How to Create an Ethereum Wallet: A Comprehensive Guide
blockchain structure for Ethereum is different from Bitcoin. A Bitcoin wallet
does not support storage of Ethereum. Thus, if you want to trade, send, receive
or store ETH, you need an Ethereum wallet.
An Ethereum wallet is like a conventional physical wallet – it helps store and transact ETH. However, since cryptocurrency is intangible and not available in any physical form, Ethereum wallet stores the records of transactions that exist on the blockchain. The wallet interacts with the blockchain to enable transactions.
Before you embark on the journey to create Ethereum wallet, you need to wrap your heads around a couple of following concepts:
wallet address is akin to a bank account. When trading, the wallet address is
used to send and receive the ETH to and from the counterparty. Anyone knowing
your wallet address can access your account information, such as the amount of
ETH in the wallet and transaction history. However, as the wallet address is
not bound to a user’s identity, there is no concern of identity theft.
private key is the same as the personal signature but it is encrypted. The private
key is used to sign transactions in Ethereum. While trading, the private key provides
access to an Ethereum account and enables authorized transactions. Any
individual who knows your private key can access ETH in your wallet, thus the
security of your private key is of the utmost importance.
Types of Ethereum Wallet
Bitcoin wallets, Ethereum wallets can be categorized into the following types:
Ethereum paper wallet is a piece of paper with code on it. A paper wallet is
neither connected to the internet nor stored on a computer, making it one of
the safest options. You can keep your paper wallet with yourself or store in it
paper wallet comprises both public and private keys along with the QR code to
scan the keys.
mobile wallet is usually referred to as a light client as it eliminates the
need to download the entire blockchain to operate. Instead, mobile wallets
count on miners or nodes to send them precise information pertinent to the
current state of the network.
it comes to Ethereum wallet development,
mobile wallets are a preferred option as they allow easy access to ETH assets on-the-go,
provided you have a cellular connection. Furthermore, the security of mobile
wallets can be fortified with advanced features like biometric authentication,
multisig support, and more, to facilitate authenticated transactions.
wallets are online wallets that use cloud storage and can be accessed anywhere.
They are relatively faster than other wallets. Since web wallets store your
keys online, they are more susceptible to cyber-attacks and hacking. However, a
web wallet reinforced with the right security features allows secure and authenticated
wallets run on your laptop or computer. You can either download a full client
with the Ethereum blockchain or use a light client. The latter option is easier;
however, the former offers additional security as it does not rely on the
miners or nodes to provide them with accurate information; they validate
transactions on their own.
wallets are cold storage of crypto assets. They are much like traditional,
portable hard disks, but designed specifically to be used for cryptocurrencies.
They can be plugged into a laptop or computer for a transaction and they
generate the keys offline.
that hardware wallets are not connected to the internet, they are immune to
cyber-attacks. Most hardware wallets come with backup options to ensure that
you do not lose your Ethereum and can be further underpinned by two-factor
authentication and PIN password to achieve more security.
Which is the Best Wallet for you?
choice of wallet should depend on things like security, scalability and usability.
Considering this, mobile wallets make an ideal option. Since a mobile wallet
can be accessed anytime, anywhere, it allows easy and quick access to your
assets. Furthermore, most mobile wallets come with flexible infrastructure,
which means that they can be easily scaled up to integrate Ethereum tokens as
per business needs. Although mobile wallets are considered less secure than
hardware wallets, they can offer as much security as a hardware wallet when
fortified with the right security features.
mobile wallets are a perfect option with their enhanced security, scalability,
and user-friendly access.
Create your Wallet with Experts
To navigate your process tocreate Ethereum wallet, partner with Antier Solutions – a leading blockchain development company trusted by SMEs and large enterprises across the globe. We have real-world experience delivering custom wallets underpinned by industry-leading features that contribute toward world-class security and user experience. Our Blockchain engineers follow a coherent roadmap to steer your wallet development process and accelerate the deployment to help you gain an essential competitive edge.
Choose between white label solution
and development from scratch
We specialize in providing highly-secure, feature-rich white label Ethereum wallet in just 3 weeks. On the contrary, we can provide you with a fully-customized Ethereum wallet developed from ground zero. Regardless of your needs, our Ethereum wallet development services are focused on delivering secure, flexible and user-friendly wallet infrastructure.
1Can we store multiple crypto currencies in a single wallet?
Yes, instead of having a separate crypto wallet to store different cryptocurrencies, you can have a multi cryptocurrency wallet to store multiple currencies. Multi-currency wallets support various crypto currencies such as, BTC, ETH, LTC, BCH, XRP and others.
2What is the difference between wallet address and private key?
Wallet address is like a bank account which is used to send, receive and store multiple crypto assets whereas the private key is like a personal signature that unlocks the wallet account for valid transactions.
3What are the main features to consider while developing a wallet?
While developing a crypto wallet, make sure to have world-class security, scalability and usability. Easy to use and flexible infrastructure enables quick and simple access to wallet.