What is a crypto wallet?

A blockchain wallet or a cryptocurrency wallet is an application that is used for the transfer of digital transactions or cryptocurrencies between users of a particular blockchain network and triggering blockchain smart contracts. The wallet also provides access to its holder’s digital transaction history, as well as their balance. It serves as their blockchain identity and account.

A transaction on the blockchain is impossible without the use of a wallet. Due to the large number of cryptocurrencies that have been created in recent years, there has been a growing need for robust solutions for token management.

Custom cryptocurrency wallet development allows you to offer a tailored solution that enables users to carry out transactions — whether on their mobile device or web.

Prior to any development on the wallet, a thorough analysis of the business and technical aspects needs to be conducted. This analysis is necessary for developers to understand the purpose of the wallet, its relation to the blockchain project, and the technical requirements for its realization.

Once the business and technical specifications of the wallet have been understood, the architecture of the wallet app is constructed and coordinated with clients. This step determines the relationship between the frontend and backend of the wallet, how the wallet is generated, how data is stored and retrieved, and how transactions are performed. The architecture serves as the blueprint for all subsequent steps of development.

While the architecture maps out the different parts of the wallet and how they interact, fidelity designs are used to specify how it will look, and how users will interact with it. First, a low-fidelity prototype is created to provide a rough outline of the UI/UX elements. Once this is fully clarified with the client, a high-fidelity design prototype is created. The result of this stage is a prototype that comes as close as possible to the final look and feel of the wallet.

Depending on the project specifications, developing wallet smart contracts may be required. Smart contracts are used to manage main triggering events and add functionalities to the wallet, such as the implementation of account recovery processes, bundled transactions, transfer limits, and more. Any smart contracts that need to be developed for the wallet are extensively audited and tested prior to their deployment.

If required, backend services are also created. These are necessary for the interactions between the frontend and the blockchain, as well as the execution of any smart contracts.

Prior to deployment, the front end is developed, leading to a final version of the wallet app. The app is then tested for any bugs or omissions that may have occurred.

After the preceding steps are completed, the wallet is deployed and made available to users.

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