In recent years, the blockchain market has grown dramatically. Blockchain investors are profiting handsomely, and this trend appears to be here to stay. Because blockchain trading appears to have a bright future, now is the time to invest in developing a Blockchain wallet for a large consumer base. The question now is how to design a visually appealing Blockchain wallet that users will value. In this blog, we will go over the fundamentals of a Blockchain wallet, such as why it is required, what features must be included, and how to create an incredible Blockchain wallet.
Let’s get this party started!
What Exactly Is A Blockchain Wallet?
A Blockchain wallet, like any other digital wallet, allows users to store, send, and receive cryptocurrency.
It is a piece of software that secures Blockchain transactions and keeps track of them (buying, selling, and lending). Blockchain wallets are simple to set up and use on any smartphone or other compatible device.
The Blockchain wallets work as follows:
To transact in Blockchain, you will need two things: your wallet address, also known as your public key, and your private key.
A public key is analogous to your bank account number. You can send or receive money by sharing your bank account number with other people or institutions. Similarly, to receive the Blockchain, you can share your public key, which is your wallet's address.
The private key in your Blockchain wallet is similar to your bank account password or the PIN on your debit card, both of which are private. If you give someone your PIN, they will have direct access to your bank account.
A private key is a password that allows you to access your Blockchain.
Blockchain Wallet Types
There are various Blockchain wallet options available in the market, depending on what users intend to do with Blockchain.
Many long-term Blockchain investors, for example, intend to keep their wallets for an extended period of time. As a result, they may opt for a wallet with excellent security features. Users who actively trade Blockchain, on the other hand, may seek convenience and speed.
Cold Blockchain wallets and hot Blockchain wallets are distinguished by their ability to connect to the Internet.
Cold Wallet
These are the physical wallets. They keep your keys on a device that isn’t connected to the Internet. Many popular cold storage wallets resemble USB drives.
Paper wallets, which print out information about your public and private keys on a sheet of paper, are sometimes used as cold storage.
Many Blockchain enthusiasts believe that cold storage is the best option for safeguarding your digital assets. Because they are offline, these wallets are thought to be the most difficult to hack. However, they are easily misplaced or lost.
The Hot Wallet
These wallets are software-based. They are more user-friendly but slightly less secure than cold wallets.
A hot wallet can be accessed by downloading a software program to your computer desktop or an app to your smartphone.
What Is a Blockchain Wallet?
With the proper planning, you can create a Blockchain wallet app that is widely used.
Let’s take a look at how to create a Blockchain application.
1. Recognize Blockchain and Blockchain
Blockchain technology is critical in the development of Blockchain apps.
If you want to create a Blockchain wallet app, you should first learn about blockchain and cryptocurrencies. Blockchain is a promising and revolutionary technology that enables digital currencies (cryptocurrencies) to function in the same way that the Internet enables e-mail. A blockchain, as the name implies, is a chain of blocks that contain digital information (data), and the chain is the cryptographic principle that connects the data blocks. The entire purpose of using it is to allow for the secure sharing of valuable data.
2. Make use of Open-Source Blockchain Libraries.
The majority of cryptocurrencies are open source. As a result, you are not required to reinvent the wheel. You can use freely available libraries and tools such as BitcoinJ SDK or Coinbase SDK.
Coinbase SDK is a Java library that runs on multiple platforms. It assists developers in creating cryptocurrency wallets for both the iOS and Android platforms. Furthermore, this library supports many popular languages such as Python, Java, Ruby, and others.
The BitcoinJ SDK is simple to use and comes with extensive documentation. Furthermore, BitcoinJ is JVM-compatible and supports languages such as C++, JavaScript, Ruby, Python, and others.
3. Make use of APIs
APIs are an excellent way to create a feature-rich Blockchain wallet app. When you use a distributed ledger API, you will be able to easily synchronise your Blockchainwallet with the blockchain ecosystem. Here are some of the most popular APIs to consider: Coinbase, Bitcore, and Factom.
Using APIs, your development team can complete the necessary steps in a very short period of time, increasing the speed of app development. Moreover,
4. Cloud Computing
At this point, you must choose the best cloud platforms for your app. If you are developing a web application, you can use PaaS (Platform-as-a-Service).
However, in order to develop a Blockchain wallet app, you must first find a BaaS (Blockchain as a Service) provider and integrate their cloud service into your app. Companies such as Amazon, Azure, and Microsoft provide BaaS products.
You can use either of them to create a secure Blockchain wallet app, depending on your needs and desires.
5. Select the Appropriate Technology Stack
The light technology stack will ensure your app’s success.
For example, if you want to create a web app, you can use Node.js or Angular.js in conjunction with HTML5 and CSS3. This will assist you in developing a scalable Blockchain web application.
When creating a native Android app, you have the option of using Java or Kotlin. Swift or Objective-C can also be used to create iOS apps.
6. Emphasize Security
When developing a Blockchain wallet app, security is of the utmost importance. As a result, you must ensure that your Blockchain app is highly secure.
With 2FA, you can add additional security layers to the Blockchain wallet app, such as fingerprint, face ID, and hardware authentication.
Continuous security updates must be provided by the developers. They must quickly identify and fix bugs (if any) and other security issues using cutting-edge technology.
7. Examine Your Competitors
Needless to say, you want your Blockchain wallet app to stand out from the crowd. As a result, it’s critical to keep an eye on your competitors. Understand what they are doing and which technologies they have implemented. You can look through the features to see what unique features you can incorporate into your app.
Remember, if you want to gain a competitive advantage over others, you must be aware of what is going on around you.
8. Begin Working on Your App
So, when you’re ready to begin developing a Blockchain wallet app, make sure you do the following:
- Choose all of your app’s features.
- Create the application code and connect it to your database.
- Create a simple, user-friendly interface.
- Make sure to thoroughly test your wallet before releasing it.
Suffescom Solutions Inc. can help you create a powerful blockchain wallet app.
A Blockchain wallet is required for all Blockchain transactions and for that blockchain wallet development is needed. It will allow users to store, gift, exchange, and trade various digital currencies such as Bitcoin, Ripple, Ether, and others. Contact us if you want to create a cryptocurrency wallet app.
We are an award-winning web and mobile app development company with extensive experience developing blockchain applications.
