What is a Crypto Wallet?
Crypto wallet is a software program that stores your crypt asset keys and gives you access to your coins. Apart from storage of keys it also provides the functionality of encrypting and signing information. The same is required for facilitating execution of any smart contract or for any transactions or signing any legal contract. Crypto Wallet just like a normal wallet is a place where you store your crypto assets and get access to the same when you want to trade them. Earlier when crypto trading was new, sending crypto assets was a manual task which often required entering long keys. However, today the same has been done by the software.
What are the features of the Crypto Wallets?
1) Public Keys : The Crypto Wallet apps store public keys which are used to receive payment from someone.
2) Private Keys: These are the keys are that used to make all the transactions and anyone who has access to them has control over thecrypto assets within that wallet. These private keys are mostly used to sign smart contracts and for executing any transactions.
3) Separate crypto asset keys can be stored in a separate wallets
What are the different types of Crypto Wallets?
There are two major types of Crypto Wallets
1) Custodial Wallets – Wallets that are the ones that are hosted by third parties to store your keys. Some crypto exchanges also offer wallet services.
2) Non Custodial Wallets – These are the ones where you take the responsibility for securing your keys. These are the ones which are mostly available of the devices
Apart from these two the crypto wallets are further divided into two more categories:
1) Hot wallet: That is the wallet with internet connection, or a wallet on a device which has internet connection
2) Cold Wallet: The crypto wallet with no internet connection. Further more they could also be divided on the basis of software, hardware and paper. So for instance, you can either have a custodial hot wallet, or an on custodial cold wallet or a custodial hardware cold wallet.
How are Crypto Wallet apps developed?
In order to create a powerful Crypto Wallet app one is needs to understand some of the basic fundamentals which are an absolute must
haves in the armor of the developers.
1) Expertise in block chain and crypto assets – This is one of the pre- requisites to build a crypto asset wallet. Just like internet facilitates sending emails block chain technology facilitates trade of crypto assets. This is an advanced technology where data is stored at different locations as a ledger in blocks and that is why it is called a block chain.
2) Make use of APIs – Using distributed ledger APIs would make the whole process of making the wallet much faster and easier. Your crypto wallet must have features which help your wallet to be easily connected with the block chain ecosystem easily. There are several APIs you can choose from in order to make your Crypto Wallet App
3) Use open source crypto libraries – In order to speed up the whole process it is recommended to make use of the open source libraries that
are easily accessible as most crypto libraries are open sources only.
4) Select an appropriate cloud services – At this stage choosing aright cloud platform for your app is important. There are many options to choose from depending on what your app is based on. For crypto wallets one must choose BaaS (Blockchain as a Service) and integrate their cloud service in the app. The same is provided by many companies and you can choose from them
5) Right technology stack – Choosing the right technology stack will ensure that your app achieves its objectives and provides maximum benefits to its users. You can use from Node Js., Java or Kotlinor Swift depending on whether you are making an Web app, Android app, I- phone app.
6) Don’t forget to check the competitor’s apps – Yes, you must know what is being offered in the market and what value will your app add. Which are the must have features and what are the add- ons.
7) Last but not the least, Security – After all why should some one trust
your crypto wallet if it does not offer security of their crypto assets. You need to ensure that anyone using your Crypto Wallet can trust it and the same trust is upheld by delivering superior security features by way of
two factor or multi-factor authentication. The bugs must be quickly identified and done away with. We hope that this article would help you to start with your Crypto Wallet development.