Most people are quite aware of the significance of a wallet in the real world. There is no better place to safeguard assets or fiat currencies than an actual wallet. In the same way, the need to store Cryptocurrencies in a secure place increased rapidly in the last few years. This led to the emergence of Crypto wallets to ensure that digital currencies are being protected from malware attacks or any kind of internet harm.
With the current world moving advanced in terms of technologies, it’s crucial that Crypto Wallet guarantees enough trust among the people. Without a wallet, the assets could be at high risk of being stolen or misused by strangers. Thus, it’s important that a wallet covers various features that keep its security high and proactive in the market.
Usually, a wallet can be developed as an application, website, or browser extension based on the business requirement. In this blog, we have focussed in detail on the features defining the best Crypto wallet app in the market.
What is a Crypto Wallet App?
A Crypto wallet application can be defined as mobile software used to store Crypto assets in a secure way. They can be divided into two types, namely, custodial and non-custodial. A custodial wallet usually comes along with an exchange. Crypto assets in the custodial wallet are under the exchange’s control which involves a certain level of risk. To eliminate the authority in between, non-custodial wallets were brought into play and improved the security much more.
Non-custodial Wallet includes a public key and a private key generated while creating a Wallet account. The private key should not be shared with anyone and is like a password to an email account. On the other hand, a public key acts as the wallet address, and it can be shared for receiving Crypto funds into the respective wallet. The best examples of non-custodial wallets are Trust Wallet, MetaMask, etc.
Also, a major advantage of the non-custodial wallet is it gets disconnected when the trader goes offline. Therefore, traders can prevent their funds from getting stolen to an extent. The same cannot be said about custodial wallets, as any kind of malware attack on the exchange can easily impact the funds in the wallet. This stands as the main reason why most startups are looking to develop a crypto Wallet app like Metamask.
Having seen an overview, it’s essential to look deeper into the features of the Crypto wallet app.
Key Features of the Crypto Wallet App
A Crypto wallet app has a mandatory set of features that need to be included during the development process. These features have specific functionalities and serve a wide range of purposes for the users. Let’s look into the key features underlying the best Crypto Wallet app among many.
QR Code Scanner
QR Code is a faster and more efficient way to send or receive Cryptocurrencies to a wallet. Instead of entering the entire private key to transfer Cryptos, the QR code can be scanned, and the process can be completed relatively quickly. With the world moving at a high pace, a QR Code scanner has become one of the mandatory features to be included in the Crypto Wallet app.
Variety of Cryptocurrencies Support
Several popular Wallets in the market have ensured they support most Cryptocurrencies. Therefore, including a variety of Cryptocurrencies in the wallet has increased the number of users. It not only diversifies the user count but also remains a top feature in the Cryptocurrency wallet app. For example, Metamask supports more than 40 Cryptos in their wallet, and the user has a lot of options while buying a Crypto.
Since every notification matters in the current era, Push notifications could be an extensive feature to keep updated on any information around your Crypto Wallet. Just like in a smartphone where notifications keep popping, the Crypto wallet app has a push notification feature to engage with the users from time to time.
Price Conversion API
Cryptocurrencies are highly volatile, and their prices keep changing from minute to minute. Hence, an API feature is attached to the wallet to update the current prices of the Cryptos. While transferring from one wallet to another, the Crypto prices can easily move up or down, causing slippage. With an API connected, the price changes can be easily tracked and updated in the fastest way.
The feature to switch from one blockchain platform to another in the wallet saves a lot of time for users. Multiple blockchain compatibility is an advanced feature, and most traders have benefitted a lot from cross-chain platform support.
Since the Crypto Wallet app’s latest features allow traders to buy or sell Cryptos, payment gateways had to be incorporated too. These payment gateways ensure merchants accept Cryptos during any transaction. Bitpay is one of the popular Crypto payment gateways in the market, and it is usually integrated with the Cryptocurrency Wallet as a feature.
As we discussed already, Crypto wallets can be prone to security problems if not maintained properly. However, an automated logout helps in a big way whenever the trader has completed his activity using the wallet. It is not easy to steal from a wallet once the trader logs out after an activity. The automated logout takes place when the trader is inactive for a time period or when he closes the app for other reasons.
Any transfer or transaction through a Cryptocurrency Wallet app is stored on a blockchain. Thus, the transactions become transparent to the traders and are helpful in the long run for security purposes. Once stored on a blockchain, the transactions cannot be altered or hidden, thus adding a layer of protection to the traders.
Apart from the mandatory features to be included, the Crypto Wallet also has a list of strong security features.
Security Features of the Crypto Wallet App
The Crypto Wallet has been built with some of the best security features in the market. These features have separate purposes, and including them will definitely help Wallet gain popularity.
An advanced way to keep security intact for the Wallet app is biometric authentication. The trader’s identity, like fingerprint, voice, retinas, and facial features, can all be stored. Unless the identity matches the already stored one, Wallet access will be restricted.
Pin Code Protection
Pin code or password remains one of the traditional ways to keep the Wallet secured. Either a pin number or password can be generated while creating an account in the Wallet. It’s important to store the pin code or password in more than one area as it’s quite common to forget.
Since Cryptocurrency wallets are operated through private keys, the transactions become automatically encrypted. Encryption protects traders from unauthorized access and therefore secures the wallet from any kind of malware attacks.
Browser Detection Security
Browsers like Google Chrome or Opera can be accustomed to security breaches without the knowledge of the trader. Therefore, a Crypto wallet app is built as a model through which the browser detection security problem is addressed automatically.
Anti Phishing Protocols
Phishing is a major problem on the internet as clicking any malicious re-directing links could lead to the wallet account getting hacked. To prevent this, the Crypto wallets have anti-phishing protocols which resist such phishing activities from taking place.
We have explained in detail Crypto Wallet’s key features and security features. If you are one of those entrepreneurs looking for Cryptocurrency Wallet Development, don’t forget to include all these mandatory features and safeguard your user’s data. Wallet businesses are peaking in the market, which might be a great idea.
Also, we at Coinsclone have enough experience in guiding entrepreneurs into Crypto Wallet related businesses. Our expert group has business solutions to all queries related to Crypto Exchange development, Crypto payment gateway development, NFT Marketplace development, and many more.
Do get in touch with us to get valuable output regarding Crypto Wallet essentials.