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Introduction to Web3 Wallet
Did you know that according to Emergen Research Web3 market is expected to reach 81.5 Billion by 2030? The demand and popularity of the Web3 segment is proliferating, leading to a surge in demand for Web3 wallets. These wallets are a blessing for business owners who were hesitant to invest in this segment as their counterparts were susceptible to hacks and breaches. On top of it, they let the users complete control their data.
One can send, receive, store and trade cryptos in these wallets without experiencing any intervention from third parties or banks. According to statistics, 3.3 Billion has been invested in Web3 wallet. This means more investors and businesses are venturing into the Web3 wallet development segment and boost their revenue streams with it.
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Every wallet is slightly different from another wallet but serves the same purpose. After creating a wallet account, the users will get a private key or seed phrase that can be used to access the contents or back up the data. This 12 word-phrase is like a password or pin and should be stored privately. Keeping them in a safe space is better, as losing the key would mean losing access to the cryptos.
Private keys help users access the wallet and help them track the total assets received or sent to another wallet. Certain wallet allow users to connect their trading platforms to help them buy currencies and other digital assets.
Types of Web3 Wallet
Before commencing the Web3 wallet development process, understanding the wallet type is vital. These wallet is generally secured by integrating different types of privacy and security into the wallet.
1. Hot Wallet
Hot wallets operate via an internet connection and crypto network. These wallet provide users complete control over sending, receiving and looking at the number of tokens available for use.
Hot Web3 wallet consists of the following things:
- Public and private keys are integrated into the wallet to make the transaction process smooth & safe.
- These wallets are connected via the internet, so they are prone to hacks or breaches as compared to their counterparts.
The hot wallet has been subdivided into:
- Desktop wallet
You can download these wallet applications on a personal computer. They are believed to be the most secure hot wallets. Guarda & Exodus are some examples of hot wallets.
- Web Wallet
Web Wallet are installed on cloud servers so users can access them via their browsers. As a result, One doesn’t have to download or install the Web3 wallet software to access them. The functionality of these wallets resembles desktop wallets. Blockchain.com, BitGo, GreenAddress, Coinbase, etc., are examples of web wallets.
- Mobile Wallet
Mobile Wallets are similar to desktop wallets but have a mobile interface. Popular examples of these wallets are MetaMask, Trust wallet, Coinbase, BitGo or RobinHood, Copay, BRD, etc.
2. Cold Wallet
A cold wallet helps to store digital assets offline, thereby protecting them from unauthorized access. Crypto investors can store their digital assets in these Web3 wallets for extended periods. You can keep your confidential information like videos, photographs and backups within the wallets.
- Paper Wallet
A paper wallet is one type of cold wallet. The wallet is basically a piece of paper with a private and public key printed on it as a scannable QR code. The code must be stored offline until it isn’t used again.
- Hardware Wallet
Hardware wallets have become a preferred choice for businesses investing in cold wallets. The private keys are stored in an external USB thumb drive or Bluetooth device. These wallets can be connected to a PC via Bluetooth or a thumb device, which protects them from unwanted hacks or breaches. One of the major advantages of a hardware wallet is that they are compact and appear like an ordinary flash drive. Ensure the wallet seed phrase is stored offline to enjoy secure access to Web3 wallets.
Benefits of Web3 Wallet to Businesses
1. Self-Custody & Control
Web 3 wallets allow users to have complete control over their assets. They don’t have to rely on third parties like exchange or financial institutions to keep or manage their assets.
2. Interoperability
Web3 wallets are interoperable, which means they can interact with numerous decentralized applications and blockchains. Users can connect and perform crypto transactions without creating multiple wallets and accounts.
3. Access Defi & Tokenized Assets
Web3 wallet offers a pathway to decentralized finance and token economy. These solutions give users a chance to participate in such as lending, borrowing, yield farming, and decentralized exchanges.
4. Privacy & Anonymity
These platforms offer enhanced privacy thereby preventing users from sharing personal information while creating the wallet or performing transactions.
What Makes Web3 Wallet Unique?
- Seed Phrase Recovery
The seed phrase is the key to the locked Web3 wallet. You can still gain access to digital assets even after losing access to a computer or a web browser. Ensure that the recovery phrase is stored offline. Leaving it on the computer increases the likelihood of hacks or breaches, so avoid doing such activities.
- Offers Best Deals
The decentralized token was a traditional method used to swap tokens and guaranteed secured transfers via non-custodial wallets. Unfortunately, the prices offered by trading platforms are not up to the mark. To get the best deals, most individuals shift to decentralized exchanges. By developing wallets like Metamask, users can compare DEX prices and swap assets by identifying the best prices.
- Access Multiple Blockchains
Web3 wallet development solutions can be used to access dApps.dApps are decentralized solutions that are free from the restrictions imposed by central systems. The only way to access dApps assets is via Web3 wallets.
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From Ideation to Execution:8 Step Web3 Wallet Development Process
The process of Web3 wallet development has been divided into steps as highlighted below:
#Step 1 : Requirement Gathering & Analysis
Our Web3 wallet development process begins with requirement gathering & analysis. During this process, our experts get an idea of the expectations & objectives of the project. It is vital to ensure that both parties are on the same page.
#Step 2 : Design, Wireframes & Mockups
Stunning and appealing UI designs are integrated during this step to simplify the wallet navigation process.
#Step 3 : Design Prototype
After designing, we halt the process, and the prototype is shared with the client for feedback. The project is altered according to client inputs. It just gives clients the look and feel of the web, app, or platform.
#Step 4 : Alterations & Confirmations
Client feedback is seriously considered and worked upon & modifications are performed to meet them. Once the client finalizes the changes, we move towards the development process.
#Step 5 : Development
After approval, we commence the Web3 wallet development process. The applications are developed using state-of-the-art tools and technologies. The results are shared according to the timeframe shared by our technical team.
#Step 6 : Testing & Audits
Before deploying the wallet, tests and audits are performed to ensure the wallet is free from glitches and bugs.
#Step 7 : Deployment
Once the bugs and glitches are eradicated, the wallets are deployed on the Blockchain of your choice.
#Step 8 : Maintenance & Support
We provide no-cost service and support per the agreement’s terms. Our web3 wallet experts customize the packages based on your requirements.
Kickstart your Web3 Wallet Development Journey with Antier
Commence your Web3 wallet development journey with leading Blockchain agency Antier, the top-rated Web3 wallet development company. We have been developing world-class solutions since 2016 and incorporate the latest trends while developing wallets. We have delivered over 100 wallet solutions with more than 2 Million registered users across all deployments. We assume a transition in 2023 from regular wallets to Web3 wallets.
If it excites you, consult to get answers to all the questions related to Web3 wallet today!
