Technology:
BITCOIN (BTC)
,
NEXT JS
more
Category:
Blockchain
Hire the Best Bitcoin (BTC) Developer
Elevate the experience of designing, creating, and optimizing protocols with us. You can hire the top Bitcoin developers who can take the responsibility of defining the functions of the blockchain. Consult our experts today to get started with your project.
Related Skills
Slide 1 of 4
Slide 2 of 4
Slide 3 of 4
Skills Blog Posts
Ordinals Wallet Development | A Comprehensive Guide
In the rapidly evolving world of blockchain technology, Ordinals have opened a new frontier on the Bitcoin network, enabling the inscription of unique data on individual satoshis (the smallest unit of Bitcoin). This blockchain development service has led to the emergence of Bitcoin-native NFTs and BRC-20 tokens, expanding Bitcoin's functionality beyond its original use case as a peer-to-peer electronic cash system.Creating an Ordinals wallet requires a blend of Bitcoin fundamentals, knowledge of Ordinals theory, and understanding of blockchain development best practices. This extensive guide provides a 360-degree overview of Ordinals, including the technical underpinnings, wallet architecture, development steps, security measures, and much more. It is designed to be both technical and easy to understand, ensuring that a broad range of readers, from blockchain enthusiasts to professional developers, can derive significant value.What are Ordinals?Ordinals represent a novel way to inscribe and track unique data on the Bitcoin blockchain. The concept, introduced by Casey Rodarmor in January 2023, hinges on the idea that each individual satoshi (sat) can be “numbered” or “tagged” with additional data, allowing for the creation of unique, non-fungible assets on Bitcoin.Why Ordinals MatterUnlocking Bitcoin's Potential: Ordinals extend Bitcoin's functionality beyond a simple store of value or medium of exchange, enabling NFT-like assets on the most secure and widely adopted blockchain.Low-Level Ownership: Instead of representing ownership at the wallet level, Ordinals focus on ownership at the individual satoshi level, giving rise to new paradigms in digital scarcity and creativity.Resurgence of On-Chain Innovation: Historically, Bitcoin development has been more conservative, but Ordinals spark fresh dialogue about smart contracts, layer-2 solutions, and extended Bitcoin-based utilities.This guide explores how to build a secure, user-friendly wallet that supports the inscription, storage, and transfer of Ordinals—catering to developers, entrepreneurs, and tech-savvy enthusiasts eager to explore this burgeoning domain.Ordinals: The Bitcoin NFT RevolutionOrdinals effectively create Bitcoin-native NFTs (non-fungible tokens) by assigning an “ordinal number” to each satoshi. These “digitally inscribed” satoshis carry unique data, analogous to how NFTs on Ethereum are linked to specific token IDs.Key Advantages Over Traditional NFTsBitcoin's Security: Bitcoin has the longest-established proof-of-work network, making it highly secure and resistant to attacks.True Scarcity: Satoshis are inherently limited (each Bitcoin can only be split into 100 million sats), providing an in-built scarcity model.No Additional Token Standard: Unlike Ethereum's ERC-721 or ERC-1155, Ordinals embed data directly into the Bitcoin blockchain without requiring new base-layer token standards.The Emergence of BRC-20 TokensThe Ordinals ecosystem gave rise to BRC-20 tokens, an experimental token standard that uses text-based inscriptions on satoshis to define “fungible” tokens on Bitcoin. While these are not part of the official Bitcoin protocol, they have quickly gained attention due to their simplicity and novelty.Also, Read | A Comprehensive Guide to the Runes Standard on BitcoinKey Concepts in OrdinalsBefore delving into wallet development, understanding the fundamental concepts behind Ordinals is crucial.SatoshisA satoshi is the smallest unit of Bitcoin—1 sat = 0.00000001 BTC. Ordinals tag each satoshi with a unique “ordinal number,” turning it into a distinct entity.Ordinal TheoryThe Ordinal Theory tracks each satoshi through each block, transaction, and output. As sats move in the Bitcoin network, this theory keeps a record of which transaction holds each unique, inscribed sat.InscriptionsInscriptions enable developers and users to write data (images, text, code) onto individual satoshis. By