Did you know that in August 2022, the number of crypto wallet users reached 84.02 million worldwide, which were at 76.32 million in August 2021? The stats indicate that more enterprises are leveraging crypto wallet development to boost their revenue streams.
Rapid technological, internet advancements and diminishing trust in traditional finance systems have increased the demand for cryptocurrencies. These currencies need to be stored in a safe space like crypto wallets. Crypto wallets are private key-based solutions, meaning those holding the private key can access and retrieve wallet contents when lost. These are decentralized, which means they are devoid of third-party intervention, making them a preferred choice of global enterprises.
Continue reading to learn more about crypto wallets, why we need them, and the features they must have.
Let us begin!
Like a digital wallet, a crypto wallet is used to store, send and receive cryptocurrency. It is basically a piece of software that records every transaction. The wallet can be downloaded and installed on a smartphone or other compatible device.
The process of crypto wallet development is quite time-consuming and complicated. Also, One needs to have sound domain knowledge and experience. If you don’t have it, you can consult a wallet development agency that can develop a robust and scalable product.
Two things are needed to carry out transactions on the crypto wallet: the wallet address, the public key, and the private key. The wallet address is similar to a bank account generally shared with individuals or institutions from whom you want to receive money. On the other hand, the private key is like an OTP, which must be kept confidential. Sharing the private key means losing access to the funds.
Integrating a wallet solution will benefit businesses to a great extent. The multi-currency wallet feature helps to keep many currencies in a single wallet. Additionally, The crypto wallet offers numerous advantages, and have been listed as follows :
1. Ease of Use
One can use a cryptocurrency wallet without any hassle. You need to install a crypto wallet app and start using it. Also, the cryptocurrency wallet company will recommend a feasible solution based on your requirements.
2. Highly-Secure & End-to-End Encryption
The wallets are integrated with cryptographic methods that aim to provide high-graded security. All the wallet data is encrypted, which means no one except the wallet owner can view it. Even solutions like MPC wallets can protect your private keys and digital assets from unauthorized access.
3. Seamless Transfers at Low Gas Fees
Crypto wallets allow users to perform transactions globally without any third-party intervention. Also, one can perform seamless asset transfers at low gas fees.
4. Integrity and Stability
Crypto wallet applications are reliable as similar data is shared and verified across distributed systems. The wallet guarantees that the digital assets will be free from hacks or breaches. Their authentic and reliable nature has helped them win the trust of several global corporations.
5. Trading & Investment
A crypto wallet aims to enhance the trading experience of the users as they are connected to top exchanges. The wallet provides real-time insights, which helps the users make an informed investment decision and earn profits from it.
6. Inflation-Free Investment
Crypto wallets experience volatility and price fluctuation, which isn’t the case with crypto wallet investments.
7. Automatic Session Logout
Security has always been the top priority, handled exceptionally well by the wallet. Once the session is over, you are automatically logged out of the wallet.
Developing a crypto wallet is a complicated process and requires sound domain knowledge and expertise. If you don’t want to experience any risks hiring a reliable crypto wallet development expert would be the best course of action. A crypto wallet development company ensures that:
The crypto wallet development process undergoes several steps to ensure that the product is delivered as per the client’s requirements. The details of the crypto wallet development stages have been listed as follows:
After comprehending the client’s requirements, the team collaborates to document the details and decide on features to be added to the wallet. Even the technical stack to be included is decided during this phase.
Depending upon the information gathered in the requirement phase, a project prototype is created and shared with the client for feedback. The further process is initiated only prior to client approval.
After curating the design, the work of crypto wallet development experts begins. A code is written and executed according to the prototype. The wallets must be well-organized, and the latest wallet trends must be inculcated while developing wallet solutions.
Testing is a crucial wallet development process. Every wallet solution undergoes rigorous testing, and bugs with glitches are eliminated during the process before sharing the final version with the client.
Once everything is up to the mark, the wallet is deployed so that the users can access it. The wallet development experts incorporate practices to achieve 100% client satisfaction. The development team operates even the wallets before sharing them with the client.
If you notice any downtime after downloading, the development team will resolve it in the least turnaround time. Furthermore, hire a team that considers quality, budget, and requirements before commencing the development work.
You don’t just need professionals but trustworthy and experienced wallet development professionals at Antier. They have been rendering world-class services to global firms for almost a decade, and the solutions are tailored based on your preferences. Our process is very transparent which would prevent issues in the long run. Consult our subject matter experts to develop the best cryptocurrency wallet today!
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