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An Ultimate guide to Crypto Wallet Development
Crypto Wallet Development 101 (Updated 2022)
Mirror World is an all-in-one Web3 mobile app development infrastructure that provides seamless login flows, in-app wallets, and a mobile NFT marketplace in a few lines of code. The Mirror World Mobile SDK is collection of building blocks that provides simple, declarative interfaces for building mobile Applications into Web 3 Architecture. The solutions are compatible with most platforms and will help users succeed without difficulty. Use Mirror World SDK to increase conversion and revenue for crypto games and decentralized Applications.
What is a crypto wallet?
A crypto wallet is an app that transfers digital transactions or cryptocurrencies between participants in a particular blockchain network and triggers intelligent contracts on the blockchain. Its storage function is the same as an electronic wallet, but it applies to cryptocurrencies. It is part of the software that securely stores cryptocurrencies and tracks their transaction records (purchases, sales, credit). The wallet also plays the role of an identifier and a blockchain account.
Cryptocurrency wallets can be used as quickly as possible by installing them on smartphones. Laptop or any browser, or, It can also be stored in your pocket.
Crypto wallet types
There are two classes of crypto wallets, hot and cold. The significant disparity between hot and cold wallets is the internet connection.
Cold crypto wallets are generally hardware wallets. Public and secret keys are reserved offline on devices that are not connected to the Internet. Many of the popular tricky crypto wallets look like ordinary flash drives. Security-conscious people prefer cold wallets because they are not connected to the Internet, making them the most secure against cyber-attacks. However, cold wallets can be physically lost, stolen, or left behind.
On the other hand, hot wallets are based on high-tech software, not hardware. Hot wallets can be installed or managed on the Internet. There are three kinds of hot wallets: web, desktop, and mobile. Web wallets are most convenient because they are accessible from any device with an internet connection. It also relies on the cloud.
1. Desktop wallet
Desktop wallets are intended for use on desktop computers and laptops. You can access it from the initially installed computer. Desktop wallets are believed secure unless your computer is contaminated with a virus.
2. Mobile wallet
Mobile wallets usually have the same features as desktop wallets. However, touch-to-pay and NFC (Near Field Communication) allow users to scan the QR code and make payments in physical stores easier. Bitcoin wallets and Hive Android are examples of mobile wallets.
3. Web wallet
A web wallet makes it easy to access crypto from anywhere, such as a browser or mobile device. Web wallets work in the cloud. The secret key is stored online and is very convenient.
However, it is vulnerable to hacking attacks because third parties indirectly control it.
Method For Developing Crypto Wallet
Once you've defined that you need to develop a crypto wallet and decided what kind of future app you like to complete, you can concentrate on devising a cryptocurrency wallet. Below we outline the most critical steps in the development of crypto wallets.
Learn about cryptography
You need to understand the technology before you start coding. At this phase, you will require to decide what features you like to have in your wallet, what technology stack you wish to use, and what kind of wallet you need for your coins.
Use libraries to build wallet
You can use some libraries to develop your wallet. For example, Mirror World Software Development Kit (SDK) provides all-in-one solutions that allow you to create wallets for Unity, iOS, and Android platforms.
Select the appropriate technology stack
The right technology stack will bring the success your app needs. For example, when building a web app, you can use Node.js or Angular.js in addition to HTML5 and CSS3. It allows you to create scalable encrypted web applications. When making a native Android app, you can choose between Java or Kotlin. Also, for iOS apps, you can use Swift or Objective-C.
Use API and appropriate cloud platform
Implementing an Application Programming Interface (API) is a great way to build crypto wallets that support multiple currencies. It will be easy to synchronize with any blockchain network. The API can accelerate the development process. Another helpful piece of suggestion for setting up a cryptocurrency wallet is discovering the right cloud platform. In this case, you should consider a BaaS (Blockchain-as-a-service) provider. Amazon, Azure, Microsoft, and others provide this service.
Check out competitors
You like your crypto wallet app to stand out in public. So, it's vital to keep an eye on your competitors. You can see what competitors are doing and what technologies they are including. Check out what unique features you can add to your app. Remember that to be competitive with others; you need to know what's happening around you.
Ensure app security
The security of crypto wallets is a significant consideration in the app development process. Learning how to protect your wallet and your client's cryptos would be best. In addition, you can add special protection like biometric authentication to open the app with the help of the face, retina, and fingerprints. You also need to check if your app has two-factor authentication, take a backup of your wallet, and provide continuous security updates.
Start developing an app.
When you're all set to start developing your crypto wallet app, make sure you:
Determine the full functionality of the app.
Determine the full functionality of the app. Write the application code and integrate it with the database.
Design a simple and user-friendly interface.
Make sure to do extensive testing before releasing your wallet.
Key Features to Include in Crypto Wallet App
Authentication (which is an integral part of most applications and a reliability issue in financial applications)
Session duration (essential for security, any financial app)
QR Code Scanner (Automated Wallet Address and Public Key Scanning increases the speed, convenience, simplicity, and security of transactions within the app)
Multi-Currency (If your application does not target specific crypto, adding an option that works in multiple currencies, including Fiat, can significantly expand the targeted user).
Integrity (Another advantage of the app is that it imports a mobile wallet into a more secure paper wallet with the same QR code)
Push notifications (messages that notify users of transaction status, exchange rate changes, conversion rate changes, and so on).
Fees (Crypto wallet app should always be able to calculate variable prices)
Blockchain (All completed transactions are transferred to the blockchain network and stored there)
Like other financial products, crypto wallets are a complex technology that requires the utmost involvement of experienced professionals such as developers, testers, business analysts, and marketers.
Cryptocurrency wallets are essential for the crypto economy. Therefore, there are many opportunities for progressive organizations to develop cryptocurrency wallets. Mirror World provides user seamless user authentication for your users, allowing you to authenticate your users for your Web3 applications conveniently. Mirror World provides the most potent decentralized marketplace architecture on Web3 for mobile and Web experiences. Deploy a marketplace for your application with one click, list, buy, and transfer NFTs, and query transaction history using Mirror World's powerful marketplace API.
For more Mirror World Team's opinions and content on technological difficulties and market potential of Mobile dApps, check out the first episode of our interview series: Mirror World Jam: Crypto's Mobile Revolution
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