sent while the private keys are the access keys/password with which you can authorize the transfer, spend or any form of activity on your wallet.
A crypto wallet is one of the safest ways to keep your coin and as a result, most Cryptocurrency companies have invested heavily on crypto wallet development making it easy for their users to trade easily and securely.
Cryptocurrency Wallet Development has evolved from Web Wallets where many early adopters of crypto stored their coins on the respective wallets of the crypto company they patronized to paper wallets and hardware wallets which are more secure and support multi-coins.
However, just because a company has a crypto wallet doesn’t mean you should be quick to store your coin with them.
In choosing a crypto wallet of if you want to create your crypto wallet, there are certain features you need to look with respect to the wallet’s development.
First, you need to look at the security behind the crypto wallet because you don’t want to store your valuable coins on a wallet whose company has a history of hacks.
Then you need to look at other things like the user Interface, cost, and convenience.
Crypto Wallets are divided mainly into Hardware wallets, Software Wallets, and Paper Wallets and there are others like
- Mobile Wallets
- Desktop Wallets
- Custodial Wallets etc.
Each of this wallets has a different function which it performs and their advantages.
For Instance, the Hardware Bitcoin and Paper Wallets are one of the most secure Cryptocurrency wallets you could hold because the fate of your coins and cryptos are in your hands and are held offline.
These crypto wallets are rarely susceptible to hacks or fraud online. With the paper wallets, your private key and a public key is printed on a piece of paper with which you can send and receive cryptos but if it gets lost, your cryptos might be lost too.
On the other hand, the Hardware Wallets is a wallet developed by companies and are held offline. These bitcoins are hack-proof and no one can transfer your Bitcoins or any other type of crypto without having your secret pin code.
Example of Hardware Wallets are Ledger Nano, Digital Bitbox, and Keep Key
Apart from these two, other wallets like the web wallets are very susceptible to hacks because they are online.
But it is advised by many to use the original wallet of the given coin. For Instance, use Electroneum wallet for Wallet, MyEtherWallet for Ethereum etc. or if you have different kinds of coins, you should use multi-coin wallets which can store different wallets.
So what’s involved in Cryptocurrency Wallet Development?
The first thing to look in Cryptocurrency Wallet development or when you want to create your own crypto wallet is to determine what medium is the crypto going to be stored in and the medium of accessibility
Next, you need to look at the technologies that will be involved in your wallet developments. It is advisable that you create your wallets for iOS and Android which supports the kind of crypto you want to store on it.
For your back-end technology, you need to use a standard library which has the required features that fit the wallet to the blockchain.
The Popular libraries to use are Chain-java, BitcoinJ, Java, Node.js etc.
In Wallet development, you need to sometimes research previous technologies of established companies with Wallet in order to build a proper Crypto Wallet.
For instance, the technology used in building the Blockchain’s Wallet was a combination of Java and Node.js.
Design and Cryptocurrency Wallet Development
Meanwhile, another important feature of Cryptocurrency Wallet development is the User Interface and frontend of your Wallet. One of the most popular technology to design your front end making it faster and easier to use is the React Native which is also cost-effective.
Another technology to use in designing your front end is Angular.
To create your own crypto Wallet can be as easy dropping your email address
Finally, to create your own crypto wallet, it is important when you want to initiate the Cryptocurrency Wallet development process that you begin with the development of the key features that you would first make your wallet work before adding other features.
Also, to create your own crypto wallet can be as simple as just dropping a mail to create a web crypto wallet or you can easily purchase one in the form of hardware devices.
Looking for a company to develop Crypto Wallets?
However, if you would like to create your own crypto wallet with all the technologies and with you having total control, you might want to look for a company to help develop crypto wallets for your personal usage.
There are many companies who offer Cryptocurrency wallet development services but looking for a company to develop crypto wallets for you might cost you more than when you create your own crypto wallet independently
But the advantage of looking for a company to develop crypto wallets for you is the efficiency and speed with which the task would be accomplished.
Also, when looking for a company to help develop crypto wallets, there are certain features the company must possess before giving them the job.
First, the track record of the company in terms of security or you could risk having a wallet that is prone to bugs and hackers.
Secondly, when looking for a company to develop crypto wallets, make sure the company is not a very new company but rather a company with proven records and substantial number of clients.
Lastly, this is not a feature but before you begin looking for a company to help develop crypto wallets, at least try to have a bit of knowledge about the technology and process involved in Cryptocurrency Wallet development