Nowadays, cryptocurrency attracts numerous investors every day. Most entrepreneurs ask how they make a profit from ongoing cryptocurrency investments. So constant investment requires high demand to safeguard the crypto for future sale! This ultimately creates hype to create crypto wallet app.
I assure you that you will get complete knowledge regarding how to create crypto wallet app. Let’s begin this blog by defining a crypto wallet, shall we?
Overview of Cryptocurrency Wallet
In a nutshell, a cryptocurrency wallet is software that facilitates the users to store, send, & receive cryptos securely. Technically, your cryptos will be stored on the blockchain. The wallet provides the user with a private key with which they can access the cryptocurrencies. Suppose you misplace the private keys you can not access your cryptos. This is the key reason for the popularity of custodial wallets.
This article will give you a better understanding of the types of wallets and the steps to create a crypto wallet.
Why there is a hype for building a crypto wallet app?
Currently, cryptocurrencies trending in the market. It is expected that cryptos will be the future of the exchange of goods and services.
To do anything with crypto, it must have a crypto wallet – a kind of software to store cryptocurrencies. Why the quotes?
In reality, cryptocurrencies are stored on blockchain-p2p connected computers – where anyone can send and receive cryptos. This crypto wallet acts like a UI portal to the blockchain.
The one and only way to store cryptos is in a cryptocurrency wallet. This requires many users to download the crypto wallet app. This ultimately creates hyper among entrepreneurs to create crypto wallets. Nowadays, the crypto wallet business is the top revenue-generating business idea. If you have an idea to create a cryptocurrency wallet app, then continue to read this article, which guides you through the steps to create a crypto wallet app.
Steps to Create Crypto Wallet App
Looking for guidance on how to create crypto wallet app? Here let me share you with some general steps that will help you to get an idea to create crypto wallet app.
Explore various types of crypto wallet
Generally, crypto wallets are specifically used to communicate with blockchains. For this purpose crypto wallet is categorized as a Hardware wallet, Software wallet, or Paper wallet. These wallets are broadly categorized into two main categories. They are,
- Custodial wallets
- Non-custodial wallets
Users use the custodial wallet only with the presence of an internet connection using multiple devices. Here, the crypto exchange or crypto wallet provider controls the private key. One of the best examples of a custodial wallet is a Freewallet.
The non-custodial wallet is exactly opposite to the custodial wallet. Hardware wallets or cold wallets are examples of non-custodial wallets. With this wallet, users store their private keys offline. This type of wallet requires an internet connection to transact cryptos. One of the best examples of a non-custodial wallet is the Metamask wallet.
Determine The Type of developing Crypto Wallet App
There are various ways to develop a crypto wallet which makes it faster and simpler for the investor to enter the crypto market. In that list, the most desired method for crypto wallet development is
- Development from scratch
- White-label crypto wallet
Development of crypto wallet from scratch
Development from scratch requires expert developers to sketch out the architecture for a wide range of users and also for the designs. It will take at least 1 year of time to complete the development process.
So creation of a crypto wallet with this method will be a little bit complicated. This method best fits investors who don’t care about making very quick revenue. Mostly wealthy investors go with the development from scratch method.
White Label crypto wallet solution
A white-label cryptocurrency wallet is a ready-made software of an existing crypto wallet. This method includes the features of the existing wallet. However, you can customize the solution by adding additional designs, styles, and features according to your business goals. The white-label solution helps startups to enter the market quickly. Recent survey states that most of the entrepreneurs prefer to use white-label crypto wallet development method. The major reason why entrepreneurs go for white-label solutions is you can easily create a crypto wallet in a few business days and make high ROI shortly.
Select the Right Technology Stack
First of all, different teams select technologies depending on their experience. Hence there is a need to choose the right tech stack to build crypto wallets.
This one is pretty simple: Swift for iOS, and Kotlin for Android. Apple and Google support these programming languages and provide the most enhanced toolsets to create mobile crypto wallets for both Android and smartphones.
You will need Docker and Kubernetes to develop a scalable architecture; Solidity and Golang are involved in smart contract development and Ruby, Python, or other programming languages will serve as the back-end admin portal.
These are the barebone descriptions of the tech stack to develop a crypto wallet.
Features Required to Create Crypto Wallet App
Features are the major stuff when we talk about any product or service. To make your wallet more attractive, try to include the following features to build a superfine crypto wallet.
- Airdrop listings
- Scheduled purchase orders
- Fee adjustment during transaction
- Paper wallet import
- Multiple coin addresses (support various coins)
- Customer notification on price movements
- Quick web login / Dark mode / Direct integration with DeFi
When we talk about enhanced functionality there is more probability to go over budget. So it is better to keep these features on your roadmap to pick the crypto wallet development company for the further development process.
Security features required to Create Crypto Wallet
The increasing popularity of cryptocurrency leads to the demand for digital currency which further increase the demand for safe and trustworthy wallet app to store and manage the cryptos than ever. A well-designed crypto wallet app must include features to provide security, convenience, and accessibility to cryptocurrency transactions. Here let me share a few top-most security features to include in your crypto wallet app.
- End-to-End encryption
- SSL protection
- Multilayered authentication
- Secure API connections
- Ethereum-based smart contracts
- Device-enabled security
- Indisputable tokens
While designing a crypto wallet app, security must be given high priority. Beyond these features, the app must include multi-layer encryption to safeguard private keys and seed phrases.
Designing the Business Architecture
Once you confirm the project requirements, move on to the wallet app architecture. This step leads to the development of front-end, back-end, wallet creation, the process of storing & retrieving data, and the way transactions are performed. The app architecture would act as a blueprint that will brief all the stages of the development process.
Begin your Crypto wallet app Development
If you decide to start your crypto wallet app development, then make sure you do the following:
- Decide the features for your wallet app
- Write application code and integrate it with your DB.
- Design simple UI.
- Conduct testing before you deploy the wallet.
As a startup, after knowing the complete cryptocurrency wallet development process, you might plan to launch a crypto wallet. As it is a high revenue generating business. Once decide to create crypto wallet app, the entrepreneurs are frozen struct to choose the right cryptocurrency wallet development company. As there are numerous companies in the market. Whenever you prefer to choose the company confirm the developer of the company is technically stuffed and will provide the relevant product you intend. Try to choose an experienced crypto wallet development company that cares about upcoming technologies and has a vision for the future!