Crypto Wallet Developer Team
The Cryptocurrency Wallet Development Process
Cybersun as a crypto wallet development company has developed a process that undergoes several stages to ensure full compliance with our clients’ requirements.
When developing cryptocurrency wallets, we can use the following languages, frameworks, and blockchain protocols:
Frameworks: Angular, React, React-Native, Ionic
Business & technical analysis
Prior to any development on the wallet, a thorough analysis of the business and technical aspects needs to be conducted. This analysis is necessary for developers to understand the purpose of the wallet, its relation to the blockchain project, and the technical requirements for its realization.
Once the business and technical specifications of the wallet have been understood, the architecture of the wallet app is constructed and coordinated with clients. This step determines the relationship between the frontend and backend of the wallet, how the wallet is generated, how data is stored and retrieved, and how transactions are performed. The architecture serves as the blueprint for all subsequent steps of development.
Low and high-fidelity designs of the wallet interface
While the architecture maps out the different parts of the wallet and how they interact, fidelity designs are used to specify how it will look, and how users will interact with it. First, a low-fidelity prototype is created to provide a rough outline of the UI/UX elements. Once this is fully clarified with the client, a high-fidelity design prototype is created. The result of this stage is a prototype that comes as close as possible to the final look and feel of the wallet.
Development of wallet smart contracts (if required)
Depending on the project specifications, developing wallet smart contracts may be required. Smart contracts are used to manage main triggering events and add functionalities to the wallet, such as the implementation of account recovery processes, bundle transactions, transfer limits, and more. Any smart contracts that need to be developed for the wallet are extensively audited and tested prior to their deployment.
Development of backend services (if required)
If required, backend services are also created. These are necessary for the interactions between the frontend and the blockchain, as well as the execution of any smart contracts.
Prior to deployment, the frontend is developed, leading to a final version of the wallet app. The app is then tested for any bugs or omissions that may have occurred.
After the preceding steps are completed, the wallet is deployed, and made available to users.
What are blockchain or crypto wallets?
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!
High security and encryption
Crypto wallets offer a high degree of security thanks to the use of cryptography. All of the data stored on the wallet is encrypted and is under no circumstances available to anyone else apart from the wallet holder.
Thanks to additional layers of security, such as two-factor authentication and multi-signature a wallet cannot be compromised easily. This makes them more secure than other forms of digital payments.
Ease of use
Despite its very high levels of security, a blockchain wallet is very convenient. It is extremely easy for users to install the application and start using it.
Depending on the wallet you want developed, it may be able to store multiple types of data (cryptocurrencies or just regular data transactions) at once. Alternatively, you may have a dedicated, stand-alone solution that accepts only one type of transaction.
Integrity and stability
Due to its distributed nature, blockchain is a very reliable system. The same data is distributed and verified by all wallet nodes, guaranteeing that it cannot get lost, corrupted or tampered with.
Because of this, it is highly unlikely for a transaction to collapse or be duplicated. This increases the authenticity and reliability of transactions and creates trust in the blockchain.
Easy transfer and low fees
Wallets eliminate intermediaries in transactions. This allows users to perform instant transactions across borders.
Moreover, with a wallet, transaction fees are greatly reduced or even eliminated. The result is increased user satisfaction and participation on the platform.