attaching metadata to a specific sat, that sat effectively becomes a one-of-a-kind digital artifact—the Bitcoin equivalent of an NFT.OrderingSatoshis are ordered according to the sequence in which they are mined. The “first sat” from the genesis block is assigned ordinal #0, and so forth. This ordering system forms the basis for the identity of each Satoshi within the Bitcoin network.What Is an Ordinals Wallet?An Ordinals wallet is a cryptocurrency wallet designed to handle Bitcoin transactions while also supporting the tracking, display, and transfer of inscribed satoshis. Unlike conventional Bitcoin wallets, an Ordinals wallet:Identifies Specific Satoshis: Tracks which sats in a user's balance carry inscriptions.Displays Metadata: Shows images, text, or other media linked to inscribed sats.Facilitates Specialized Transactions: Allows users to send and receive Ordinals without inadvertently breaking or merging them with non-inscribed sats.The ability to manage both standard BTC and unique Ordinals in a single interface sets the stage for a new era of digital asset management on Bitcoin.Also, Check | Demystifying Bitcoin Ordinals : What You Need to KnowCore Architecture of an Ordinals WalletA robust Ordinals wallet typically comprises three key layers:Application Layer: This is the user-facing interface (desktop, mobile, or web application). It communicates with the back-end services and provides a graphical user interface (GUI) for sending, receiving, and viewing Ordinals.Service Layer: Handles core business logic, including:Checking if a UTXO (Unspent Transaction Output) contains inscribed sats.Managing transaction parsing to avoid merging inscribed and non-inscribed satoshis.Interfacing with third-party APIs (e.g., block explorers or indexing nodes).Blockchain Layer:The Bitcoin network itself, which secures all transactions and inscribes data.Node / Indexer that keeps track of the entire blockchain state, including specialized Ordinals indexers to identify which sats carry inscriptions.UTXO Management and OrdinalsSince Bitcoin uses the UTXO (Unspent Transaction Output) model, an Ordinals wallet must carefully manage UTXOs to preserve inscriptions. When a user wants to send an inscribed sat, the wallet must ensure that the transaction remains atomic, preventing partial use of UTXOs that would separate the inscribed sat from its unique data.Also, Discover | Satoshi Nakamoto's Last Email Reveals Bitcoin Creator's ThoughtsEssential Features of an Ordinals WalletInscriptions and ViewingInscription Management: Allow users to mint or inscribe new data onto sats if they have the necessary tools and protocols integrated.Display Inscriptions: The wallet should render images, text, or other media in a visually appealing format.Transaction CustomizationFee Control: Users need to set their transaction fee in BTC, balancing speed and cost.UTXO Selection: Advanced UTXO selection ensures inscribed sats remain intact.Security and BackupSeed Phrase Management: Ordinals wallets must provide mnemonic seed phrases (BIP39/BIP44) for backup and restoration.Hardware Wallet Support: Integration with devices like Ledger or Trezor for added security.2-Factor Authentication (2FA): An optional layer to enhance user safety.Compatibility and InteroperabilityMulti-Platform: Desktop, mobile, or web versions.Integration with Existing Services: A robust API layer to interface with marketplaces, indexers, or DApps that use Ordinals.Explorer Functionality: Direct links to block explorers that can parse Ordinals data.Notifications and AlertsTransaction Alerts: Real-time updates on transaction confirmations.Price Feeds: If relevant, show the BTC/USD price or the estimated value of an inscribed sat (though the latter is more speculative).Also, Read | A Comprehensive Exploration of Ordinal Marketplace DevelopmentDevelopment Environment and ToolsBuilding an Ordinals wallet requires an environment equipped to handle both Bitcoin and Ordinals complexities.Bitcoin CoreBitcoin Core is essential for running a full node and ensuring accurate, trust-minimized transaction data. You can either run a local node or use third-party node providers.Ordinals Indexer or APICommunity-driven tools like the Ordinals Protocol or specialized indexers can track inscriptions.APIs such as ordinals.com (if available) or other community projects may provide a direct feed of indexing