While the cryptocurrency market has seen remarkable growth over the last few years, this trend of cryptocurrency traders earning huge profits from investments seems to stay. Is it possible to build an attractive crypto wallet? This article will discuss the essentials of a crypto wallet – why it is necessary, how to create it, and cryptocurrency app features. Let’s get started!
The Cryptocurrency Wallet: What Is It?
Cryptocurrency wallets facilitate the storage, sending, and receiving like any other digital wallet. In addition to storing cryptocurrencies, a cryptocurrency wallet keeps track of their purchases, sales, and lending transactions. Any smartphone or other device with a compatible operating system can be used to download and install a cryptocurrency wallet.
How to Create A Cryptocurrency Wallet?
However, you have learned what cryptocurrency is. However, Let’s develop a crypto application and learn how to do it.
Your cryptocurrency wallet app can become famous if you have the right plan.
1. Understand blockchains and cryptocurrencies
Cryptocurrency game development company relies heavily on blockchain technology.
2. Make use of open-source cryptographic libraries
Open source is common among cryptocurrencies. It doesn’t require reinventing the wheel. Libraries and tools in BitcoinJ SDK or Coinbase SDK are already available for free.
3. Using APIs
It’s easy to create a feature-rich cryptocurrency wallet app using APIs. When people use a distributed ledger API, it will be easier to synchronize the crypto wallet with the blockchain ecosystem. Coinbase, Bitcore, and Factom are three of the most popular APIs people can use.
4. Get on the cloud
The next step is to select the cloud platforms used for the app. For web application development, people may consider PaaS (Platform-as-a-Service).
5. Decide which technology stack to use
If the right technology stack is chosen, the app will succeed. Java and Kotlin are available as choices for developing native Android apps. The iOS platform supports Swift and Objective-C.
6. Ensure adequate security
Creating a cryptocurrency wallet app requires a high level of security. Therefore, people should ensure that people have top-quality security for the cryptocurrency app.
If there are any bugs, they must quickly identify them and fix them using the latest technologies.
7. Research the Competitors
The crypto wallet app needs to be different to stand out in the crowd. People should keep an eye on their competitors. Take note of their technology integrations. If people want to add unique features to the app, people can check out the features.
8. Begin developing the app
People should take the following steps when people are ready to start developing the crypto wallet app:
- Decide on the app’s features.
- Integrate the application with the database and write the code.
- Create an easy-to-use interface.
- Make sure people test the wallet extensively before launching it.
Key features of a crypto exchange platform
To develop a crypto app, you must know the Cryptocurrency wallet features and functions of cryptocurrency exchanges. It is best to start with the platform’s core features if one intends to offer trading for multiple cryptocurrencies.
To build a Cryptocurrency Exchange, people should include the following basic features:
1. Verification and authorization of the user:
Create an interactive onboarding experience for the users. It is also important to note that crypto apps need to verify transactions to minimize the risk of fraud and maintain transaction transparency. To ensure complete data security, people should integrate two-factor authentication and anti-bot verification into the app.
2. The trading engine:
One of the main features of a cryptocurrency app is the trading engine. Price and commission information is processed by this system, which suggests transaction possibilities, matches bids with offers, creates schedules, etc.
Trading engine functions include:
- Calculation of balances
- Execution of transactions
- Ensure that the buying and selling transactions are matched
- Accesses the order books by phone.
A challenging aspect of the crypto platform is engine development. To lay the correct logic and build an efficient architecture, people need an experienced crypto development team.
3. The user interface:
The user interface is not exactly a platform feature, but it includes all the components that interact directly with the user. People need to design an interface that is easy to use even for users who aren’t familiar with cryptocurrency trading when developing an app such as Coinbase.
Candlestick charts are a common type of chat on cryptocurrency exchange platforms. The candlesticks represent the change in rate over the selected period, with green indicating an increase and red indicating a fall.
Dashboards for cryptocurrency exchanges must provide quick access to exchange features such as:
- Monitoring the market
- History of orders
- Withdrawing funds
- Canceling orders and creating orders
- Contacting support and more.
4. The wallet:
Virtual currency can be stored, sent, and received with the wallet. It is better if the wallet supports a variety of cryptocurrencies. A wallet should include the following Cryptocurrency Exchange Features when used with an exchange app like Coinbase:
- Various types of transactions can be supported by integrating multi-wallet functionality.
- The ability to buy and sell cryptocurrency in real-time requires integration with leading banks and payment gateways.
- In addition to emails, QR codes, ATMs, and transfers, users should be able to withdraw or deposit amounts. It is usual for users to trade and deposit digital currencies without verifying their accounts, but to withdraw digital currency, it is necessary to verify accounts.
- To reach the widest audience possible, an e-commerce platform should also be included to reach the widest audience possible.
Hot wallets and cold wallets are the two main types of bitcoin wallets. Detailed information about both can be found in her wallet feature:
- Hot Wallet:
Hot wallets are linked to the Internet, making them less secure than other wallets. Because of this, this type of wallet is more vulnerable to fraudsters and security threats. However, hot wallets always pose a high risk to user security and privacy, even though they are user-friendly.
- Cold Wallet:
Hence, cold wallets offer improved security as they store crypto tokens offline. Transferring funds between hot wallets and cold wallets should allow users to prevent hacking.
5. Admin Console:
Owners and operators of cryptocurrency exchanges require an admin console to manage different operational aspects. In addition to adding new currencies, editing trading fees, managing cryptocurrency listings, crediting/debiting funds, and addressing support issues, the admin console can be customized according to the requirements of the crypto app.
Develop cryptocurrency applications with Br Softech tailor-made solutions
Br Softech is the one-stop destination if people want to build their cryptocurrency exchange app. With their experienced developers, they create seamless, secure, instant, and efficient crypto exchange systems, whether centralized or decentralized.
