If you plan on getting involved in crypto-based activities like trading, buying digital assets, or participating in DAO governance, a crypto wallet is a must-have. There are various forms of crypto wallets, like software apps, hardware, and paper-based wallets. And all of them have the same purpose- they help individuals check their crypto balance, complete transactions, and keep a history of those transactions.
But imagine that if you had to create a separate crypto wallet for every single blockchain currency, wouldn't that be cumbersome? That's what we call single-channel wallets, for example, Bitcoin Core which only supports Bitcoin. This type of wallet stops users from transacting in numerous cryptocurrencies. Hence, a multichain crypto wallet came as a revolutionary solution to this problem.
In simple words, multichain crypto wallets are the opposite of single-chain wallets. They are created to support multiple cryptocurrencies from various blockchain networks. This type of wallet makes it easy for you to send, receive and store a myriad of cryptocurrencies from a single interface.
These types of wallets are more secure, and their design is based on the concept of interoperability. It makes it easy for users to explore the evolving landscape of cryptocurrency.
User-friendly interface: The UI/UX of these wallets always focuses on making navigation easy for their users.
2FA: The two-factor authentication enhances security and protects the wallet from unauthorized user access.
Cross-platform: The crypto wallet apps perform smoothly across all devices like mobiles, desktops, etc.
Non-Custodial Nature: Users get total control over their private keys and stay in complete control of the security.
Price tracking tool: These types of apps allow real-time price tracking so users stay updated about the latest value of their cryptocurrencies.
Transaction history: Users can easily view and track their previous transactions.
Token swap: This feature allows users to swap tokens through exchanges. I.e., you can exchange one grand worth of Bitcoin for one grand worth of Ether.
Ledger connection: It helps you connect your crypto wallet with your hardware wallet, which makes things extra secure.
Crypto to fiat conversion: Users can now easily convert their cryptos into fiat currency and withdraw them whenever they want.
KYC: This feature helps users to verify their personal information to improve security and meet regulatory requirements.
Liquidity pool: It allows users to take part in decentralized trading and contributes to market liquidity.
Here's a list of popular multichain crypto wallets you should know of:
- Ledger Nano S Plus
Your first step is to define your plan of action. You've to study what's trending in the market, analyze your competitors, choose a blockchain platform for development, and calculate your costs based on the complex features you plan to integrate.
It is a common step in every development project. Once you have gathered all your requirements, you need to develop a product roadmap that will help you align all your stakeholders, organize your tasks on a priority basis and help you create a timeline for the whole development process.
Every app's success in the market depends on how beneficial are its features and how widely people are adopting them. Your wallet also deserves an iterative and intuitive interface that will engage the users and make it easy for them to navigate. You will need to create numerous mocks and style guides and see which one looks nice on your wallet.
There are several popular blockchain platforms like Ethereum, Binance Smart Chain, Polkadot, and Cosmos that are ideal for developing a multichain wallet but you've to choose one based on your project requirements. Here are certain factors that you should keep in mind while choosing a blockchain platform:
- Developer support
- Smart contract capabilities
- Platform's adaptation
- Platform's ecosystem
After picking a Blockchain platform, the next thing on your plate will be determining a transaction mechanism that will help you authenticate and process transactions in your wallet. You may need to implement several protocols and algorithms to make sure your wallet users are making secure transactions from different blockchains.
Once you're done with the development part, you've to test your code before deployment to fix bugs and errors in your app. Here's a list of tests your app needs to go through:
- User experience testing
- Performance testing
- Security testing
- Functional testing
- Device and platform testing
Once you're done with the testing, you can deploy your wallet app in the app store. You will also need to opt for application maintenance services to make sure that your app keeps running smoothly.