Wallet Development refers to a decentralized technology which is capable of storing every transaction in the form of digital currency. Initially, the advent of blockchain in the market was aimed to provide a secure cryptocurrency platform for exchange. Now, the technology can work for almost every sort of transaction including goods, value, property, and money.
Blockchain wallet development stores private and public keys for a transaction. The wallet interacts with multiple Blockchains to make sure that transaction is correct, enabling users to purchase or sell one or multiple cryptocurrencies. The Blockchain is also considered as a basic technology used for storing and exchanging of other cryptocurrencies. According to this fact, the demand and popularity of Blockchain-based application development and Wallet development keeps on rising.
What is a Blockchain Wallet?
A blockchain wallet can also be called a cryptocurrency wallet that allows users to handle different kinds of cryptocurrencies—for example, Bitcoin or Ethereum. A blockchain wallet is capable of helping someone with exchange of funds easily. Transactions are highly secure, as they are cryptographically signed in this case. The wallet can be accessed from web devices, including mobile devices, and the privacy and identity of the user are maintained. So wallet development provides all the essential features that are mandatory for safe and secure transfers and exchanges of funds between different parties.
Why use a blockchain wallet?
Traditional banking systems have shown several problems when it comes to making any transaction. Firstly, transactions are often slow. Secondly, any transaction has to pass through an intermediary party, like a bank, which makes it a point of failure. And there are problems related to the tracking of all accounts and balances; data can get changed, manipulated, or even corrupted across various systems responsible for maintenance of accounts and balances. Digital wallet development minimizes these problems and provides secure transfer of funds.
How Do Blockchain Wallets Work?
Before going into detail, let’s discuss what private and public keys are and how these keys are related to a blockchain digital wallet. Whenever you are talking about e wallet development to create a blockchain wallet, you are provided with a private key and a public key that is associated with your digital wallet. For instance, if you want to receive an email from anyone, you need to give the person your email address. But when you have given your email address, it does not mean that someone can send out emails from your account. Your email account’s password is needed to do that. Blockchain wallets work on the similar process using a public key and a private key together. A public key is like your email address; you can share it with anyone. When your wallet is generated, a public key is developed, and you can share the public key with someone who wants to send you funds.
The private key is a secret like a password. It should not get hacked so it is not advisable to disclose it. You use this private key to spend your funds. If someone gets access to your private key, there is a chance that your account is manipulated, and you might lose all the cryptocurrency deposits in your account.
Features of a Blockchain Wallet
After getting the idea of how Blockchain wallets work, it is important to know about their features. Here are some of the important features of Blockchain wallets listed below:
- Easy to use technology just like any other software or a wallet used for daily transactions
- Cryptocurrency wallet development is highly secure, the private key provides you security.
- Allows instant transactions across the world without any intermediate party
- Low transaction fees makes the transfer of funds cheaper than the traditional banks
- Allows transactions across multiple cryptocurrencies which helps in currency conversions.
Wallet development allows swift and smooth transactions and transfer of funds. Also, they are highly secure, the risk of losing the funds is reduced due to the private keys in this technology. OptimusFox is providing cryptocurrency wallet development services at affordable prices during the COVID-19 pandemic. For secure payments across the world, get your digital wallet developed by our technical experts. Request a quote by contacting us now.