data.Programming Languages and FrameworksNode.js: Often used for server-side logic and back-end services.React / Vue.js: Common for front-end development with a rich UI.Rust / Go: Favored by some developers for performance-critical components or indexing functionalities.Python: Popular for scripting, data parsing, and rapid prototyping.Libraries and SDKsbitcoinjs-lib / Bitcore: JavaScript libraries to handle Bitcoin transaction creation, signing, and broadcasting.PyBitcoinTools: A Python library for handling Bitcoin operations.gRPC / REST: For interacting with nodes, wallets, or other microservices.You may also like to explore | A Quick Guide to BRC 20 Token DevelopmentStep-by-Step Guide to Building an Ordinals WalletBelow is an outline of the major steps involved in constructing a functional Ordinals wallet. While the specifics may vary, this guide offers a high-level roadmap.Step 1: Define Project Scope and ArchitectureFeature List: Decide which features—inscription creation, viewing, sending, receiving—your wallet will support from day one.Architecture Diagram: Sketch out your application layer, service layer, and blockchain integrations.Security Approach: Plan for seed phrase generation, encryption, and secure key storage.Step 2: Set Up Your Development EnvironmentInstall Bitcoin Core: Configure it to run in pruned mode or full mode, depending on storage availability.Install Necessary Libraries: For Node.js, for instance, install bitcoinjs-lib or bitcore-lib.Run or connect to an Ordinals Indexer: This could be a local instance or a remote service.Step 3: Implement Basic Bitcoin Wallet FunctionalityWallet Initialization: Use BIP39 to generate a mnemonic seed phrase, and BIP44 for standard Bitcoin address derivation paths.Address Generation: Implement a method to derive Ordinals-compatible addresses (e.g., Taproot addresses if you plan to store inscriptions in Taproot outputs).Balance and UTXO Retrieval: Query the Bitcoin network for UTXOs linked to your derived addresses.Step 4: Add Ordinals-Specific LogicIdentify Inscribed UTXOs: Modify your UTXO scanning to detect if a UTXO contains an inscribed sat. This generally requires parsing the Ordinals indexer data or analyzing on-chain scripts to identify inscription references.Inscription Display: Fetch metadata from the relevant on-chain data or external storage (like IPFS, if used in conjunction with Ordinals). Render the images, text, or other media in the user interface.Step 5: Implement Send/Receive Features for Inscribed SatsSelective UTXO Management: Ensure that you only spend the desired inscribed sat and not inadvertently merge it with non-inscribed sats.Transaction Building: Construct raw transactions carefully, marking the output that will hold the inscribed sat.Transaction Signing: Use private keys derived from the seed phrase to sign the transaction.Broadcasting: Send the signed transaction to the Bitcoin network, monitoring its confirmation status.Step 6: Integrate Advanced FunctionalitiesMulti-Signature Support: For higher-value Ordinals holdings, implement a multi-sig scheme (e.g., 2-of-3).Marketplace Integration: If you plan to enable direct NFT trading, integrate with existing Ordinals marketplaces or build your own exchange mechanism.BRC-20 Integration: Expand your wallet's capabilities to store and display BRC-20 tokens, using text-based inscriptions to track fungible tokens.Step 7: Security FeaturesEncryption: Secure the wallet's private keys with AES-256 or similar encryption.Hardware Wallet Integration: Provide an option for advanced users to sign Ordinals transactions from a hardware device.Step 8: Testing and QAUnit Tests: Write extensive tests for each function—address derivation, transaction construction, etc.Integration Tests: Ensure that the wallet interacts smoothly with the Ordinals indexer, third-party APIs, and the Bitcoin network.User Acceptance Testing: Allow a closed group of testers to provide feedback before a public release.Step 9: Deployment and MaintenanceDeployment Pipeline: Automate your build, testing, and deployment process.Monitoring: Track wallet performance, node synchronization, and user transactions in real-time.Updates: Maintain an active update schedule to patch security vulnerabilities and add new features.You might be interested in | ERC-20 vs BRC-20 Token Standards | A Comparative AnalysisSecurity Best PracticesSecurity remains