MPC Wallet Development – 7 Step-By-Step Guide for Next-level Wallet Creation

MPC Wallet Development

Startups who strive for security might search for, ‘What is MPC wallet development?’ If you are also in that confused crowd. Don’t worry, We have come up with a complete guide for MPC Wallet Development. But, among various crypto wallet types, Why should one choose an MPC wallet for their business?

This is because the MPC wallet development is nothing but creating a crypto wallet that integrates both blockchain and Multi-computation technology. A crypto user’s private keys are distributed as ‘shares’ between various parties.  Those ‘Shares’ are not revealed or shared within the parties. To execute a successful transaction, every party must combine and proceed with their ‘shares’. 

Hence, the MPC wallet is considered the most secure wallet that suits all kinds of users. We are here to explain the complete guide for MPC Wallet Development.

MPC Wallet Development – 7 Simple Steps 

We have come up with an easy step-by-step guide for MPC wallet development for newbie startups and entrepreneurs. 

Ideation 

First, make sure about your target audience, competitors, and market range. This helps you to ensure your business goal easily. Formulate the roadmap, resources, and necessary tools for the wallet creation. 

Resource Gathering 

It is essential to gather resources like technology stack for MPC wallet development. You can choose high-level security tools for developing the wallet seamlessly. Plan how to structure the crypto wallet, security standards, and cryptographic protocols. 

Designing UI/UX & Features 

While creating a wallet, give enough importance to frontend & backend design, user interface, and display. The crypto wallet design is also a factor that determines to gain more users. 

Integrating Security Features 

Implement security protocols into the wallet to ensure the protection of the user’s transaction data. Integrate threshold signature while developing the MPC wallet, because it is an important component in the MPC wallet development process.

Development Phase 

After all these, integrate the MPC wallet with the selected blockchain network. Write the smart contract code and design the specifications for both the user and admin dashboard. 

Testing & Debugging 

Once the development phase is over, you can then conduct multiple tiers of the testing process. This is to ensure the proper functioning of the crypto wallet. Testing helps you to cut down the technical bugs, and errors. 

Launching & Monitoring 

After the testing and debugging procedures are over, you can launch your MPC wallet in the market. You can follow various marketing strategies to promote your wallet. Make sure to update the MPC wallet occasionally for proper functioning. 

You can execute your MPC wallet development within these easy 7 steps. For a better creation experience, you can approach a reputed Crypto wallet development company. As they possess an exponential developer and technician team you can create an MPC wallet with advanced level technology. 

The development process is not that much daunting, right? But, what is the need or reason for MPC wallet development? Let’s see them in detail in the next part. 

Benefits of MPC Wallet Development

As mentioned above, the need for MPC wallets is high among users. This paved the way for many newbie startups and entrepreneurs to make profits by creating an MPC wallet. Not only revenue streams but developing an MPC wallet will add more potentiality to a new crypto business. 

Robust Security Measures 

The MPC wallets create end-to-end security protocols and functionalities. This ensures the trust for storing the crypto assets of users. The MPC wallet development would help you gain a vast set of user counts in the crypto space. 

End-to-End Privacy 

The privacy is maintained properly even though it distributes the private key’s ‘Shares’. This results in a low chance of scams, hacks, and other fraudulent activities. 

Zero Chance for Failure 

Multiple parties hold part of the private key address. So, you may think that once a single party loses the ‘Share’ transaction would fail. But, that is completely wrong. Additionally, the wallet helps to recover each ‘share’ if it is lost. Hence, the success rate of the transaction is high.

Effective Backup Facility

As much as the MPC protocols integrate security, they also provide user-friendly backup options. The MPC protocols maintain each Private ‘Share’ part. 

User-Friendly Interface

Users can easily understand the working nature and process of the crypto wallet. The procedure of a wallet may look like a daunting task, but it is not. Hence, crypto beginners also prefer these wallets for security purposes.

MPC or Multi-party computation wallets are easy to use. So, many firms and companies adopt these wallets for various purposes.

Also read: how much does it cost to create crypto wallet

Use Cases of MPC Wallet Development

In various aspects, crypto users utilize MPC crypto wallets. Do you know nearly 100 billion Bitcoins have been lost because of a lack of managing private keys? Due to these reasons, many prefer to use MPC wallets.

Security Data Transaction 

With the MPC wallets, one can transact their high-level sensitive information like medical records, and financial stats. 

Integration in Custodial Wallets 

Even in custodial wallets, MPC encryption is used for advanced security. The private key ‘shares’ are revealed to the company servers for security purposes. 

Secured Voting Purposes

The MPC wallets are secure and at the same time, they are more transparent. Voting in the decentralized exchanges executes in a confident manner. The voters activate the secret code on the platform. This completes only when the pre-determined conditions are met. Hence for trustworthy and accurate results, DeFi platforms use MPC wallets.

In these, the MPC wallets are widely used by crypto traders and users. So, many popular companies create their own MPC wallets for various purposes.

Best MPC Wallets of 2024

As a startup, you may also think about creating your own MPC wallet. For this, it is essential to have a business model. In that sense, we have given some of the best MPC wallets of the year 2024.

Zengo  – The first-ever consumer-facing MPC wallet of the crypto realm. Zengo supports more than 7,00,000+ cryptocurrencies regardless of geographical location. 

Coinbase – Popular exchange Coinbase offers a secure MPC wallet for its crypto users where it also supports dApps. 

FireBlocks – Fireblocks is one of the institutional-level MPC crypto wallets that is user-friendly for crypto beginners. Audit logs, two-factor authentication, and fast transaction signatures are some of the best security features it has. 

OKX – The most popular OKX exchange offers an MPC wallet for global users. OKX MPC wallet offers seamless trading and asset management. 

Curv – Curv is best known for offering higher security measures, and authorized transactions for its users.

If you want to involve yourself in the MPC wallet development, then you can take any of the above wallets as a business model. However, many may fear the development cost. We have explained the cost estimation and their influencing factors for creating an MPC wallet.

Cost Estimation for MPC Wallet Development 

The average for MPC wallet development would range around $20,000 to $35,000 Yet, this may or may not be the approximate cost. Various factors like feature integration, wallet development company, tech stack, testing, and updation can influence cost estimation. So, as a startup, you need to get efficient guidance from a reputed development company. 

For that, it is important to pick the best wallet development company among numerous companies. One such company that comprises experienced developers is Coinsclone. We have 8+ years of experience in creating a potential crypto wallet for newbie startups and entrepreneurs.

Why Choose Coinsclone for MPC Wallet Development? 

Coinsclone is a leading Crypto Wallet Development Company that provides top-notch features at an affordable cost. Our blockchain developers, technicians, creators, and testers have enough experience in creating a perfect crypto wallet. 

We offer crypto wallet development services with top-notch features, a user-friendly interface, and potential backend functionalities. Our developer team guides you in creating your white label crypto wallet with immense features as per your business strategies. We help you to integrate additional features on profit-earning streams. 

Even though there are various wallet development companies, we excel here because of our dedication to the crypto project. join hands with our expert team to reap more profits.