Blockchain technology

DEVELOPMENT OF A CRYPTO WALLET

DEVELOPMENT OF A CRYPTO WALLET

Blockchain

DEVELOPMENT OF A CRYPTO WALLET Blockchain

Keeping digital funds is an important task for any cryptocurrency trader. Therefore, the choice of a crypto-wallet should be approached responsibly.

In this article, we will look at what types of crypto wallets exist, how they differ, and why you need to develop your own wallet when the market offers ready-made solutions.

DEVELOPMENT OF A CRYPTO WALLET

What is a crypto wallet and how does it work

Blockchain

What is a crypto wallet and how does it work Blockchain

Users often say they store cryptocurrency in wallets. But in reality it is not so. Digital assets are located on the blockchain, and a wallet is just a tool that gives a person access to a certain number of coins within a decentralized network and ensures their safe storage.

A crypto wallet itself is a special program that enables a person to interact with the blockchain: create payments, send transfers, store funds, etc. On the technical side, such software can be integrated with software, stock or hardware environments.

Regardless of the type of wallet, it necessarily contains two elements – private and public keys:

  • Public – a unique user address that looks like an alphanumeric string that can be seen by any network member. Needed to create payments to a specific wallet account.
  • Private – a secret key required to confirm transfers. With its help, all transactions from the account are carried out, and the one who owns this key has full access to the funds on the wallet. In fact, it is a series of random, automatically generated numbers.

To simplify, the public key can be compared with the bank card number that you send to the counterparty to receive payment, and the private key with the pin code and CVV code.

When conducting a financial transaction, it is signed with a private key and then sent to the blockchain chain. After verification by the blockchain, the transaction is executed.

DEVELOPMENT OF A CRYPTO WALLET

Types of Crypto Wallets

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Types of Crypto Wallets AVADA-MEDIA

To order a crypto wallet, you need to understand what varieties they are. Globally, digital wallets can be divided into two types: custodian and non-custodian. Let’s consider each of them in more detail.

Custodian wallet

These are wallets in which the user’s beer and public keys, as well as all data about his transactions, are stored by a third party. Many consider this type of wallet to be unsafe and susceptible to hacking. But, at the same time, they make it possible to restore access to funds if the user has lost a password or a secret phrase.

Custodian wallets can be divided into:

  • Exchange – in which keys are created and stored by the exchange.
  • Software – created by private developers who store all data on their own servers.

Not a custodian wallet

A type of wallets in which the keys belong directly to its owner and are not transferred to third parties. Of course, from a security point of view, such wallets are more reliable. But, at the same time, the user needs to take a responsible attitude to the storage of keys, because if they are lost, it will be impossible to get access to their money again.

Non-custodial wallets can be divided into:

  • Software – look like an application that is loaded onto a personal computer.
  • Web wallets are the most common and convenient wallets that allow you to make transactions directly on websites. They are available directly in the browser, and can be used by a person anywhere, regardless of location. The main disadvantage of such wallets is the high risk of being hacked.
  • Mobile – applications that open up the ability to manage digital assets from a smartphone.

What crypto wallet to create?

AVADA-MEDIA

What crypto wallet to create? AVADA-MEDIA

In the crypto industry, there is one rule: everyone is responsible for his money himself. For example, in the real world, you can put money in a bank and be sure that it won’t go anywhere. This does not work with digital currency.

Choosing a wallet from those already on the market, you will have to choose a balance between convenience and security. The higher one parameter, the lower the other. And vice versa. Therefore, if you plan to store large amounts, we recommend ordering the development of a cryptocurrency wallet that will fully meet your needs.

Benefits of developing your own wallet

AVADA-MEDIA

Benefits of developing your own wallet AVADA-MEDIA

Using your own cryptocurrency management application opens up unlimited possibilities for the user. During the development process, you can implement not only the basic set of functions of the wallet, but also additional features, including:

  • multicurrency;
  • buying and selling cryptocurrency using fiat funds;
  • connecting a merchant to receive payments;
  • developing a secure trading space between users.

It is important that using their own crypto wallet, the user does not overpay the commission. Therefore, the cost of developing such a solution will quickly pay off.

DEVELOPMENT OF A CRYPTO WALLET

Where to order the development of a wallet

AVADA-MEDIA

Where to order the development of a wallet AVADA-MEDIA

When ordering the creation of a crypto wallet in AVADA MEDIA, you can count on 9 years of experience of the studio staff in the field of blockchain development.

We will create:

  • A cryptocurrency asset management application that will run on any platform including IOS, Windows, Android, Linux, Mac OS and various web browsers.
  • Functionality that will be tailored to solve your specific tasks. Without unnecessary options that distract attention and slow down the speed of the service.
  • User-friendly interface, intuitive.
  • Protection against hacker attacks: local and global, which is achieved through reliable data encryption.

Our employees use advanced technologies to ensure the maximum security, adaptability and speed of applications.

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