We all have witnessed the massive growth of cryptocurrencies using our own eyes. At present, it has a separate fan base with millions of users worldwide. In addition, the crypto industry is going to rise in the future as well. No one can forget the unexpected price shift of Bitcoin that too in a short span.
Not just hype! Cryptocurrencies are nothing but virtual currencies. The best part of crypto is that anyone can invest in it irrespective of their financial status. It is highly transparent and does not have any central authority. If traded with a good strategy, one can earn huge profits over a certain period of time.
Security Threats As cryptocurrencies are completely virtual and online modes of money, some security threats may lead to losses. There might be a person who is looking for loopholes to hack or steal others' crypto earnings. It is solely our responsibility to keep our currencies safe from such types of malicious activities.
What to do? How can we ensure the security of cryptocurrencies? We can use Crypto wallets. The wallets help to store and trade cryptocurrencies securely. Even though there are different types of crypto wallets, web and mobile wallets are the most popular ones. These types of wallets are user-friendly, simple, faster, and convenient to use.
Most importantly, crypto wallets maintain high security and privacy during transactions. Ultimately, they reduce the risk of theft, fraud, and hacking of digital currencies.
Let us learn how to create a crypto wallet application with enhanced security.
Understanding the basic concepts As we already know, cryptocurrencies are backed by blockchain technology. So, the first step in developing a crypto wallet might be getting to learn everything about blockchain and the cryptocurrency industry. The purpose of blockchain is to guarantee a safe and secure platform for transactions. Use standard open-source libraries As most of the existing cryptocurrencies use free open-source libraries, we can use them readily. Python, Java, Ruby, C++, and JavaScript are some of the programming languages developers use to create a cryptocurrency wallet. We can choose any of these languages to build a compatible wallet.
Application Programming Interface (API) API is a collection of tools, protocols, and software used for integrating application software. This interface allows the synchronization of the crypto wallet with the blockchain easily. Once we chose a good API interface, we can quickly complete other processes of application development.
Cloud storage We need to choose the right cloud platform for improving the convenience of the user. With this functionality, they can access their wallet details anywhere around the world. We can select either Baas (Blockchain as a Service) or Paas (Platform as a Service) depending on the type of the cryptocurrency wallet.
Front-end and back-end technologies To create a successful crypto wallet, we should employ the best front-end and back-end technologies. For instance, we can use HTML5, CSS, and Node.js for designing a scalable cryptocurrency web application. On the other hand, Java or Kotlin can be used to create crypto mobile applications.
Double-checking security The foremost requirement for a crypto wallet is to ensure the safety of cryptocurrencies. So, we have to add several layers of security by implementing face recognition, fingerprint, two-step authentication, push notification, and hardware authentication. However, the developers have to regularly check the wallet and rectify bugs and errors.
Additionally, we need to conduct performance tests both before and after developing the wallet.
Key Features of a Crypto Wallet Application The resultant crypto wallet has to provide enhanced functionalities along with the business logic requirements. It will be an added advantage if the crypto wallet has the features mentioned below. User authentication and authorization QR code scan Push notifications Multi-currency storage facility Secure transactions (Blockchain-Based) Payment gateways
Session log out
Conclusion Crypto wallets are gaining popularity as they serve the most important job of securing cryptocurrencies. However, it is also important to choose a high-quality wallet to acquire enhanced security. In that case, we can go for a top-notch cryptocurrency wallet development services providing company.
If you are looking for multi cryptocurrency wallet development services, you can get in touch with Blockchain Firm. We are an award-winning blockchain company that provides customized blockchain solutions to customers.