paramount when dealing with blockchain assets, especially as Ordinals-based assets can hold significant value.Seed Phrase ProtectionEncourage users to write down their mnemonic in a safe location.Avoid storing unencrypted mnemonic data on local storage or remote databases.Hardware Wallet CompatibilityConsider building your wallet to support hardware devices like Ledger or Trezor, which store private keys in secure elements.Transaction ReviewImplement clear, user-friendly prompts that display transaction details (UTXOs, fees, outputs, etc.) before signing.Multi-Factor Authentication (MFA)Optional, but for web or mobile wallets, an extra authentication layer can mitigate unauthorized access.Regular AuditsConduct internal code reviews and, if budget permits, hire external security auditors.Utilize bug bounty programs to incentivize security researchers to find vulnerabilities.Use of Reputable LibrariesEnsure that libraries like bitcoinjs-lib or bitcore-lib are kept up-to-date and verified against known security advisories.Network SecurityEncrypt all communication channels with SSL/TLS.Employ firewalls, intrusion detection systems, and minimal open ports on your servers.Integrating BRC-20 Token FunctionalityWhile Ordinals wallet development primarily revolves around inscribed sats (NFTs), the emergence of BRC-20 tokens introduces a new layer of functionality—text-based, fungible tokens on Bitcoin.Key ConceptsText-Based Tokens: Unlike Ethereum, where token balances are stored in smart contracts, BRC-20 tokens store their metadata via text inscriptions on Bitcoin.Minting and Transfer: BRC-20 tokens define a ticker (e.g., “ORDI”) and a total supply, minted and distributed via specific inscription data.Wallet Adaptations for BRC-20Parsing BRC-20 Data: You must handle the specialized JSON structure that denotes minting, transfers, and token balances.Display Balances: Provide a balance sheet for each user's BRC-20 holdings.Send/Receive Workflows: Distinguish between standard BTC transactions and BRC-20 token transactions, ensuring the correct inscriptions are used.Potential Use CasesTokenized Communities: Rewards or membership tokens minted directly on Bitcoin.Cross-Chain Bridges: Bridging BRC-20 tokens to Ethereum or other networks.DeFi Protocols: While still nascent, BRC-20 tokens could eventually be integrated into Bitcoin-based DeFi solutions.You may also like to discover | A Detailed Guide to BRC-20 Token Launchpad DevelopmentTesting, Deployment, and MaintenanceTesting StrategiesUnit Testing: Validate each function in isolation—key generation, transaction building, inscription retrieval.Integration Testing: Confirm the wallet can correctly parse data from Ordinals indexers and third-party services.Performance Testing: Assess how the wallet performs under load—e.g., multiple simultaneous inscription checks or transaction broadcasts.DeploymentContinuous Integration/Continuous Deployment (CI/CD): Automate your build pipeline with tools like Jenkins, GitLab CI, or GitHub Actions.Dockerization: Containerize services to streamline environment configuration and reduce dependency conflicts.Version Control: Maintain a well-structured repository on GitHub or GitLab, tagging stable releases for easy rollback if issues arise.MaintenanceRegular Updates: Track changes to Bitcoin Core, the Ordinals protocol, and BRC-20 standards.User Feedback: Employ analytics and direct feedback channels to identify UX friction points or new feature requests.Security Patching: Remain vigilant about new vulnerabilities in open-source dependencies.Challenges, Limitations, and Best PracticesChallenges and LimitationsNetwork Congestion: Bitcoin's block space is limited, and Ordinals can contribute to congestion, affecting transaction fees.Protocol Upgrades: Ordinals and BRC-20 are still evolving, potentially requiring frequent updates to wallet logic.Legal and Regulatory Uncertainty: The classification of inscribed assets may vary by jurisdiction.User Education: Many end-users are unfamiliar with UTXO management and the nuances of Ordinals, requiring robust tutorials and UX guidance.Best Practices for SuccessKeep It Simple: Offer a straightforward user interface that hides the complexity of UTXOs and addresses.Focus on Security: Users entrust you with potentially high-value digital assets—any security lapse can be devastating.Community Engagement: Engage with the Ordinals