How much would it cost to Develop a Blockchain wallet app?
by RCTPL
Posted on November 21, 2018 at 5:00 PM
In this Article, we will try to cover a technology that hasn't reached its full potential yet and is the one that can create a real revolution when it does – Cryptocurrency/Bitcoin Wallet Application.
However, to get down to what the development ensues and how much the cryptocurrency wallet app development would cost, it is very important to get familiar with Cryptocurrencies.
What is Cryptocurrency?
The concept of cryptocurrencies was introduced by an anonymous inventor, Satoshi Nakamoto, the developer of the first cryptocurrency-Bitcoin. No big things were expected by Bitcoin at that time. But contrary to all expectations, Bitcoin turned out to be big news, leading to a legion of new cryptocurrencies and the related technologies to follow the same path.
Cryptocurrency serves as a digital or virtual medium of exchange that provides secure and verified transactions with help of cryptography. The most prominent feature of cryptocurrency is that it doesn't have a centralized authority; it rather works on a distributed ledger enforced by a decentralized network based on Blockchain.
In a decentralized network, every participant has a role to play as no transaction is completed unless all the systems in the network do not confirm it. These transactions are coded by the sender via a "private key" and put into a block, where only miners (authorized systems who validate and record a transaction) are authorized to confirm it and spread them across the network.
Once every system agrees to it, the block is added to the chain resulting in a completed transaction. Essentially, the cryptocurrency network is heavily reliant on consensus as disagreement from any of the nodes may lead to system collapse but this is avoidable by programming pre-built rules into the network.
This brings us to the next Question -“What is Crypto Wallet?”
A cryptocurrency wallet is a software program that creates a digital wallet to send, receive, and store digital currencies amongst enabled users by storing private and public keys. This concept is often misunderstood, where people believe it’s a wallet that stores currency. As digital currency does not have a physical form, so in fact what gets stored are the records of transactions registered in a Blockchain.
Key Features of Blockchain Wallet Application
- Send or receive digital currency without any hassle in forms such as Ethereum, Bitcoin Cash, Bitcoin, and more.
- Generate and share new wallet address. You can also list Generated wallet addresses.
- Secure restore and backup functionality are assured and supported by all the international wallets.
- Latest notifications about the rate of users' digital currency, success or failure of the transaction, new address addition, etc.
- Ability to scan Bitcoin Paper Wallet through QR code and link it to the mobile application.
- Secure restore and backup functionality are assured and supported by all the international wallets.
- Advanced Security Features such as App Pin, System fingerprint or face unlock for enhanced security.
- Support multiple languages.
- Multi-address wallet to avoid advanced security threats.
With the unprecedented growth in the number of cryptocurrency transactions naturally the number of Blockchain wallet users has skyrocketed too, which is quite apparent from the statistical graph provided below:
Increase in Blockchain Wallet users
With these statistics, let’s move on to the question ‘How much would it cost to create a Blockchain wallet app’ and for that let us take a quick look at the different types of wallets available in the market today.
When it comes to the Cryptocurrency Wallet application development, few key things needs to be considered which might have an impact on pricing. The kind of coins the application would support and level of security because of the financial nature of the application. All these factors needs to considered beforehand to get a fair idea of the development cost of Blockchain wallet app.
The approximate cost estimate for Bitcoin wallet application development could range between $5k to $30k depending on your requirements.
