Over the past few years, you may have frequently heard the terms “Blockchain” and “cryptocurrency”. As of today, the world is striving for many new technologies. This huge technological development has induced all sorts of industries to put their efforts to incorporate blockchain in their business verticals. When it comes to applications of blockchain technology, cryptocurrency stands first as their work is completely based on blockchain.
Cryptocurrencies are virtual currencies that are hosted on the blockchain. It acts as a medium of exchange and you can easily buy, sell and trade them. Cryptocurrencies are also called as crypto tokens if they are created under an existing blockchain. Crypto tokens can be used for crypto crowdfunding like ICO, IEO, and STO. Crypto tokens are created using prominent blockchains like Ethereum, Tron, and Binance smart chain. Various types of crypto tokens like utility tokens, security tokens, currency tokens, Non-fungible tokens can be created in the above-discussed blockchains. After token creation, what will be the next process? You will need a crypto wallet to store those newly created crypto tokens. Now, let us see…
What is a Crypto Token Wallet?
A crypto token wallet is a virtual wallet that stows cryptocurrencies. Using a crypto wallet, you can store crypto tokens that can be sent and received from one wallet to another with ease. Using a crypto token wallet, one can monitor the total balance and transaction details of your crypto token. For accessing a crypto token wallet, public and private keys will be provided. A private key is like a password that comes with variables, numbers, and digital codes for accessing the crypto wallet. On the flip side, a public key is the crypto wallet’s address that is connected to check the token’s balance.
Based on the accessibility of a crypto wallet, a crypto token wallet is divided into several types. The common types are hot wallet, cold wallet, and warm wallet. A hot wallet is referred to as an online wallet i.e the crypto wallet can be accessed only through the internet. On the flip side, a cold wallet is an offline wallet and it can be accessed even without an internet connection. Whereas, a warm wallet is a combination of both hot and cold wallets (i.e) it can be accessed even with or without the network connection.
Based on their usage and accessibility, crypto wallets are again divided into five types. They are web wallets, mobile wallets, desktop wallets, hardware wallets, and paper wallets. As the name itself describes, web wallets can be accessed through a web browser. You should have a website as a wallet for accessing your cryptos. Mobile wallets are like apps that can be accessed on your mobile phone. The crypto wallet service provider will design your crypto wallet as an android/ios app that will be supported in your mobile itself.
Similarly, a desktop wallet can be accessed on your desktop computer. Here too, the wallet will be coming as an app that will be supported in Windows. Hardware wallets are like a USB drive that holds all your cryptocurrencies. You can access a hardware wallet by connecting that USB either to a desktop/mobile phone. A paper wallet is like a paper that holds your private key and QR code printed on that sheet. By scanning that code, you can access the paper wallet. These are the types you should know in crypto wallets.
Among the above discussed wallets, mobile wallets are mostly preferred by the people because they are highly compatible. You can access the crypto wallet wherever you go. So, if a mobile wallet is chosen then it will be more useful for accessing it at any place and any time.
After knowing about the crypto wallet, many people will be eager to know the benefits of creating a crypto wallet. Now, we shall discuss the…
Benefits of Creating a Crypto Token Wallet
Before creating or buying a product, we’ll get to know about their benefits first. Because it induces the interest of the user to buy the product. Speaking likely, we shall discuss the benefits of creating a crypto token wallet.
- Transboundary transactions can be carried out.
- Devoid of central authorities for accessing a crypto wallet.
- Completely transparent transaction
- Hassle-free transaction
- Higher-end security
- Stalwart transaction
After knowing the benefits of a crypto wallet development, you should know the development steps to be followed for creating a crypto token wallet. Now, we shall know…
How to Develop a Crypto Token Wallet?
- Creating a crypto token wallet is not as hard as you think. Here, we shall see the steps to be followed for creating a crypto token wallet
- Choose the type of crypto token wallet whether custodial or non-custodial that you’re going to develop. Decide on the design of your crypto wallet and the token handling capacity of your wallet.
- Hire a team of seasoned blockchain developers with strong technical expertise for crypto token wallet development.
- Here, you should generate the private and public keys for your crypto token wallet for making secured transactions.
- Find a renowned and esteemed crypto wallet development service provider in the crypto ecosystem. They should provide first-class crypto token wallet development services.
Hence, choose a reputed crypto token wallet development service provider in the crypto space and create an exemplary crypto wallet for your business.
Features of Crypto Token Wallet Development
Features play an important role while choosing or developing any product. Here, I shall list some of the exemplary features that should be incorporated in the top-notch crypto token wallet. They are as follows,
- Multiple cryptocurrency endorsement
- Two-factor authentication
- Automated session logout
- Numerous payment gateways
- Password-secured access
- Multi-signature vault
- Home screen customization
- QR code scanner
- Multi-platform agreement
- Rigid security mechanism
By enabling these features, your crypto token wallet will be an outstanding one.
Crypto Token Wallet Development Cost
Speaking about the cost of developing a crypto token wallet, it may vary according to various factors. The developing cost may vary from app to app based on your requirements. The common factors that influence the crypto token wallet development cost are,
- App’s complexity
- Size of the crypto wallet app
- Crypto wallet’s design
- Own customizable features, etc.
Not only these, if you wish to include your own desirable features, then the cost may change accordingly. Here, we can give you an average range for the crypto token wallet development cost. It may range around $5.5k to $7k. In some cases, crypto token wallet comes along with the crypto token creation as a combo and it may range around $10k. If you wish to get the crypto token wallet along with the ICO dashboard that comes as an ICO script, then it may range from $14k. As said earlier, the budget may change according to your own customization.
After knowing the cost, you should choose the leading crypto token wallet development service provider in the crypto ecosystem. One such provider is Icoclone.
Why Choose Icoclone for Crypto Token Wallet Development?
Icoclone is one of the most renowned crypto token wallet development service providers in the crypto ecosystem. We have years and years of experience in crypto wallet development. For your successful wallet app development, hiring a team of experts and skilled blockchain developers from Icoclone will help you to create your crypto token wallet in an ideal manner.
We offer high-security features integrated crypto token wallets from Icoclone. If any sort of technical errors are identified, then our developers will rectify the mistakes and solve them in seconds. Not only in crypto wallet development, we are more expertise in crypto token development and in offering ICO script, STO script, etc. So, contact Icoclone for creating your crypto token wallet in an ideal manner.