Cryptocurrency wallets allow users to buy, sell, lend, and keep track of their cryptocurrency holdings. Developing a cryptocurrency wallet ensures the creation of software that stores user transaction records, including the number of coins they own.
Bitcoin and Ether, the two most widely used digital currencies, are accepted by most cryptocurrency wallets. Despite this, several wallets support multiple cryptocurrencies, including a growing number of altcoins.
This section will discuss the most important requirements for a successful cryptocurrency wallet application. We classified features into various categories.
Develop Your Crypto Wallet Application | Functions
As with all applications, the creation of cryptocurrency wallets begins with extensive preparation. Before writing a single line of code, you must consider all facets of your business. You can also take help from the best crypto wallet app development company.
Here are the categories to consider and basic recommendations for each.
Security Features
Security should be the top priority for any development company. Without the ability to safeguard the coins, all else is irrelevant.
Crypto security in conventional banking apps has some security similarities, and you may be familiar with some of these features if you have used such apps.
Some are unique to the world of blockchain security, but all are equally important.
Two-Factor Authentication
The straightforward truth about passwords is that they are no longer sufficient.
Using one of the existing apps, a text message, or your system, you must restrict access to the wallet via two-factor or multifactor authentication.
Although many crypto-users will likely use secure passwords, the currency is thriving. It will soon be that non-experts will use crypto, and they will require security.
Timed Logout
Timed logout is a crucial component of any effective cryptocurrency wallet application, as it protects novice users more than advanced users. Like banking websites, users should be automatically logged out after a short period of inactivity or if the system is locked.
No industry-wide best practice for inactivity exists before logging out, but five minutes is typical.
Client-side Private Key
There is no valid reason for a third-party server to store the user’s private key.
Regardless of the speed or usability improvements you may be able to achieve, resist the temptation to store private keys off-device. Remember to make safeguarding consumer funds a top priority. Most importantly, your wallet software can be relied upon to provide secure access to cryptocurrencies. By holding the server-side private key, you only expose yourself to hacking and litigation. Having the private key on the user’s computer eliminates the possibility of losing it.
Deny Repeat Payments
While a cryptocurrency wallet is not a bank, it should still provide similar security features. If you have used a modern bank, you are probably familiar with credit and debit card fraud alerts. When you purchase in a new location or for an unusual amount, your bank will contact you via text message or phone to confirm the transaction. Refuse the charge by responding negatively. Such forms of advanced analytics may be inaccessible to many cryptocurrency wallet development budgets, but you can easily introduce a cryptocurrency-specific edition. Any successful wallet application can generate a new wallet address for each transaction. There’s a good chance that a person is up to no good if they attempt to obtain coins twice at the same address.
Usability Features of a Crypto Wallet App
Usability is the second most important aspect of a crypto-wallet device after security.
Also known as quality-of-life features, this refers to everything that makes using your app pleasurable, simple, and, most importantly, quick.
Robust Backups
A remote wipe would be one of the first things a user would want to perform if a computer is compromised or lost. Initiating backups of your wallet will make the process much easier.
The most secure backup would be to the user’s device or a deleted SD card, but it is much more convenient to add protected cloud storage apps like Dropbox or Google Drive.
Solid UI
When developing a high-tech application such as a cryptocurrency wallet, it’s easy to forget that you’re ultimately developing an application. The importance of aesthetics, function-to-function instructions, and a full support file is greater than expected. There are several in-depth guides on UI design best practices available. Ensure that you do not make errors that negatively differentiate your app.
Push Notifications
Push notifications are a standard feature of traditional banking applications and a requirement for any new mobile device.
Users want to know when they will receive their coins. Whether it’s a payment request, a fiat-to-crypto exchange, or a significant change in coin prices, it’s prudent to provide all pertinent information upfront. Additionally, allow users to customize their notifications for bonus points. For instance, they may wish to know whether the USD to BTC exchange rate reaches a particularly high or low end. You may also be creative by offering features like geolocating nearby stores that accept cryptocurrency or online vendor discounts.
You risk alienating your users if you do not have granular control over which alerts are sent.
Smart QR Scanner
Many crypto transactions are still conducted in person using QR codes.
The wallet addresses are lengthy and convoluted, making requesting that users type them slow and awkward. And every crypto wallet application requires a QR scanner. Numerous devices have only three scanners. One for payment requests, one for public keys, and one for private keys.
For example, a user navigates to the “Send Coins” page and then scans the recipient’s address. You will greatly simplify your users’ lives by incorporating logic into the app to distinguish between the various locations to which QR codes lead.
If an application verifies a public key, it must open the page to submit payment. When a specific payment request is scanned, the relevant information is automatically added to the list. When a private key is validated, enable the account to be swept. It allows you to significantly simplify the interface by adding a large, prominent “Scan Code” button.
Users can go there to satisfy their cryptographic needs with a universal scanner.
