The cryptocurrency market has expanded dramatically in recent years. Crypto traders are making enormous profits on their investments, and this trend will continue for a long time.
Because the future of crypto trading appears promising, now is the time to invest in developing a crypto wallet for a large consumer base.
The question now is, what should you consider before crypto wallet development?
With the proper planning, you can create a cryptocurrency wallet app that is widely used.
Let’s look at five things to consider before crypto wallet development.
1. Understand Blockchain and Cryptos
Blockchain technology is critical in the development of crypto apps. To create a crypto wallet app, you should first learn about cryptocurrencies and blockchain.
Blockchain is a promising revolutionary technology that enables digital currencies (cryptocurrencies) to function as the Internet allows for e-mail. As the name suggests, a blockchain is a chain of blocks containing digital information, and the cryptographic principle that connects the data blocks is known as the chain. The entire purpose of using it is to allow for the secure sharing of valuable data.
2. Use Standard Cryptocurrency Open-source Libraries
Most cryptocurrencies are open source. Therefore, it is unnecessary to reinvent the wheel. You can use freely available libraries and tools like Coinbase SDK or BitcoinJ SDK.
Coinbase SDK is known as a Java library that runs on multiple platforms. It assists developers in creating cryptocurrency wallets for both the iOS and Android platforms. This library supports many popular languages such as Python, Ruby, Java,…
3. Use APIs
APIs are an excellent way to create a feature-rich cryptocurrency wallet app. Using a distributed ledger, API can easily synchronize your cryptocurrency wallet with the blockchain ecosystem. Some of the most popular APIs are Coinbase, Bitcore, and Factom.
Using APIs, your development team can complete the steps concisely, increasing app development’s speed.
4. Go Cloud
You have to choose the best cloud platforms for your app. If you are developing a web app, you can use PaaS (Platform-as-a-Service).
However, to develop a crypto wallet app, you must find a BaaS (Blockchain as a Service) provider and integrate their cloud service into your application. Companies such as Azure, Amazon, and Microsoft provide BaaS products.
You can use either of them depending on your needs to create a secure cryptocurrency wallet app.
5. Select the Right Technology Stack
The right technology stack will ensure your app’s success.
For instance, if you want to create a web app, you can use Node.js or Angular.js in conjunction with CSS3 and HTML5. This will assist you in developing a scalable crypto web application.
When creating a native Android app, you can use Java or Kotlin.
Swift or Objective-C can also used to create iOS apps.
All cryptocurrency transactions cause the use of a cryptocurrency wallet. It will allow users to gift, store, exchange, and trade various digital currencies, such as Bitcoin, Ripple, Ether, and others. Contact us if you want to create a cryptocurrency wallet development.
Contact us if you have any queries about Blockchain development services.