community to stay ahead of protocol updates, best practices, and evolving standards.Documentation: Provide comprehensive documentation for your wallet's features, both for end-users and developers who may want to integrate your solution.Future Outlook for OrdinalsOrdinals have injected fresh excitement into the Bitcoin ecosystem. As protocols mature, we can expect:Enhanced Wallet Features: More wallets will incorporate advanced functionalities such as inscription creation, multi-sig Ordinals management, or atomic swaps with other chains.Evolving Standards: BRC-20 and future protocols will likely refine how fungible tokens operate on Bitcoin.Layer-2 Solutions: Projects like Lightning Network or other sidechains might integrate Ordinals, improving scalability and reducing fees.Broadening Use Cases: From digital identity solutions to tokenized real-world assets, Ordinals could expand into numerous industries.In the broader landscape, interoperability between Bitcoin Ordinals and other blockchain ecosystems (Ethereum, Solana, Polygon, etc.) may unlock cross-chain NFT markets and novel decentralized finance (DeFi) applications.Also, Read | BRC-20 Wallet Development | What You Need To KnowFrequently Asked Questions (FAQ)Q1: How do Ordinals differ from traditional NFTs on Ethereum or Solana?A1: Traditional NFTs rely on specialized token standards (e.g., ERC-721, SPL). Ordinals are embedded directly in Bitcoin's base layer through unique inscriptions on individual satoshis, leveraging Bitcoin's security and existing infrastructure.Q2: Are Ordinals and BRC-20 tokens officially part of Bitcoin Core?A2: No. Ordinals and BRC-20 tokens operate as additional layers or protocols on top of Bitcoin. They are not integrated into Bitcoin Core but use Bitcoin's existing block space to store and track data.Q3: Can I accidentally “lose” my inscribed sat by sending it in a normal Bitcoin transaction?A3: Yes, if your wallet or the sending mechanism does not preserve the specific UTXO containing the inscribed sat. That's why an Ordinals-capable wallet must handle UTXO selection meticulously.Q4: What are the costs associated with inscribing data on a sat?A4: Costs depend on Bitcoin transaction fees and the size of the data. Larger inscriptions require more block space, leading to higher transaction costs.Q5: Do hardware wallets support Ordinals?A5: As of now, hardware wallets do not natively display or handle Ordinals data. However, you can still use them to sign Bitcoin transactions containing inscribed sats, provided your software wallet supports it.Q6: Is there a risk of Bitcoin's mempool getting congested due to inscriptions?A6: Yes. A surge in inscription activity can lead to higher fees and longer confirmation times, similar to NFT or DeFi booms on other chains.Q7: How do I store and view the actual media (images, text) inscribed on a sat?A7: Inscriptions are stored on-chain within Bitcoin's transaction data. Wallets or indexers parse this data and display the media. Some inscriptions may reference external storage like IPFS, but many store raw data within the transaction itself.Q8: Is a special address type (e.g., Taproot) required for Ordinals?A8: Although not mandatory, Taproot addresses (P2TR) are often used because they allow more flexible scripting capabilities and can embed data in a more compact manner than older address types.Also, Check | BRC-721E Token Standard | Enabling Blockchain Art TransactionsConclusionOrdinals have ushered in a new chapter for Bitcoin, expanding its functionality beyond “digital gold” to encompass digital collectibles, NFT-like artifacts, and BRC-20 tokens. For developers and businesses, building an Ordinals wallet represents a significant opportunity to capitalize on Bitcoin's security while tapping into the creativity and excitement of the emerging NFT ecosystem.From understanding the core concepts of Ordinals to constructing a wallet architecture and implementing advanced functionalities like BRC-20 token support, this guide lays out a structured approach. By prioritizing security, user experience, and continuous updates, a well-executed Ordinals wallet can position itself at the forefront of innovation in the Bitcoin ecosystem.If you are planning to explore the potential of blockchain and other emerging technologies for your project development, connect with our skilled blockchain developers to get started.
