Crypto wallets allow users to buy, trade, lend and keep track of their cryptocurrency portfolios. Cryptocurrency wallet development entails the design of a piece of software that stores user transaction details, including how many coins they own. The two most popular digital currencies, bitcoin, and Ether, are accepted by the majority of cryptocurrency wallets. Several wallets, however, support a variety of cryptocurrencies, including a rising number of altcoins.
In this post, we'll go through the most important components that every successful crypto wallet software requires. We classified features into various groups.
Features of Crypto Wallet App
The design of crypto wallets, like any other program, begins with extensive planning. Before you write a single line of code, you must evaluate all aspects of your business.
Here are the categories to consider, as well as some general guidelines for each.
Security Options
It should go without saying that security should be the first priority for any development organization. Nothing else matters unless the coins can be kept secure. Crypto security in traditional banking apps has some security similarities, and you may be familiar with some of these features if you've used one of those. Some are unique to the blockchain security environment, but they are all equally important.
Authentication using Two Factors
The plain reality about passwords is that they are no longer sufficient. You must restrict access to the wallet using two-factor or multifactor authentication, which can be accomplished via one of the existing apps, a text message, or your system. Despite the fact that many existing crypto users are unlikely to use weak passwords, the currency is thriving. It won't be long before lay users are included in crypto, and they'll want protection.
Logout using a timer
Another feature that protects novices rather than power users, is timed logout is nevertheless essential in any effective cryptocurrency wallet program. Users should be automatically signed out after a brief period of inactivity or if the system is locked, similar to banking websites. There is no industry-wide best practice for logging out for an extended period of time, but five minutes of inactivity is considered standard.
Client-side Public Key
There is no compelling reason for a third-party server to store its private key for users. Whatever speed or usability advantages you may be able to accomplish, resist the temptation to store private keys outside of the device. Remember to prioritize the protection of customer funds. Most essential, your wallet program can be relied on to safely access cryptos. The only thing you're doing by keeping the server-side private key is exposing yourself to attacks and, as a result, litigation. There's no way you'll lose it if you keep the private key on the user's PC.
Refuse Repeat Payments
While a crypto wallet is not a bank, it should still have some of the same security measures. If you've ever used a modern bank, you've probably seen credit or debit card fraud warnings. Spend in a new area or for an unusual amount, and the bank sends you a text or phone call demanding confirmation of the transaction. Simply put, if you say no, you are refusing the charge. Such comprehensive analytics may be out of reach for many cryptocurrency wallet development budgets, but you may easily create a crypto-specific edition. For each transaction, each successful wallet application can generate a new wallet address. If someone tries to receive coins twice at the same address, they're probably up to no good.
A crypto wallet app's usability features
After security, usability is the most important aspect of a crypto-wallet device. This category includes everything that makes your app an entertaining, easy, and, most importantly, speedy experience.
Backups that are reliable
A remote wipe is one of the first things any user would want to perform if their computer was hijacked or lost. You can make the task easier by starting the wallet backups. The most secure backup would be to the user's device or an erased SD card, but adding encrypted cloud storage programs like Dropbox or Google Drive is significantly more convenient.
Excellent user interface
When developing a high-tech application, such as a crypto wallet, it's easy to lose sight of the fact that you're ultimately producing an application. Niceties like a pleasing appearance, easy function-to-function instructions, and a robust support file are more significant than they appear. There are various in-depth manuals available for best practices in UI production. Make sure you don't make any mistakes that may negatively differentiate your software.
Push Notifications
Push notifications are another functionality found in traditional banking software that is required for any new mobile device. Users want to know when their coins will be released. It seems sensible to include all relevant information, whether it's a payment request, a decent sale into fiat, or significant changes in coin prices. Allow users to customize their notifications for bonus points. They might want to inquire whether the USD to BTC conversion rate hits a certain high or low level, for example. You may also be creative and offer services such as geo-locating nearby establishments that accept cryptocurrency or online vendor offers. Just make sure you have granular control over which alerts are sent, or you risk alienating users.
Intelligent QR Scanner
Many in-person cryptocurrency transactions still use QR codes. The wallet addresses are long and intricate, and asking individuals to type them is time-consuming and unpleasant. And a QR scanner is required for every crypto wallet program. Many gadgets only have three scanners. One for public keys, another for payment requests, and yet another for private keys.
For example, a user might go to the "Send Coins" page and then scan the code to find the recipient's address. You will make your users' lives lot easier if you incorporate some reasoning into the software to discern between the numerous destinations to which QR codes lead.
If an app validates a public key, it must open the payment page. When it analyzes a specific payment request, it adds that detail to the list automatically. When a private key is selected, the option to sweep the account is displayed. It allows you to greatly simplify the interface by including a large, visible "Scan Code" button.
Users can go there for a one-size-fits-all scanner to meet all of their crypto needs.
Development of Crypto Wallet Apps
You'll need to find something different if you want to develop your crypto wallet. Who can code all of this for you? Outsourcing the heavy lifting and coding to a team that has done it before saves you years of development time.
As a result, employing an experienced team of professionals or a qualified crypto wallet development company for blockchain wallet app development is a cost-effective solution to streamline the app development process when compared to alternative possibilities.