In the same way that you have a physical wallet to store your money, a blockchain wallet is what you need to store and manage your cryptocurrency. With the increased acceptance of cryptocurrencies as a legitimate payment and investment option, it’s a great time to learn about blockchain wallets.
In the same breath, cryptocurrency wallet app development has also become popular. With a good plan and the right crypto exchange software development company, you can build a very popular crypto wallet app. Here are the basic things you need to know about developing a crypto wallet app.
Understand Blockchain and Cryptocurrencies
Blockchain is the core of crypto wallet application development. The first thing you need to do is research and explore cryptocurrencies and blockchain. Blockchain is the technology behind how cryptocurrencies work in the same way that the internet enables communication like email.
Blockchain is essentially a way of keeping records in a way that makes it impossible to hack, change or manipulate the system. In short, blockchain enables secure data sharing. As for cryptocurrency, it is a virtual and digital currency secured by cryptography. It can be used as a medium of exchange for goods and services, using crypto wallets.
Take advantage of available open source libraries
Wondering how to create an ethereum wallet? No need to sweat. There is an open source library for this. Most cryptocurrencies are open source, and there are numerous free libraries and tools to use. Two of the most popular software development kits (SDKs) are BitcoinJ and Coinbase SDK. The Coinbase SDK is cross-platform. App developers use it to build wallet apps for Android and iOS.
The library supports programming languages such as Java, Ruby, Python and others. The BitcoinJ SDK is the preferred option of Java application developers. This is because it is easy to use and has more detailed documentation. This SDK is also compatible with the Java Virtual Machine (JVM), which allows it to work with other languages such as JavaScript, Python, Ruby or C++.
Synchronize your application with APIs
Using a distributed ledger, an application programming interface (API) easily synchronizes the wallet and the blockchain. APIs are a great way to build a feature-rich crypto wallet app. When your development team uses APIs, the process goes much faster, allowing you to get your wallet app up and running in no time.
In addition, when you use the full-string API, it becomes easy to integrate the main functionality of the wallet and the features of the wallet application, including payment handling. Popularly used APIs are Fatcom, Bitcore and Coinbase.
Select Cloud Platform
You also need to be familiar with cloud platforms so that you can choose the most suitable one to host your application. For web applications, choose Platform as a Service (PaaS). For your mobile wallet application, choose a Mobile Backend as a Service (MBaaS) provider. It solely depends on the type of wallet app you are building. You can use both to create a secure wallet app.
Keep safety in mind
Security is a key consideration when building a crypto wallet app. Note that the application will manage funds for your clients. You need to ensure that it is secure in order to build your credibility and reputation. You can take measures, such as adding two-factor authentication using codes to your phone number, face ID, fingerprint scanner, etc.
Also, ensure constant security updates to stay abreast of evolving and emerging security threats. This is one of the features that people will look for when researching which is the best bitcoin wallet to use. Quickly identifying and fixing bugs and other security issues is essential for crypto wallet applications.
Study your competitors
As with any other product on the market, you want your crypto wallet app to stand out from the crowd and gain the attention of customers. For this you need to know what is already in the market so that you know what you need to do differently to attract and keep the attention of customers. Check what technologies they use, security protocols and the like.
Conclusion
Cryptocurrencies continue to grow in popularity and there are no signs of it stopping anytime soon. This has resulted in the growth of the development of proper cryptocurrency wallet applications. Building a cryptocurrency wallet app can be a very profitable venture if well planned and executed. It can put you on the path to winning big in the cryptocurrency and blockchain boom.
More Author: L. Dias William Software and applications, Apple, Mac, iOS and gadgets
Categories: How to
Source: HIS Education