Mudit Kumar
27 Mar 2025
Restaking | The Next Big Thing in the Crypto Space
As blockchain networks evolve, the demand for greater efficiency, scalability, and security continues to grow. Proof-of-Stake (PoS) systems, such as Ethereum 2.0, have addressed some challenges by allowing participants to stake tokens and secure the network in exchange for rewards. However, the question remains: how can stakers maximize their earnings while contributing to the network's resilience?This is whererestaking emerges as a game-changing solution in the realm ofdefi development services. It involves reinvesting staking rewards back into the network to compound earnings. It boosts individual returns and strengthens the overall blockchain ecosystem by increasing security and scalability. With its growing adoption among individual users, businesses, and institutions, the concept emerges as a pivotal innovation.This blog explores how restaking works, its benefits, and the transformative potential for blockchain networks. We'll also examine its role in driving innovation in decentralized finance (DeFi) and its expected impact on the blockchain landscape by 2025.Explore |Everything About Crypto Intent Prediction MarketplacesWhat is Restaking?Restaking is an emerging concept in blockchain and cryptocurrency, particularly in the context of Proof-of-Stake (PoS) systems like Ethereum 2.0. It involves taking the rewards earned from staking and reinvesting them back into the staking process. This can be done manually by the staker or automatically through smart contracts.Restaking thus, refers to the process of reinvesting staking rewards back into the staking pool, allowing stakers to compound their earnings over time. Unlike traditional staking, where rewards are distributed but not reinvested, this concept ensures that rewards generate additional returns.Before diving into more about it, let us first understand the basic difference between staking and restaking:Read Also |Comprehensive Guide to Implementing SaaS TokenizationDifference between Staking and RestakingStaking: Users lock up their tokens in a proof-of-stake (PoS) blockchain to participate in network validation, earning rewards in return.Restaking: Instead of being limited to a single staking role, it lets the same staked tokens provide security or services to additional.In PoS systems, participants stake their tokens to validate transactions and secure the network, earning rewards for their contributions. This new concept enhances this process in the either of the two ways:Manual: Stakers manually reinvest their rewards, requiring active monitoring and frequent action.Automated: Smart contracts handle the reinvestment process automatically, offering consistency and reliability without manual intervention.By leveraging the emerging concept, stakers can optimize their returns while supporting network security and decentralization.Why Restaking MattersRestaking delivers value across multiple dimensions. For stakers, it maximizes returns with minimal effort. For blockchain networks, it strengthens security, scalability, and user participation. It is not just a financial strategy — it's a mechanism that drives innovation, sustainability, and growth in decentralized ecosystems.Read Also|Crypto Staking Platform Developed by OodlesKey Benefits of RestakingCompounding RewardsThe most significant advantage is the ability to generate higher long-term earnings through compounding. For example, consider a staker with an initial $1,000 investment and an annual return of 10%. With restaking, the rewards grow exponentially as each reinvestment builds upon the previous one.Enhanced Network SecurityRestaking increases the amount of tokens locked in the network, making it more secure. A higher staking ratio reduces the likelihood of 51% attacks and ensures better decentralization. This security enhancement benefits not only the stakers but also the entire blockchain ecosystem.Increased ParticipationRestaking encourages users to remain engaged with the staking process. It fosters a culture of active participation, which strengthens blockchain networks and creates a more supportive community of validators and users.How Does Restaking WorkManual RestakingIt involves stakers periodically reinvesting their rewards. While this approach offers control over the reinvestment process, it requires consistent monitoring and effort. Missed reinvestment opportunities or delays can reduce potential earnings, making it less efficient.Automated RestakingThis strategy leverages smart contracts to reinvest rewards seamlessly. Once set up, the system operates without human intervention, ensuring that rewards are reinvested promptly. This method eliminates human