After the tremendous growth of Cryptocurrency & Blockchain, Many Entrepreneurs and startups get interested to invest their well-earned money in this Cryptocurrency and Cryptocurrency Exchange. When it comes to starting a Cryptocurrency Exchange, the next step that every entrepreneur needs to take is to build a Cryptocurrency Wallet Development. With the drastic number of users, many companies started to accept cryptocurrency as their payments. So that Cryptocurrency wallets also play an enormous role in the Crypto marketplace. Also, these wallet development is an essential feature in the Cryptocurrency realm.
Crypto Wallet Development is the most important feature in the crypto exchange market. This article navigates you to the ultimate guide of Cryptocurrency Wallet Development and its benefits, types, and security features, and functionalities.
Cryptocurrency Wallet – What is that?
A cryptocurrency wallet is a software program integrated into the cryptocurrency exchange platform. This crypto wallet is used to store, retrieve and transfer Cryptocurrencies such as Bitcoin, Litecoin, Ethereum, Ripple, and other digital currencies., in a quick and securable manner.
If you are the owner of the Cryptocurrency Exchange platform, then you definitely need a Cryptocurrency wallet. You can’t save, retrieve or hold your Cryptocurrency without a wallet integrated into your crypto exchange platform. This Crypto wallet contains the private and public key address which helps to interact with the other Blockchain wallets for highly-effective transactions. These key addresses are encoded in alphanumeric as a passcode. Sharing the private key with others is not ensured so protect your private key address in a securable document.
In the Crypto wallet, there are three types of storages are available in the crypto realm, they are,
- Hot Wallet
- Cold Wallet
- Warm Wallet
A hot wallet is an online-based wallet that is connected to the Internet. Without the internet, no one can access this kind of wallet. Most Business-class people and entrepreneurs preferred this hot wallet because this hot wallet provides faster transactions in a quicker and hassle-free manner.
The opposite version of Hot wallet is called Cold Wallet. This means Cold wallet is the offline storage wallet so there is no need for an internet connection. This Kind of wallet is mainly used for Entrepreneurs and startups. These cold wallets render more durable and securable transactions and evade hacking and scams.
The warm wallet is the blended version of both Hot and Cold wallets. This actively demonstrates that this wallet contains a hot wallet’s transaction method and cold wallet security mechanisms. If you connect to the internet, it plays like a hot wallet, else it plays like a cold wallet.
Now, let’s dive into the process and obligations of the Cryptocurrency Wallet.
Cryptocurrency Wallet – How does it work?
As we discussed above, crypto wallets have two key addresses they are public and private keys as an alphanumeric passcode like 9JOIkl90qmjYHlxcHJ78Po134rQ2HGT5rGKh8
Each and Every Crypto Wallet has unique Private and public key addresses for better transactions. The private key allows accessing the funds to the respective wallet address. On the other hand, the Public key is linked to the crypto wallet address spontaneously.
If someone requires to send a cryptocurrency, the receiver of the cryptocurrency has their individual private key address. But it should match the public address of the sender. When both the secret keys and public keys match, the crypto transaction took place.
Different Types of Cryptocurrency Wallets:
There are five types of Cryptocurrency wallets are available in the Crypto marketplace. They are,
- Web Wallet
- Mobile Wallet
- Paper Wallet
- Desktop Wallet
- Hardware Wallet
This web wallet looks like a hot wallet. This Cryptocurrency wallet is used with the help of an Internet connection. This wallet used to store, retrieve and transfer all the cryptocurrency and also the crypto tokens too. The other name of this wallet is used in the marketplace is called Cloud Wallet. This kind of wallet used in various browsers such as Google Chrome, Mozilla Firefox, Internet Explorer, Operamini, and much more., This web wallet plays two roles as Hosted and non-hosted wallets. For crypto wallet Development, a Non-hosted wallet is suitable for every entrepreneur. An example of a Non-hosted Wallet is MyEther Wallet.
Mobile wallet is the accessible wallet only in smartphones. This kind of wallet acts as both Android and iOS Devices. Mobile Wallets is the type of hot wallet which stores cryptocurrencies in online storage through the internet. This Mobile Wallet is crypto-friendly and easy to use manner and makes quick and secure transactions. This wallet contains many features such as QR Code for quick transactions, Easy backup progress to restore the features. Also, users can easily transact cryptocurrencies or Fiat using this kind of cryptocurrency wallet in a hassle-free manner. With the help of Zodeak Technology, you can get an advanced additional feature along with reliable solutions.
This Paper Wallet comes under the type of Cold wallet which actively demonstrates that offline Storage. This provides highly effective security for your wallet key address. This paper wallet is the physical copy of both the private and public key address. This Paper wallet is a sheet of paper that contains public and private key addresses along with a QR code. So that you can scan and get quicker crypto transactions. It just a sheet of paper it is easily damaged so keep it safe your paper wallet in a file for potential security.
A Desktop Wallet is Software that can install it in both Desktop and laptop. This cryptocurrency wallet helps to store your cryptocurrencies on the desktop or laptop with the help of the software. This desktop wallet act as both a hot and cold wallet which actively illustrates that this wallet plays like a warm wallet. For Desktop wallet, users can enable strong firewall protection to avoid scams and hijacking processes.
The hardware wallet is one of the most reliable wallets in the crypto marketplace. This kind of wallet act as a Cold wallet which means offline storage. And this wallet looks like a USB Device. You can store the cryptocurrencies in this kind of USB device like Pendrive. This wallet is so expensive at the same time more securable wallet also.
Core features of Cryptocurrency Wallet Development:
Here are the following set of features that Zodeak enables in the Cryptocurrency Wallet Development:
- Two Factor Authentication
- Anti Phishing Code
- Automatic session Logout
- QR Code Scan
- Google Authentication
- Email Verification
- SMS Verification
- CMS Management
- Multiple Payment Gateways
- Multi-Cryptocurrency Support
- Multi-lingual support
And much more., These are the set of features that Zodeak enabled in the Cryptocurrency wallet development services.
Who provides the best Cryptocurrency Wallet Development?
Zodeak is a proficient Cryptocurrency Exchange Script Software Development Company across the globe. We provide an extensive amount of features and functionalities that endeavor our client’s requirements in a quicker manner. We have readily-made 100% bug-free solutions that assist you to launch your own Cryptocurrency Exchange platform instantly within a couple of days. Also, we can develop your own Cryptocurrency Wallet Development which is suitable for your needs. We are a dedicated team of experts who are having vast experience in the field of Cryptocurrency and blockchain technology.
For more information, you can get contact us with the team of experts via,