How to Develop Crypto Wallet App on Blockchain?

The introduction of cryptocurrencies has eliminated the need for money transfers from one bank account to another. Unfortunately, there is another segment of individuals who don’t have any idea about cryptocurrencies. At the same time, others are well aware of their benefits and are still earning remuneration from it. Currencies like Bitcoin have become popular among individuals, but their search for a safe space to keep them continues. This is when the demand for crypto wallet apps increased that not only stored but gave users the opportunity to manage them without hassle. Crypto wallet app comprises different types, each offering a different level of security. These apps also hold private keys so that users can safely access the wallet.

The increase in demand for mobile applications led to a surge in demand for crypto wallet app. This is why more companies are entering this segment and earning profits from it. All-sized enterprises can venture into this segment with crypto wallet app development professionals and earn as much as they want. But, before that, you need to know everything about crypto wallet apps with their different types, benefits, development process, and involved cost so let us have a look:

 Table of Contents :- 

What is a Crypto Wallet App?

A crypto wallet app gives users the opportunity to store, transfer and obtain cryptocurrencies securely while incorporating  approaches like decentralization and anonymity. It can be software or hardware to manage all the app’s cryptocurrency transactions.

A crypto wallet app is an amalgamation of a bank and a wallet. It comprises two primary keys, one is public, and another is private. The public key acts like a bank account that is used to send as well as receive money. Users can receive the crypto by sharing a public key with any individual or firm.

Private key is basically like a bank account password or debit card PIN that keeps the funds securely. Sharing of private keys must be prohibited at all costs to prevent loss of funds.

Detailed Working of a Crypto Wallet App

Businesses planning to venture into the crypto wallet app development segment must know the ins and outs of the app. Crypto wallets aren’t stored directly in the wallet but are stored on the Blockchain. Apart from this, these apps possess several features that have been listed below:

1. A blockchain network holds the transaction records.

2. Private and public keys have a prominent role in performing transactions on the network.

3. Sending or receiving currencies significantly impact token ownership as it will alter.

4. The public and private keys to access the funds. It would generally be the wallet that would make trades on your behalf.

5. The public key and distributed ledger hold funds.

6. Transaction keys are signed via private keys, which can be demonstrated by the public key linked with a similar address.

Why is there a Need to Create Your Own Crypto Wallet in 2022?

• Secure Payments

Every payment on the Blockchain platform is safe, transparent,permanent and doesn’t disclose an individual’s identity. All this is done to eliminate transactions related to frauds.

• No Control of Government

Crypto wallet apps must be developed considering government rules and guidelines. However, blockchain transactions are free from government control and help firms earn money organically, allowing users to spend accordingly.

• Quick Transactions

Crypto wallets speed up the process of international transactions as the intermediary bank verifies the transaction and gives the receipt. The transactions are secure and transparent, so the process takes place instantly.

• Large User Segment

Crypto transactions on the app have benefitted both new and existing traders. More businesses are interested in obtaining information about how to develop Web3 wallets.

Features Your Crypto Wallet Application Must Have

These days businesses are looking for crypto wallet app development professionals who can create an optimally performing and secure application for them. Whether you are planning to develop a White label solution or a developing wallet from scratch features, play a significant role in the smooth working of the app. Also, ensure that the crypto wallet app development company integrates the following features into the app:

• User Authorization

Crypto wallet apps are prone to security attacks due to their value and popularity, which have grown far and wide. This is when user authentication like 2FA (two-factor) or MFA (Multi-Factor Authentication) comes into the picture. They offer an extra security layer as compared to traditional apps. You need to enter the username and password to safely access the wallet.

• QR Code Scanner

QR codes make transactions faster, simpler and more convenient. In addition, it allows users to perform transactions with the click of a button.

• Conversion Rate

While transacting the currency between multiple modes, it is vital to stay up to date with its real-time value.

• Multi-Currency Assistance

Make sure that the cryptocurrency wallet development company you hire offers multi-currency support. It must allow users to transact currencies without any hassle.

Diverse Types of Crypto Wallets

Based on user requirements, here is a complete list of different types of crypto wallets:

1. Cold Wallets

Cold wallets are commonly known as hardware wallets. This is because one can collect keys on the wallet without any internet connection.

2. Hot Wallets

These are online storage wallets that can be accessed from anywhere. These are software-based and comparatively less secure than cold wallets. You can install them via a computer software program or a mobile application.

It has been subdivided into types listed below :-

• Desktop Wallets

These type of wallet solutions are considered while someone searching for information like how to develop a crypto wallet.It gives users the opportunity to keep their currencies on any device but make sure that it has robust computing power and storage.These wallets provide you a complete control over your assets and keys after proper security measure have been incorporated.These wallets consist of MultiBit, Bitcoin Core, Hive OS X, etc.

