The cryptocurrency hardware wallet market size is projected to reach $1.02 billion by 2028, as investments in crypto continue to soar. While many companies are trying to take advantage of this trend, many do not know how to create a cryptocurrency wallet successfully. In fact, success within the competitive landscape of these growth projections can become a reality for your project. Therefore, you need a well-cultivated Cryptocurrency Wallet Development process and company, like TokenMinds.
What is a Crypto Wallet?
A crypto wallet is basically a software program that lets users store cryptocurrency or digital assets like NFTs. Say people bought a certain amount of your tokens or coins. Since it has no physical form, how do they safely keep it? This is where you provide an online storage facility. A crypto wallet helps you do that for your investors.
A crypto wallet has private keys that allow people to sign transactions on the blockchain. These private keys are important since they help secure users’ crypto coins safely against hacking or theft. They also enable users to check their balance and execute transactions. While some provide additional services with an extra layer of security they add to crypto wallets.
Blockchain companies can create two main types of crypto wallets — hot and cold — that refer to how each of these wallets works.
Hot wallets are on the Internet so that users can more easily access them, to use to buy or sell cryptocurrency. They are popular with active traders and cryptocurrency exchanges.
A cold wallet on the other hand is offline. Instead of keeping crypto on the cloud, users download the wallet to a USB device or a hard drive. This helps them keep their tokens safe there until they’re ready to trade.
There are also other types of crypto wallets that serve various markets, including:
- Desktop wallets: These are two forms: “thick” and “thin”. Thick crypto wallets allow users to download the entire blockchain on their desktops. They typically require lots of storage space on a reasonably powerful PC. A thin wallet offers blockchain functionality through third-party services. Hence, the thin wallet method is a lot easier for the users to manage.
- Mobile wallets: Users can run mobile-based wallets on their smartphones or tablets. Generally, that is a superb option, and we recommend you consider this option.
How to Develop a Crypto Wallet: Step by Step
In short, an effective cryptocurrency wallet development process flow spans over six key phases.
The first phase of the cryptocurrency wallet development process is defining the strategy. In another word, make a plan to evolve your idea into a successful app with excellent functionality.
In this phase, you will:
- Identify the app users
- Research the competition
- Establish the app’s goals and objectives
- Select a mobile platform for your app
The cost of building cryptocurrency wallets’ mobile apps varied. For instance, on average, building cryptocurrency wallets costs $50,000 – $150,000 and can take anywhere from four to six months to develop.
2. Product Map
After you have identified the requirements for your wallet, then prepare a product roadmap. This includes prioritizing the cryptocurrency wallet requirements and putting that into delivery milestones.
Part of the planning phase includes identifying the skills needed for your app development initiative. If your goals are to build a mobile app for both iOS and Android mobile platforms then, your mobile development team should include iOS developers and Android developers.
3. UI/UX Design
Undoubtedly, the success of any wallet is determined based on how well users are adopting and benefiting from all its features. While a polished UI design will help with early adoption, however, the focus should be on creating interactive and intuitive user experiences to keep your wallet users’ engaged. This could involve creating information architecture and workflow diagrams to help identify every possible interaction a user has with the wallet.
For mobile based wallets, wireframes can help give visual structure to your app’s functional requirements. This will also enable your bitcoin wallet developers to more accurately estimate the cost of cryptocurrency wallet development according to its complexities.
In addition, you will need a style guide to help keep your app’s look and feel consistent (font family, color scheme, branding, etc).
After that, you need to create mockups. Mockups are created by applying your style guide to the app wireframes. As your cryptocurrency wallet design begins to finalize, expect further modifications to its information architecture, workflow, and aesthetics. Lastly, you may also request a prototype to get early stage testing of your wallet’s design and functionality.
4. Wallet Development
Before actual cryptocurrency wallet development begins, you will have to:
- Define the technical architecture (app complexity)
- Select a technology stack (development platform)
- Define the development milestones.
In short, a typical Cryptocurrency Wallet Development project is made up of two integral parts: development platform and transaction mechanism. The most popular blockchain platforms that make the cryptocurrency wallet development process much easier, for example, Quorum, Hyperledger, and BigChainDB. It is critical to select the right platform that will help your project grow.
In terms of mechanisms, you can choose your preferred mechanism for the authentication of transactions from a variety of mechanisms. For instance, Proof of Work, Proof of Elapsed, Delegated Proof of Stake, Proof of Stake, and Federated.
Above all, to ensure comprehensive QA (quality assurance) testing of your cryptocurrency wallet, you need to do the following tests:
- User experience testing
- Functional testing
- Performance testing
- Security testing
- Device and platform testing
6. Deployment and support
Lastly, releasing a native mobile app requires submitting your app to the app stores. So, App Store for iOS apps and Google Play for Android apps. After that, you will also need a developer account to launch your wallet. Apple’s iOS apps go through a review process which may take from a few days to several weeks to get approved. By contrast, Android apps do not require any review process and can become available in the Play Store within a few hours after submission.
After launching your crypto wallet app, it is important to monitor its usage. Besides, track KPIs for measuring your app’s success. Also, frequently check crash reports and address user-reported issues.
Why Work with a Cryptocurrency Wallet Development Company
In conclusion, to develop a successful cryptocurrency wallet, you need a team of experts and skilled developers who can turn your vision into reality. Working with a cryptocurrency wallet development company like TokenMinds can deliver custom cryptocurrency wallet development services that fit your business model.
Contact us if you would like to discuss your cryptocurrency wallet development initiatives.
Complete Blockchain Cryptocurrency Wallet Development Technology Stack
Here are the full details of the complete blockchain cryptocurrency wallet development technologies you’ll need to develop your crypto wallet.
|Android, iOS||Mobile Platform|
|IBM, Cisco, Spark, Hadoop||Real-Time Analytics|
|MongoDB, Postgress, HBase||Database|
|e-wallet, Paypal, GooglePay||Payments|
|Twillio, Neximo||Voice and SMS|
|Azure, Google, AWS||Cloud|