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Are you thinking of the DeFi wallet development? Are you aware of the benefits of using a DeFi wallet?
As we know, DeFi wallet is a decentralized application that allows the management of crypto funds, and it runs on the Ethereum blockchain network. Being an integral part of the global crypto ecosystem, it allows the users to send and receive payments internationally, without worrying about the country-specific rules and regulations regarding cross-border transaction fees.
DeFi wallet users can easily manage their funds fearlessly due to the advanced security features, including multi-signature transactions, cold storage options, and more. Isn’t it exciting? Want to have your own DeFi wallet?
DeFi wallet development is an affordable solution for developing a fully featured secure wallet for your new startup. All you need to do is to discuss your requirements with the blockchain experts who are going to help you with the wallet development.
There are lots of benefits of DeFi wallet development. It offers you the convince to manage all your funds easily, with an extra layer of safety. The DeFi wallet can be used to store the ERC-20 tokens, Ether, and stablecoins, including USDC, Dai, and Maker. It also enables you to buy and sell tokens, borrow or lend, trade, or exchange crypto funds with ease. You don’t need the approval of a third-party intermediary for the approval of transactions.
DeFi wallets are gaining popularity among people across the globe because it is providing an easy way to access cryptocurrencies with the benefits like security, convenience, and flexibility which is what crypto wallet users needs.
As we all know, a DeFi wallet is a digital wallet that offers you the features to store, send and receive payment in digital currency. DeFi wallet provides a strong platform to crypto users and several companies are using it to invest in cryptocurrencies.
By getting adapted to the DeFi wallet, small and big businesses can save lots of money and valuable time in completing their investment plans because this wallet will allow them to directly manage funds and invest through their smartphone.
Here are some more benefits of DeFi wallet development that are worth noticing:
All the transactions conducted through DeFi wallet are recorded in a blockchain ledger that can’t be modified without involving all the nodes that validate each transaction. Thus, the ledger is 100% immutable and secure.
Since each transaction is verified by all nodes in the network, it ensures that all financial activities are visible to everyone across the blockchain network.
Since all records of transactions are maintained in a distributed ledger, there is no effect of a single point of failure.
DeFi wallets help use a globally spread open finance ecosystem. Just because there are no intermediaries in DeFi it can be used by everyone worldwide.
Here’s how the DeFi wallet development process should proceed:
1. You Need to Define the Problem and Set a Goal
You need to know what purpose you need to solve with the DeFi wallet. Before your team starts with the actual development, it is essential to find out how the DeFi wallet will solve the defined purpose when it becomes ready to use. We suggest you should have an experienced business analyst on board to help you with the process.
2. Start Working on Architecture
One of the most important decisions you need to take during your DeFi wallet development process is to choose the best host for your DeFi wallet. You have three options for placing the DeFi wallet; first, you can place it in-house, in the cloud, or in a hybrid way.
The blockchain experts would suggest you go with the cloud framework. The next thing you need to select is the solution in terms of access. There are multiple access solutions such as private blockchain, public blockchain, permission less solution, and hybrid blockchain.
You can choose any of these access solutions depending upon the type of business you are doing. All those solutions have different sets of pros and cons. You can go with the private blockchain, the most popular access solution and the best for the decentralized wallet.
3. Choosing the Best Algorithms
Similar to all the other decentralized systems, the DeFi wallet developer also needs to choose the transaction authentication method (consensus mechanism) for the network members. Like you can do authentication with the help of Byzantine fault-tolerant, proof of work, and proof of stake. We suggest you leave this decision to your developer as this is the technical part of the development.
4. Select the Best Platform
The selection of a blockchain platform depends upon your budget, needs, scale, solution, and stability. There is no need to be confused as your DeFi wallet development service provider will help you select the best.
Ethereum is a widely used open source solution to develop different types of finance applications. Using it will accelerate the process of development and save costs. Choosing it will be better for you because if you build that DeFi platform from scratch, the price will be way high, and the development process will take more time.
5. Design the Clean & Professional UI
As soon as the backend coding is done, it would be necessary to focus on a clean and professional UI, because the entire experience of your user will depend on it. Recommending you hire a well-experienced front-end designer to develop an interactive UI for your mighty DeFi wallet.
6. Testing and Deploying
Testing and Deploying is the final step of the development process. At this stage, the wallet owner tests the DeFi wallet by using it and provides the wallet to volunteers for use. If they find any problem, the developer fixes it so that the final version of the DeFi wallet is perfect. You can use the MVP model for this stage. After solving all the issues, you can scale the wallet and integrate other advanced technology.
As you read above, the process of DeFi wallet development is a bit complex. Unless you are well aware of blockchain technology and the required programming languages, you cannot take a step forward for the creation of DeFi wallet on your own. What’s the solution?
You can hire a team of DeFi wallet developers from Antier Solutions, a reputed blockchain development company. We provide a feature-rich white label DeFi wallet solution, and at the same time, we specialize in the development of customized DeFi wallets.
Schedule a free demo of our white label wallet solution or connect with our subject matter experts to share your business needs.
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