The same way you have a physical wallet to store your money, a blockchain wallet is what you need to store and manage your cryptocurrency. With the increased adoption of cryptocurrencies as a legitimate payment option and investment option, it’s an excellent time to learn about blockchain wallets.
In the same breath, cryptocurrency wallet app development has also become popular. With a good plan and the right cryptocurrency exchange software development company, you can build a widely popular crypto wallet app. Here are the basic things you need to know about developing a crypto wallet app.
Understand Blockchain and Cryptocurrencies
Blockchain is at the core of crypto wallet application development. The first thing you need is to explore and research cryptocurrencies and blockchain. Blockchain is the technology behind how cryptocurrencies work the same way the internet enables communication such as emails.
Blockchain is essentially a way of keeping records in a way that makes it impossible to hack, change, or manipulate the system. In short, blockchain allows sharing of data securely. As for cryptocurrency, it’s a virtual and digital currency secured by cryptography. It can be used as a medium of exchange for goods and services, using crypto-wallets.
Utilize Available Open-Source Libraries
Are you wondering how to make an ethereum wallet? There’s no need to sweat it out. There is an open-source library for that. The majority of cryptocurrencies are open source, and there are numerous free libraries and tools to use. The two most popular software development kits (SDK) are BitcoinJ and Coinbase SDK. Coinbase SDK is cross-platform. App developers use it to build both android and iOS wallet apps.
Sync Your App With APIs
Using a distributed ledger, the application programming interface (API) easily synchronizes the wallet and blockchain. APIs are an excellent way for you to build a feature-rich crypto wallet app. When your development team uses APIs, the process goes so much quicker, enabling you to have your wallet app working within a short time.
In addition, when using a full-stack API, it becomes easy to integrate the main wallet functionality and features of the wallet app, including payment handling. The popularly used APIs are Fatcom, Bitcore, and Coinbase.
Choose a Cloud Platform
You also need to be familiar with cloud platforms to enable you to choose the most suitable one for hosting your app. For web apps, go for Platform as a Service (PaaS). For a mobile wallet app, go for a Mobile backend as a Service (MBaaS) provider. This purely depends on the type of wallet app, and you’re building. You can use both of them to build a secure wallet app.
Keep Security in Mind
Security is a crucial consideration when building a crypto wallet app. Keep in mind that the app will be handling funds for your customers. You need to ensure that it’s secure to build its credibility and reputation. You can take measures, such as adding two-factor authentication using codes to a phone number, face ID, fingerprint scanner, etc.
Also, ensure continuous security updates to keep up with evolving and emerging security threats. This is one of the features people will look for when exploring what is the best bitcoin wallet to use. Quickly identifying and fixing bugs and other security issues is a must for crypto wallet apps.
Study your Competitors
As with any other product in the market, you want your crypto wallet app to stand out from the rest and gain traction from customers. For this, you need to know what’s in the market already to know what you need to do differently to attract and retain attention from customers. Check out what technologies they’re using, security protocols, and such.
Cryptocurrencies have continued to grow in popularity, and there’s no sign of that stopping anytime soon. This has resulted in the growth of the development of cryptocurrency wallet app development to match. Building a cryptocurrency wallet app can be quite a rewarding venture when planned and executed well. It can place you in the way of winning big in the cryptocurrency and blockchain boom.