• Mobile Wallets

As the name indicates these wallets are installed on Smartphones and trading can be performed using QR code.These wallets possess high-graded security features as they are susceptible to hacks and malicious apps.The transactions are encrypted via passwords and can be backed up using private keys when lost or stolen.Common examples of mobile wallets are Hive Android, Bitcoin Wallet, and Mycelium Bitcoin.

• Web Wallets

You can create wallet solutions similar to web wallets that can be accessed using a web browser. One doesn’t have to download specific software for your device. Instead, the website holds the wallet along with the key, giving you less control over the assets. Blockchain and Coinbase are popular forms of web wallets.

• Hardware Wallets

Among all the crypto wallet development solutions, it is the most secure as Bitcoins are stored on the hardware device via a USB port. They are immune to viruses and attacks and store cryptos in private keys.

• Paper Wallets

There is a document that stores the public and private keys. They can be printed as QR codes that are scanned while performing crypto transactions.

How to Create a Cryptocurrency Wallet Application?

Do you need some guidance on how to develop a crypto wallet app? Below is the step by-step that would help you develop a crypto wallet app, so let us have a look:

• Market Research with Technical Analysis

Before getting into the development phase, it is vital to perform market analysis and comprehend business requirements. You need to understand the technical aspects of app development in detail. During this, the developers will understand the purpose of the project and their contribution as cryptocurrency wallet app developers.

• Designing the Architecture of the Business

Once you have understood the project requirements, it is time to head towards wallet app architecture and coordinate with the clients simultaneously. During this step, the wallet’s front and back ends are developed, and data storage and retrieval facilities are added with transaction details. The architecture is a blueprint used in all stages of development.

• UI/UX Design

Now we have moved to front-end development during this process; stunning UI/UX design will be integrated. During this phase, different wallet parts are built and the decision on their working or interaction with the users. During this, a low-fidelity prototype is developed to give a rough idea to the client. Also, a high-fidelity design would be the final look of the wallet.

• Smart Contract Integration

This step is optional as every firm doesn’t integrate smart contracts in their applications. These help to make crypto wallets functional and comprise the account recovery process, speed up the transaction process and stretch limits. Ensure that once the smart contract is developed, it is audited and tested at its early stages.

• Back-End Development

Before the back-end development, ensure that cryptocurrency wallet developers’ skills and expertise are considered. It comprises code writing, and Smart Contracts are executed during the process. During this stage, developers can take advantage of Coinbase SDK or Bitcoin SDK. This step establishes the connection between the cryptocurrency wallet and the Blockchain.

• Testing

The wallet app would be tested on several aspects. First, oversights or bugs must be eradicated to minimize market time. Once it is properly tested, it is ready for deployment and is ready to be used by the target audience.

• Deployment

After performing the above mentioned steps, it is time to make the platform available for the users. During this, ensure that specific guidelines on the platform are followed.

How Much Will it Cost to Develop a Crypto Wallet App?

The cost of developing a crypto wallet app is affected by several factors listed below:

• Company’s Size

The development cost would depend on the size of the crypto wallet app development company you associate with. According to industry standards, development firms have been divided into small, medium and large categories. A medium-sized or small-sized firm will levy fewer charges than a large enterprise. Select a company based on your budget and requirements.

• The Complexity of the App

The crypto wallet app’s complexity varies according to the feature set, technical stack and design elements integrated into it. The choice of making a complicated application entirely depends on you. Also, the more complicated the application is, the more will be its development cost.

• Size of the App

Things would turn quite bothersome for those willing to integrate all the features within the app. Therefore, it is vital to emphasize the app’s core features. It would leave an exhilarating experience at a cost-effective price.

• UI/UX Design

Uncomplicated and attractive designs would help you succeed in your endeavors. The cost factor varies as per the requirements. The right plan will be costly and will benefit you in the future. Developing every single app section, like UI/UX design, wireframes, etc., will be time-consuming. If someone plans to integrate a complicated design, he needs to spend more.

It is estimated that the overall cost to develop a wallet would be between $30,000 and $50,000, which can vary per business resources and client requirements.

Wrapping Words

Web3 wallet app development segment offers numerous benefits, and the demand for wallets will escalate in the coming years. The increased popularity has resulted in the advancement of various Blockchains and crypto projects.

Launch Your Crypto Wallet App with Antier

Suppose you are planning to venture into the cryptocurrency wallet app development segment or are searching for ways to create and set up a crypto wallet app. In that case, Antier will offer you the assistance you need. We have a team of adroit developers and designers that will provide enterprise-graded solutions like customized crypto wallets. Furthermore, we will thoroughly comprehend your business requirements and perform market research before recommending a feasible app solution.

Get in touch with our subject matter experts to share your business ideas!