As per the current market statistics, the Web3 blockchain market size was 1.73 billion USD in 2022 and is expected to increase at a CAGR ( compound annual growth rate) of 47.1% from 2023 to 2030. In that sense, It is expected that people will start shifting from the crypto wallet to decentralized Web3 wallets to store their cryptocurrencies.
Web3 wallet development has already started ruling the crypto market and hence it is inducing the crypto preneurs to adopt these wallets. This article might be a complete guide to know about Web3 wallet development, how to create Web3 wallet, its features, benefits, etc. Before knowing about Web3 wallet, you should be acquainted with Web3. Without any delay, let’s take a quick dive on…
What is Web3?
Decentralization is the core feature behind the inception of Web3. Currently, many folks have a query on whether web3 or web3.0 are the same. These two terms are more or less the same with small differences in its tail.
Web3 is the enhanced version of web2 that comes with full-end decentralization. Whereas, Web 3.0 is the premium version of web3 which works with AI( Artificial intelligence) and machine learning. The data stored in Web 3.0 is connected as a semantic web.
To be simple, Web3 comes from a conglomerate of multiple emerging technologies that drive solely on the distributed ledger i.e. blockchain.
How Does Web3 Help Wallets?
Web3 wallets are also similar to crypto wallets with some newfangled features that help with modern-day requirements through the decentralized version of the web. Basically, Web3 technology helps crypto or digital wallets in multiple ways such as,
- Web3 succors wallets to be more user-friendly
- Wallets with web3 can be accessed from anywhere across the world
- Ameliorate security by enhancing more security features within it
- Offers greater efficiency
- Reduced time and effort to manage data
Web3 technology comes with these perks and it is highly profitable to carry out Web3 wallet development. With this, we shall discuss.
What is a Web3 wallet?
Web3 wallet is a merged form of crypto wallet and web3 technology. As said earlier, web3 wallets are the future of crypto wallets that work under the principle of decentralization. Coming to the point, a web3 wallet is a digital wallet that helps to store, receive and send cryptocurrencies. This Web3 crypto wallet is connected with other users’ accounts where the users can interact with Dapps (decentralized applications) on certain specific networks.
This wallet stores all the public and private keys of the users where the public key is the address of the wallet whereas the private key is for unlocking and accessing the wallet. These keys will rely on the particular blockchain (For instance: Ethereum) on which you’ve developed your web3 wallet.
Speaking of crypto wallet types, they exist as custodial and non-custodial wallets. Contrarily, Web3 crypto wallets prevail only as a non-custodial wallet as they are decentralized. To make it clear, you’ll be the fullest owner of your private keys and your web3 crypto wallet. In that case, no one will be accessible to control your funds.
Though web3 wallets are non-custodial, they exist in various forms as hardware wallets, mobile wallets, and paper wallets.
Why would you need to Create a Web3 Wallet?
The reason is that the web3 wallet offers numerous advantages. Those benefits include enhanced privacy, enhanced security, and highly user-friendly.
Privacy – The data will be more private, only the owner can access their wallet.
Security – More secure due to decentralization and they are less susceptible to hacks.
User-friendly – Web3 wallets are very easy to use. Additionally, it doesn’t involve any intermediaries or third parties.
Excellent Features of Web3 Wallet
Copious mind-blowing features are included in the web3 crypto wallet that has attracted many crypto folks to create them. They are,
The dashboard should be simple and easy to understand for new users who are choosing the Web3 wallet. With this wallet, one can easily buy and sell crypto tokens with ease.
Secured payment options like fiat-to-crypto or crypto-to-crypto can be included in the Web3 wallet for making simpler and safer transactions.
An ideal Web3 wallet will be integrated with a multi-factor authentication system that helps in managing all the assets. Only the authorized person can carry out transactions in the Web3 ecosystem.
Real-time Asset Value
Web3 wallets with updated charts and graphs of crypto asset rates will help in inducing people to make informed decisions. Web3 wallet development also helps in engaging potential investors.
Web3 wallets can be developed with any of the prominent blockchains. These wallets compatible with various blockchains might help in engaging Web3 participants.
Web3 wallet will store every peer-to-peer transaction that has been executed by the user. With this feature, every user can monitor their transactions and expenditures easily.
If the wallet is left open for a long period, then it should log out within minutes. The time for locking should be preset so that the wallet can be protected from fraudulent activities easily.
With this feature, the user will be updated with the latest news and transactions executed.
Every wallet should come with a data backup option in case of any hack threats, malware, phishing assaults, viruses, and other forms of cybercrime.
You can create a Web3 wallet by integrating all these features within it.
Best Web3 Wallets in the Crypto Industry
The below mentioned are some of the sought-after web3 wallets in the current marketplace.
