A blockchain wallet or a cryptocurrency wallet is an application that is used for the transfer of digital transactions or cryptocurrencies between users of a particular blockchain network and triggering blockchain smart contracts. The wallet also provides access to its holder’s digital transaction history, as well as their balance. It serves as their blockchain identity and account.
Crypto wallets have a private and public key which are used to process transaction information. These keys connect to the blockchain and allow users to send transactions (cryptocurrencies) and trigger smart contracts. A transaction on the blockchain is impossible without the use of a wallet.
With the rise of blockchain, digital currency transactions have become increasingly useful and accessible. Due to the large number of cryptocurrencies that have been created in recent years, there has been a growing need for robust solutions for token management.
Custom cryptocurrency wallet development allows you to offer a tailored solution that enables users to carry out transactions – whether on their mobile device or web.
Are you working on your own blockchain project and need a cryptocurrency wallet development? Here’s how your business can benefit from it!
First, you need to decide on a type of wallet. There are two main configurations: a custodial (centralized) or a non-custodial (decentralized) solution. Let’s analyze them more in-depth.
Designed to store passwords and crypto coins safely. Moreover, a third-party organization that created such storage provides maintenance. Custodial solutions have two prominent advantages: easy password recovery via identity confirmation and the low price of every transaction. However, such a wallet requires a stable internet connection.
Full control over your funds is guaranteed. So, you may manage all activities at any convenient time. And most importantly, every transaction requires authorization from your passwords. Still, you should remember the mnemonic phrase that provides you with access to your wallet for digital assets. If you lose the mnemonic phrase, you lose your cryptocurrency forever.
As for thinking about how to develop a cryptocurrency wallet, authorization became one of the vital aspects. It entails two-factor authentication (2FA) when registering and Google Authenticator as an extra layer of security.
As for now, many companies aim to get into a global market. And cryptocurrency apps are perfect for providing all trading operations.
Digital wallets can send pop-up messages about price fluctuations, achievements, technical glitches, etc. It allows users to follow updates on their account activity.
Any user can check an actual currency price. That is why anyone may use digital crypto solutions for operating with hundreds of coins in different modes.
You can quickly scan the QR code through the Android or iOS app, connect the password from your paper wallet and use it for making transactions.
The most helpful feature is performing fast and secure operations. You can send crypto or get paid in digital coins almost immediately.