With each passing year, more cryptocurrency wallet apps appear on the market – even faster, more and more secure and multifunctional products. Though, the demand for customized solutions development keeps growing. So why is there still a need for the development of custom cryptowallets?
In 2018 the number of cryptocurrency wallets users around the world has grown to 30 million. For those who use cryptocurrency for personal payments and investments, standard solutions are quite enough though.
Top cryptowallet apps offer not only send/receive function but support multiple currencies, provide services of their own exchanges for easy conversion, allow to connect a wallet and a banking account to handle fiat payments. A number of them provide a really high data security level and work on updates constantly.
However, it has been 10 years since the first digital currency Bitcoin appeared. Blockchain has evolved from being a utopian idea to being a powerful industry and profitable business. This field grows at the same time strengthening the requirements for technological solutions, increasing the scope and enhancing integration with the outside world.What are the key features of custom cryptocurrency wallets?
Customized wallets stay competitive due to multiple advantages:
- Improved security
Security is probably the main criteria in selecting cryptocurrency not to mention it is a reason of the technology popularity itself. Cryptowallets aim to securely store private keys of users, access to all means in other words.
A number of existing solutions provide a really high data security level, but still, there were cases of hacking wallets because of encryption techniques or product logic weakness. Thus, hacks of Bitfinex in 2016 ($72 million stolen), Parity and Veritaseum in 2017 – $32 million and $8 million stolen respectively. Custom solution development implies an engagement of a cryptography expert to create unique encryption methods. This, in turn, helps to decrease the risk of system hacking.
- Tailored interface and integrations
Custom cryptocurrency wallet development allows for extended product functionality. Such a solution provides the opportunity of integration with a number of outside resources, automate business processes and to hold one’s finger on the cryptocurrency fluctuations. A customized product can fully meet user requirements.
- Easy and fast modifying and upgrading
The development of your own solution is an option that provides unlimited opportunities in its further improvement and refinement. In a fast-growing and constantly changing cryptocurrency world, it’s necessary to use the most innovative and reliable tools. You have full control over the product and can make changes both in security, scalability levels and functions.
Who needs custom cryptocurrency wallet development?
1. Major businesses and corporations
Cryptocurrencies are of interest for business due to the following features:
- Additional means of payment. Your business gets an additional secure payment method working 24/7.
- Fast cross-border payments. Your business is provided with a worldwide customer base.
- Reducing transaction terms. International payments take about 2-3 days on average. Conversely, cryptocurrency transactions take from 1 second to 1 hour.
- No or fewer fees. Blockchain enables transactions with no third-parties.
- Lower fraud risk. Reduced credit/debit card chargeback.
- Free fund management. You get the ability to “Be Your Own Bank (BYOB)”. There is an opportunity to use crypto wallets instead of different bank accounts such as Operating, Payroll and Trust accounts, while you have the full control over your assets.
- Digital transactions security. An integral part of any cryptocurrency is unhackable cryptography methods for secure transactions providing vast investment potential.
Cryptocurrency settlements with buyers, suppliers, partners, and contractors are used not only by major companies but small local businesses all over the world. Dell, Microsoft, Overstock.com, Expedia, Newegg, Rakuten already deal with cryptocurrency payments.
A custom wallet can be perfectly integrated with unique business processes, financial system, and corporate CRM. It helps to automate, make financial transactions more transparent and efficient. Wallet interface can contain all necessary elements and data, built-in exchange.
Development of the unique application is a great idea for a startup. Most blockchain enthusiasts are searching for more convenient, innovative and user-friendly tools. You can select a target audience and identify their requirements to create a really efficient and useful turn-key solution.
3. Professional cryptocurrency traders
Professional traders on the cryptocurrency market often need to automate complex daily processes. Therefore, they require workable solutions which could save time and resources.
A custom wallet can become an irreplaceable tool by:
- automating cryptocurrency buying/selling processes
- adding statistic and charts from outside resources
- integrating of trade-robots to find the best rates on the market
- installing alerts and notifications about important events
- connecting merge services
Comprehensive cryptographic algorithms used in cryptocurrency development provide software with high security and efficiency resistant to cyber attacks. There is a great opportunity to raise cryptocurrency transactions to a new level for not only private use but integration with the existing financial system by benefiting from innovative technologies and unique features. Experienced developers can create an exceptional, efficient and flexible solution capable.
Inn4Science full-stack team has proven experience in advanced cryptocurrency development and integration meeting the most relevant world standards. A large number of practices and transparent development processes structure provides the highest performance, reliability, and security rates.