- Coinbase wallet
- Trust wallet
Alright, now you might get an idea on Web3 wallet. But a major query that lies in most peoples’ minds was.
Difference Between Web3 Wallet vs Crypto Wallet
Lemme list the crucial differences between the two.
- Generally, most of the prominent crypto wallets are available in centralized crypto exchanges
- Crypto wallets hold out privacy as all your assets and transactions are maintained by the exchange owner.
- Crypto wallets only have the capability of holding cryptocurrencies.
- No ownership will be offered over your cryptocurrencies.
- Crypto wallets are secured but your public and private keys will also be known by the respected exchanges.
- Crypto wallets have low community support in the crypto marketplace.
All the rudimentary points that I have mentioned in the crypto wallet will come in an enhanced version here.
- It is a completely decentralized wallet that lies on any of the blockchain
- Greater privacy is offered for the web3 wallet holders
- It can hold various digital assets like NFTs, cryptocurrencies, etc.
- Web3 wallet holders can have full ownership over their assets
- These wallets are highly secured as they work with web3 technology and you can hold your public and private keys on your own.
- Web3 wallets have strong and multiple community support over crypto wallets.
Why Startups and Businesses are Creating Web3 Wallet?
On considering the above-mentioned differences, you might have come to a decision on the best wallet. I hope it is a web3 wallet. Web3 stands more outstanding over the crypto wallet in all ways like features that include technology, etc. As many perks come added with the web3 wallet. Hence, startups and entrepreneurs are shifting towards Web3 wallet.
The other factor is that the Web3 wallet is trending and it will become the most prevailing wallet in the future. Hence, create a web3 wallet for generating greater revenue. Additionally, juz crypto wallets are available at present but owning a Web3 wallet will increase the success rate in the future. Hence, you can execute your crypto wallet development by deploying Web3 technology.
As a reader of this blog, you might be interested in creating your Web3 wallet. As a beginner, you will have no idea about creating a web3 wallet. Here, I shall mention some of the crucial steps to be followed for Web3 wallet development.
Cost to Create a Web3 Wallet
Speaking of the cost to create a Web3 wallet, it might vary based on various factors. The developing cost differs from app to app based on your business requirements. The common factors that influence the Web3 wallet development cost are,
- App’s complexity
- Size of the Web3 wallet app
- Web3 wallet’s design
- Advanced features integrating into the Web3 wallet, etc.
Develop your Web3 wallet by considering all these factors in mind. However, the average cost for creating a Web3 wallet might range from $5.5k to $7k. In some cases, Web3 wallet comes along with the crypto token creation as a combo and it may range around $10k. If you wish to get the Web3 wallet along with the ICO website that comes as an ICO script, then it may range from $14k. As said earlier, the budget for a Web3 wallet development might vary according to your own customization and needs.
By knowing the cost, you might have come to the idea of developing your Web3 wallet. As a beginner, you will have no idea about creating a web3 wallet. Here, I shall mention some of the crucial steps to be followed for Web3 wallet development.
How to Create a Web3 Wallet?
Perform a market analysis and come up with the best features and characteristics to be enabled in your Web3 wallet. Once your idea is made clear, you can start fixing the requirements and features that you’re going to include in your web3 wallets.
Smart contract development
After gathering the requirements, you can start incorporating all those criteria into the web3 wallet smart contract. It will be helpful during the recovery, transfer time, etc. If the smart contract is enabled, then perform general tests and multi-time audits.
After running the smart contract, execute multi-time testing for fixing any bugs, errors, etc.
Deployment / on air
After the testing is over, you can deploy your web3 wallet and the overall process is all done.
By appropriately following these steps, you can create a web3 wallet with ease. A web3 wallet can be developed in two ways viz. Developing on your own and the other is approaching a reputed company.
As a budding entrepreneur, creating a web3 wallet on your own might not be an ideal option. You might not have any clarity or technical knowledge for developing a web3 wallet. So, having professional support will pave the way for quick success. In that regard, you can approach a renowned Web3 wallet development company in the crypto space.
While choosing the best Web3 wallet provider, consider the below-mentioned factors and pick the ideal one.
The web3 wallet development company should possess:
- A skilled and seasoned team of developers
- Customer focused approach
- Keen knowledge of trending technology
- Customizable services
- 24/7 customer support
A company with all these features will help you efficiently create a web3 wallet. In that regard…
Why Choose Icoclone for your Web3 Wallet Development?
Icoclone is a top-tier Web3 Wallet Development company in the crypto space that offers you exemplary outcomes. We have more than 7+ years of experience in developing crypto products. Icoclone comes with all the above-mentioned factors and we have numerous reputed clients across the globe. Not only web3 wallet, but we also excel in offering all other blockchain and crypto-related services. Hence, contact Icoclone for your Web3 wallet creation and store your digital assets in a highly secure manner.