Developing a crypto wallet app: All you need to know
The crypto market has significantly evolved over the past few years, with crypto traders making massive profits on their investments, and even though the industry has faced some challenges, it looks like it’s here to stay for a long time. The statistics show that there are a massive number of crypto users around the globe, and this number seems to only be growing. According to the available data, there are over 30 crypto-related posts on Twitter every minute, and 22,932 coins have been developed so far (and more will likely emerge in the future).
But do you know what everyone needs as soon as they learn how to buy cryptocurrency? A digital wallet in which they can store their funds. And why not develop one yourself? This can be a very profitable business idea as long as you take the right steps to meet users’ needs. It’s worth noting that despite the increased interest in cryptocurrency assets, the market is by no means saturated in terms of crypto wallets, so you can enter the market successfully by adding some great features to your wallet. In this blog, we will look at all the steps needed to develop a crypto wallet app, so keep reading to learn more!
Take the time to understand cryptocurrencies and blockchain
Blockchain technology is critical to crypto app development, so before you do anything else, you need to grasp the main concepts surrounding this technology. Essentially, blockchain makes cryptocurrencies work, just like the Internet makes it possible to send emails. As its name indicates, a blockchain refers to a chain of blocks that contain digital data, and this chain relies on a cryptographic principle that helps connect the block’s data, thus allowing the information to be shared securely.
Research your competitors
There’s no need to say that your crypto wallet app needs to be different from the rest in order to be profitable. So, it’s imperative to research your competitors and see what they are doing, notice what kind of technologies they have incorporated, and what features their crypto wallet apps have. After you do this, start brainstorming how you can bring something innovative to users that can improve their current experience in the crypto landscape. When looking to gain a competitive edge, staying informed about your competition is a step you don’t want to overlook.
Utilize an open-source framework
Developing a crypto wallet is not a cakewalk, that’s for sure. It comes with a big responsibility, and you need to put security above all else – otherwise, it would be hard for users to trust that you will safeguard their funds. The good news is that you don’t have to reinvent the wheel; much of the work has already been done, so you can freely use the components of an open-source library to create your own crypto wallet. Luckily, these frameworks have undergone rigorous testing in the community, so you will be able to use them effectively without worrying about your wallet. Make sure to research the different open-source frameworks available and take the time to carefully develop the wallet by customizing it based on your own preferences and vision.
Use APIs
APIs are essential when creating a feature-rich crypto wallet app. For instance, you can utilize a distributed ledger API to ensure synchronization between your crypto wallet and the blockchain ecosystem. Many popular APIs are available, so we recommend researching them and taking the time to decide which one is most suitable. Using APIs allows the development team that will work on the wallet to quickly complete all the development process steps, ensuring a faster and more efficient outcome.
Choose the right technology
When discussing the factors determining a crypto wallet app’s success, using the right technology shouldn’t be overlooked. Not all technology suits all situations, so you need to figure out which tools make the most sense for your project. For instance, if you’re planning to develop a web app, in this case, Angular.js and Node.js are both suitable options. However, if you want to build a native Android app, you’ll have to choose Kotlin or Java, while Objective-C and Swift are generally recommended for iOS apps.
Decide on the features of the wallet
Your crypto wallet app should provide enhanced functionality, so it’s essential to carefully consider what features you will incorporate. Since wallet apps are vulnerable to many cyberattacks, prioritizing user authorization only makes sense, and you can do so by integrating two-factor or multi-factor authentication. Not all crypto apps offer this feature, so it can give you a competitive edge, showing users that you care about their privacy. Furthermore, a QR code scanner is a must-have feature of your crypto wallet app because it offers speed, simplicity, and convenience – which all matter when conducting cryptocurrency transactions. There’s probably no need to mention that your crypto wallet shouldn’t support just one cryptocurrency because this won’t make it profitable at all. No one would like to keep different wallets to store their cryptos, so make sure that your app enables users to seamlessly transact any asset of their choice.
Make sure to design a user-friendly interface
Speaking of the wallet’s features, a user-friendly interface is essential if you want your app to stand out and be widely adopted. You need to keep in mind that users are novices and don’t have a lot of experience in the field, so the app should offer intuitive navigation so that they can easily find and access various functionalities effortlessly. Furthermore, a customizable dashboard is essential because it will be appreciated by users, who like to be able to customize their interface based on their needs and preferences. Needless to say, the transaction process in your wallet app should be transparent and seamless, allowing users to send and receive digital currencies with clear instructions in just a few steps. Offering real-time transaction status updates, confirmation screens, and detailed transaction histories can empower users and make them feel confident when managing crypto assets.
Takeaway
Here’s the thing: crypto wallet development is by no means easy, as it requires detailed research, patience, and fluency in blockchain’s tech aspects. However, given that the demand for crypto wallets is so strong, there hasn’t been a better time to enter this niche and potentially grow a profitable business. So, what are you waiting for? Use these tips and embark on your journey of developing a crypto wallet app that will impress users!
