Wallet Development

Cryptocurrency is the future of legal tenders as we have been witnessing more and more online business platforms accepting it as a mode of payment. As we all know, the digital currency transaction is decentralized and not under the regulation of any financial body such as banks.

If this currency is not under a financial body regulation, how then would you save it? Where can it be kept? And how safe it is, keeping it there?

Cryptocurrencies including bitcoin and other alt-coins such as Ethereum, Ripple and others can be stored in what is called cryptocurrency wallet.

What then is a Cryptocurrency Wallet?

Just as the name sounds, it is similitude to the wallet you can easily carry around with you too. This wallet can be accessed anywhere, anytime, and any day ― whether to receive or send a cryptocurrency for the completion of any transaction.

The major advantage of the cryptocurrency wallets is that aside from protecting your crypto assets, they allow you to store different cryptocurrencies without running out of space.

To be able to spend or receive cryptocurrency assets in your account, you will be required to match your private key the public address the asset is signed of too.

Features of a Cryptocurrency wallet

Generally, the basic things a cryptocurrency wallet is expected to have and do include:

Types of Cryptocurrency Wallet

Generally, wallets can be divided into two: online (hot) and offline (cold) wallets based on their server location. Literally, they can be divided into four categories which we will concisely discuss so that we can get on to how to wallet development.

Hot Wallets: These are digital wallet connected to the internet to store your cryptocurrency assets. Most cryptocurrency traders usually store some of their assets here for instant transactions and move the rest elsewhere as this wallet is not safe ― it is vulnerable to cyber attack. The wallets are installed on your phone.

Hardware Wallets: These are stored offline with devices like a USB connected to your gadget to access it while transacting online. The security in this kind of wallet is better than most of all other wallets.

Online Wallet: This is another hot wallet only that in this case, instead of installing the wallet on your phone, they run on cloud. You can access them anywhere, anytime, even when you are not with your gadget. As always with internet related software, they are also vulnerable to cyber-attack.

Paper Wallet: The paper wallet uses a private key generated by the wallet site which you can then print on a paper and scanned to complete a transaction. The use of this wallet was popular between 2011 and 2016, but most cryptocurrency investors are now avoiding it as it is not safe for use.

How Can You Develop Your Own Wallet?

Considering the description of the various types of wallet of explained above, and depending on your choice, you can decide to have your wallet development on a web browser (Online wallet), downloaded on your gadget (Hot wallet), or purchased as a device (Hardware wallet).

Step-By-Step to Wallet Development

MyEtherWallet

You will need to create an email address before you can use this wallet as it will be requested. Consider creating your email on platforms like Gmail, Yandex or any other provider you prefer.

GreenAddress

Select your device Operating System version

Select “Create new Wallet”

A 24 words mnemonic will be displayed after which you will be prompted to write it down and securely save

Tick the box: I confirm my passphrase is saved & secured and I agree with the Terms of Service.

Then click on continue

To ascertain you have truly copied it, you will be requested to fill the missing words of the mnemonic

When done, scroll down to select verify

Then you will have a two-factor authentication page displayed. You can choose between using Email, GA, SMS, or Phone. (You can use more than one).

If you are using Email, enter your email address into the ‘Your email address’ field and click Enable.

You will receive a verification email confirming your two-factor authentication request. Copy the 6-digit confirmation code.

Re-open your GreenAddress App to enter the code, then click on Enable

A new window will be displayed prompting you to set a 4–15 digits number PIN

Or select ‘Take me to my wallet and skip all this!’

Finally, you will have a ‘Receive’ page displayed.

You have just created a digital wallet!!

Conclusion

Cryptocurrency wallets are software programs that allow crypto traders to store their private/public keys to for a seamless transaction. Irrespective of the wallet development method you decide, it is important to always remember to safeguard your wallet info especially the private key. Do lose them or share with anyone ― it is your sole access to your digital assets.

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