Today, cryptocurrency is a big thing in which people are considering investing. In 2020, the global crypto market was valued at somewhat around $1.49 Billion. By the next 10 years, it is expected to be reached $4.95 Billion, which is next to 5 Billion.
In simpler terms, it is a virtual currency that removes double spending and counterfeiting issues. Other than that, it is free from the influence of government entities. That’s why, the world is experiencing a rise in Crypto Wallet Development.
Crypto wallets act as a gateway for beginners to use crypto since they help in storing and managing cryptocurrencies. In this blog, we’ll be talking about some must-have features of crypto wallet development.
Features of crypto wallet development
- User Authentication
If we’re talking about essential crypto wallet features, the list would be incomplete without user authentication.
No doubt, cryptocurrencies, when in the earlier stages of development, are exposed to various security risks. Hackers can easily target crypto wallets for security breaches.
That’s why, it is crucial that crypto wallets offer security mechanisms with comprehensive user authentication frameworks.
- Address Book
The other crucial feature of crypto wallet development is the address book. Users would require wallets for frequent crypto transactions would experience better with an address book.
This will allow users to add labels to some commonly used accounts rather than wasting time searching for public keys.
- Support for Multiple Cryptocurrencies
Each and every crypto wallet should support different cryptocurrencies since they need to access new crypto tokens and coins. This way, one can ensure the diversification of portfolios within one wallet.
Other than that, adding the feature of supporting multiple cryptocurrencies in the wallet would influence investors to seek long-term holding.
- Automated Logout Facility
One of the must-have features for crypto wallet development could be automatic logout. Due to the immense popularity of crypto wallets, hackers can try to attack the wallet credentials of a user when they aren’t using the app.
For instance, crypto wallets logged in for a longer period can open up the way for hackers to steal important information. Thus, wallets must offer automatic logout sessions to prevent malicious agents from manipulating your data.
- NFT Support
Another feature you must add to a crypto wallet is support for NFTs. With a feature for storing them in a wallet, users will enjoy the key advantages of interoperability.
NFTs or Non-fungible tokens are playing an important role in the blockchain ecosystem. Thus, offering access to NFT in your crypto wallet can appeal to more new users.
The Bottom Line
The importance of cryptocurrencies will continue to reach heights in the next coming years – and by saying that, the need for crypto wallets will also increase.
The outline of important crypto wallet development features offered a comprehensive list of reasons to choose now.
So, that is for this blog! If you need more understanding in the same niche, don’t hesitate to connect with us.
To build extraordinary crypto wallets, developers need to test their functionality, UX, and accessibility properly. After all, great features mean nothing if they aren’t working properly. After all, great features mean nothing if they aren’t working properly. Get in touch with us today to how crypto wallet development company, Technoloader can help you in crypto wallet development solutions!
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