The demand and growth of DeFi platforms are rising at a fast pace. These platforms are free from third-party intervention and integrate improved security mechanisms to protect user assets. Also, the platform has been undergoing continuous modifications to let both users and businesses harness the benefits offered by the platform. Earlier, these platforms were confined to Ethereum and have expanded to numerous chains at present. Moving from one chain to another has become a concern for DeFi users, which Multichain wallets have eradicated. This blog introduces you to multichain wallets, advantages, advanced features, and step by step process of how to create a multichain wallet in detail:
A multichain wallet is a cryptocurrency wallet linked with multiple Blockchains. Each blockchain holds a wallet address and allows users to perform blockchain transactions via the wallet. It can be accessed via web or mobile application or a browser extension. These wallets provide multi-crypto support; the wallet contents can be accessed via private keys.
Developing these wallets requires sound domain knowledge and expertise. This is when you need a reliable multichain wallet development company that can create a robust feature and scalable solution for you.
Multichain wallets allow users to manage the assets without downloading or installing the software. These platforms support native currencies like Ethereum, Binance Smart Chain, Polkadot, Kausama, and other blockchain networks.
The wallets are integrated with advanced security practices like OAuth and Biometric (FaceID + fingerprint). Multiple security layers are present in the wallet and helps to access cryptos.
The wallets help to access and manage cryptos in real-time. Users can keep their assets in their wallets, and an internet connection will help them access from any device.
The wallet comes with a user-friendly interface that simplifies the navigation along with the crypto asset management process.
The wallets keep the users identity anonymous thereby maintaining privacy between the sender and receiver.
Transactions performed on multichain wallets are speedier. One can make crypto payments speedily just after signing up on the platform. This is what makes them the most convenient wallet solutions of all.
Multichain wallets are spaces where users can keep and transfer their NFT collectibles using numerous blockchains. It allows investors to expand their portfolio beyond Ethereum as NFT has become one of the biggest segments of the crypto landscape.
The private key support offered by the wallets makes it impossible to access currency or personal information.
The wallets can be connected with hardware wallets which makes the platform extra secure.
Integrating advanced features in a wallet will give you a competitive edge and expand the user base. The wallet solution will be included in the list of popular wallets like Metamask or Phantom. Make sure that during multichain wallet development, attention is given to the advanced features listed as follows:
1. Web or mobile versions
2. Multichain support(ERC20,BEP20,TRC20)
3. Storage and transfers
4. Crypto News Feeds
5. dApp Browser Accessibility
6. Liquidity pools
7. Swapping
8. KYC
9. 2FA
10. Launchpad
11. P2P Swap
12. State-of-the-art asset management dashboard
The process of multichain wallet development has been divided into six phases:
#Step 1: Strategy
The process of multichain wallet development commences with defining the strategy. The goal is to turn the idea into a successful application integrated with stunning features and functionality. During this phase, you will:
1. Determine the number of users
2. Market trends
3. Competitor analysis
4. Choose a platform for your application
Cost is an integral factor in the wallet development process. It depends on the complexity and the features you wish to integrate into it. Also, the application development time is generally between 4 to 6 months.
#Step 2: Product Roadmap
After comprehending the requirements, a product roadmap is developed, highlighting the development process in detail. During this step, emphasis is laid on wallet requirements, and they are added to the delivery milestones. If you are aspiring to develop a mobile solution, ensure you have skilled and experienced development teams by your side.
#Step 3: UI/UX Design
The success of the wallet application depends upon the user adoption and benefits offered by the feature range. The wallet must be integrated with interactive and intuitive interfaces to boost user engagement. During this stage, mockups are created and the style guide is applied to application wireframes. The prototypes are shared with the clients for feedback and undergo modification to meet the expectations.
#Step 4: Wallet Development
The multichain wallet development process has been divided into two parts: development platform and transaction mechanism. Also, it is vital to choose the right platform to help your project thrive. You can incorporate the mechanism of your choice that will authenticate the transactions.
#Step 5: Testing
Errors and glitches are eliminated during the testing phase. Every multichain wallet development undergoes the following tests:
#Step 6: Deployment and Maintenance
After rigorous testing, the applications are deployed on app stores. Apple IoS applications take days to weeks to get approved. Android applications don’t review the applications and appear on the app store in a few days.
After launch, KPIs are tracked, crashes and user issues are checked every now and then. The application is maintained from time to time for its smooth operation.
A multichain crypto wallet helps to perform transactions on multiple blockchains. The users can keep, gift, exchange, and trade currencies on different networks. If you are planning to launch a multichain wallet, consult Antier’s skilled and experienced teams. We have been delivering world-class and futuristic wallet solutions for almost a decade. Our experts have created history by delivering more than 100 wallet solutions so far.
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