Blockchain and its applications are gaining immense popularity. Ethereum, in particular offering Ether wallet, opens the doors to trade, send, receive, or efficiently store ETH.
Ethereum- An Unstoppable Platform
Ethereum is a decentralized platform that runs on smart contracts. Smart contract-based applications are programmed in such a way that they can run without any censorship, fraud, and third-party intervention. These apps are built on the custom blockchain. With the enormous usage of ERC20 tokens, users must acknowledge the features behind this emerging technology.
It’s High Time to Develop Ethereum Wallet
Blockchain coding has changed millions of lives including the lives of wallet users. The calculations help you to create a password-protected Ether wallet. How to design and develop a robust and highly secure ether wallet is a big question for numerous business owners nowadays.
During the Ethereum wallet development, businesses have to deal with multifarious issues such as Serverless apps, browser plugins, private nodes, offline signing, and so on. Hiring a reliable and experienced cryptocurrency wallet development company will help you to overcome these issues.
If you are planning to build your own Ethereum wallet, here are some of the important concepts which you need to consider before starting with the development.
The wallet address is just like a bank account. When trading, the wallet address is used to send and receive the ETH to and from the counterparty. Anyone who knows your wallet address can easily access your account information- like the amount of ETH in your wallet, transaction history, etc. However, as the wallet address does not depend upon a user’s identity, there is no concern about identity theft.
The private key is the same as the personal signature but it is encrypted. It is used to sign transactions in Ethereum. During the crypto trading, the private key provides access to an Ether account and enables authorized transactions. Anyone who knows your private key can access the funds in your wallet, so the security of the private key is of the utmost importance.
Types of Ethereum Wallet:
Like Bitcoin, Ethereum wallet is also categorized into the following types:
1) Mobile Wallet
When it comes to Ethereum wallet development, mobile wallets are the best option as they allow access to ETH assets on-the-go, provided you have an internet connection. Furthermore, the security of the mobile wallet is fortified with highly-advanced features such as multi-sig support, biometric authentication, and more.
2) Paper Wallet
A paper wallet is a piece of paper with a code on it. It is neither connected to the internet nor stored on a computer, which makes it the safest option. The paper wallet comprises both public and private keys along with the QR code scanner.
3) Desktop Wallet
A Desktop wallet is cryptocurrency wallet software that you can install on your personal computer and laptop.
4) Web Wallets
Web wallets are online wallets that use cloud storage and can be accessed anywhere. They are relatively faster than other wallets. Since web wallets store your keys online, they are more susceptible to cyber-attacks and hacking. However, a web wallet underpinned with highly-secure features enables secure and authenticated transactions.
Which is the best Ethereum wallet?
Your choice of wallet should depend on the things like scalability, usability, and most important, security. Considering this, a mobile Ethereum wallet is the best option. Since a mobile wallet can be accessed from anywhere at any time, it allows quick and easy access to your assets. Furthermore, mobile wallets come with flexible infrastructure, which means that they can be easily scaled up to integrate Ethereum tokens as per your business needs.
To Sum Up
To navigate your process to create an Ethereum wallet, partner with Antier Solutions- a leading blockchain development company that offers end-to-end blockchain development services. Our skilled team of blockchain developers combines their knowledge and expertise to develop the world’s best Ethereum wallet integrated with industry-leading features and world-class security. We specialize in providing feature-rich white label Etherum wallets in just 3 weeks.
Schedule a free demo of our white label cryptocurrency wallet software or connect with our subject matter experts to share your needs for a custom wallet to be built from scratch.
