Do you believe in the potential of cryptocurrencies? In this era of ever-increasing inflationary nature of fiat currency, the digital currency has the potential to complement the paper notes. The glory of cryptocurrency is still in a nascent stage, people are still accepting the fact that money unattached to the country and independent of the geopolitical situations of the country can the medium of exchange in digitally transparent and secured Blockchain network. Crypto enthusiasts are leaving no stone unturned in accelerating the crypto movement by developing and launching the new products and services in the crypto space. In this article, we will learn to develop a secure cryptocurrency wallet, one of the major requirements for storing and trading the cryptocurrencies.
What Is A Cryptocurrency Wallet? | Develop A Secure Cryptocurrency Wallet
Cryptocurrency wallet allows the holders of cryptocurrencies to store, deposit, withdraw, loan and most importantly keeps the record for their cryptocurrency portfolios. Unlike the physical wallet which is used to store the fiat currency, crypto wallets are software, keeping the record of transactions as the digital codes. Crypto wallets can be of distinct types like software wallets (desktop, online, mobile), hardware wallets(USB like device) and paper wallets(key scanned on paper) which stores the records with the help of public and private keys. We consider hardware or cold wallets as the safest options which suffer from the minimum vulnerability of cyberattacks, but nowadays software or hot wallets are also assuring the maximum security by deploying the several methods and layers in their architecture.
Basic Requirements | Develop A Secure Cryptocurrency Wallet
Before starting to develop a cryptocurrency wallet, you must know the general attributes of a crypto wallet which must be the part of functions of wallet:
- It should generate the needed Bitcoin blockchain addresses
- Transactions are expected to recognize by wallet which must be able to complete the transactions to the mentioned addresses.
- Transactions history must be stored in the wallet and will be viewed as and when needed.
- Crypto wallet must be able to handle the conflicts undertaken by the Bitcoin community.
- As the transaction fees of Bitcoin vary based on several factors, the wallet should be efficient enough to calculate the fees dynamically.
- Crypto wallet must be able to broadcast the transaction on Blockchain once the transaction gets completed.
How To Develop A Secure Cryptocurrency Wallet? | From Scratch.
You can kick-start the development of cryptocurrency wallet as following:
- An efficient team of programmers is must for developing crypto wallet. The team of the developer must have the expertise of front end and backend developers, user interface designers, testers or quality assurance specialists and the members have the understanding of cryptographic functions, decentralized protocol, consensus algorithms and many more related to Blockchain.
- The kit of the software tools, in particular, the open-source libraries like Bitcoini, Blockchain Luxembourg Ltd., Coinbase and many more can help you with free APIs, tools for cross-platform development, nodes and many more.
- After you are satisfied with your team and tool kit, you must start with the development process by connecting the APIs (for the authentication process, QR code scanning, balanced view, etc) with the tools from SDK
- Then, start writing the software code in the programming language for the wallet, preferably with the support of multi-currency.
- With the implementation of back features and development of a user-friendly interface, you can continue with the development of crypto wallet.
- Create tools for processing of incoming and outgoing transactions like additional safety, hedging platforms like Veritaseum or Hedgy.
- After every functional element of the wallet gets connected, test the prototype for quality assurance.
While developing the crypto wallet from scratch can be difficult, you can always opt for the solutions which are available in the market in readymade formats.
Develop A Secure Cryptocurrency Wallet | From Readymade Solutions
If you wish to develop the wallet single-handedly, you can try with turn keys or the readymade products to employ in a Blockchain platform. Also, wallet solutions can be integrated with applications like Bitcoin Core, BitPay, Coinify, etc. There are few examples of ready-made Bitcoin payment solutions in which you can integrate your wallet:
- Coinbase Commerce: This suite of services allows you to make the free account for the services of crypto wallet. By using simple payment buttons and pages, you can accept to Bitcoin payment on your website, integrate the services with online shopping platforms like Shopify and tailormade integration is possible with API of Coinbase Commerce.
- Coinify: Digital currency platform Coinify provides with “Coinify Merchant” by which merchants can accept Bitcoin and other cryptocurrency payment on their websites. With easy integration options and automated payment flow, the Coinify Merchant is one of the popular options to develop a Bitcoin wallet.
- Coinkite: Crypto security hardware, Coinkite provides the solutions for payment options with the help of their merchant tool and Point of Sale payment terminals.
- Cryptopay Ltd.: UK based company offers small business owners to add an option of crypto payment to their own website.
We hope that the learning in this article will assist you to answer the question, “How can I develop a secure cryptocurrency wallet app?” As you can perceive, the procedure of developing a crypto wallet requires a steady approach and notable financial input from the get-go. So if you are not ready to contrive all that, we suggest considering the solutions. A wallet built from scratch will equip you with many more inclinations for implementing a particular functionality (you will not be attached to a certain country or cryptocurrency). So if you are thinking to cover the widest TA possible, the development of an original product may be the only plausible solution.
Be sure to sketch all the various skill sets that will be needed during the preparation phase. With any cryptocurrency wallet, your team will require having blockchain experts at the wheel. While there are many difficulties in creating a bitcoin wallet, the rewards are tremendous for those companies who get it right. No one knows where the cryptocurrency market will be 10 years from now, what is assured is that several big players like Ripple, Ethereum, and Bitcoin will still demand the help of cryptocurrency wallets to allow people to use them. Getting your Bitcoin wallet up and operating will give you an opportunity to be a big player in this lucrative market.