error, saves time, and provides consistent results, making it the preferred choice for both individual and institutional stakers.Check it out |Exploring Crypto Arbitrage Trading Bot and DevelopmentHow Restaking Helps BusinessesUnlocking Passive Revenue StreamsBusinesses holding PoS tokens can leverage restaking to generate a steady, compounded income. This strategy is particularly appealing to organizations seeking low-risk ways to diversify their revenue portfolios.Strengthening Blockchain InvestmentsRestaking allows businesses to maximize the value of their blockchain holdings. By reinvesting rewards, companies can scale profits while aligning with long-term investment strategies.Boosting Network Support for Industry ProjectsRestaking contributes to the stability of blockchain networks hosting business operations. By reinforcing these networks, businesses benefit from enhanced reliability and scalability, creating a mutually beneficial relationship.Efficiency and Cost SavingsAutomated restaking reduces the need for active management, freeing up resources for other strategic initiatives. This cost-effectiveness makes it an attractive option for organizations of all sizes.Read Also |An Introductory Guide to Ethereum 2.0 | A Major UpgradeThe Future of Restaking in 2025Increased Adoption Across NetworksRestaking is expected to become a standard feature across PoS blockchains. Emerging projects will integrate it as core functionality, appealing to both individual and institutional participants.Enhanced Smart Contract FeaturesAdvanced smart contract features, such as adaptive restaking algorithms and AI-driven optimization tools, will make it more efficient. These innovations will allow stakers to tailor their strategies to market conditions and maximize returns.Economic and Network ImpactWidespread adoption of it will influence token value and market dynamics. Promoting long-term holding and consistent participation, it will drive stability, scalability, and security across networks.Read Also |Ethereum Distributed Validator Technology | DVT for StakingConclusionRestaking is shaping the future of blockchain and crypto by unlocking new opportunities for stakers, businesses, and networks. It maximizes returns, enhances security, and fosters active participation, making it a cornerstone of PoS ecosystems. As technology evolves, it will play a vital role in driving innovation and sustainability in decentralized finance.Are you ready to harness the power of restaking for your blockchain projects? Partner with Oodles Blockchain to develop custom PoS solutions and maximize your blockchain investments. Contact ourblockchain developers today to unlock the full potential of crypto and decentralized technologies!
Technology:
BITCOIN (BTC)
,
ETHERJS
more
Category:
Blockchain
Saumya Srivastava
25 Nov 2024
Developing a Secure and Efficient Crypto Wallet App
Crypto wallets enable users to buy, sell, lend, and keep records of their portfolios in cryptocurrency. Cryptocurrency wallet development ensures the creation of a piece of software in which transaction records of users are stored including how many coins they own.
Most cryptocurrency wallets except Bitcoin and Ether, are the two most common digital currencies. Nonetheless, several wallets also support several cryptocurrencies, including an increasing number of altcoins.
Now we'll go through the most key aspects that every successful crypto wallet app needs in this post. We sorted features into different categories.
Develop Your Crypto Wallet App | Features
Like with all applications, the creation of crypto wallets starts with a heavy dose of preparation. Before you type in a single line of code, you must consider every aspect of your company.
Also, read | Cryptocurrency Wallet Development | Securing Your Crypto Assets
Here are the categories to take into account, and some basic tips for each.
Security Features
It should not go without saying that the top priority for any development firm should be security. Nothing else counts without the capacity to keep the coins secure.
Crypto security in conventional banking apps has some security similarities and some of these features would be familiar if you've used one of those.
Some are unique to the blockchain security world but equally significant.
Two-Factor Authentication
The simple truth about passwords is, that they're not enough anymore.
You need to gate access to the wallet via two-factor or multifactor authentication, either using one of the existing apps, a text message, or your system.
Although many current crypto-users are unlikely to use weak passwords, the currency is booming. It won't be long before crypto includes lay users, and they'll need security.
Also, read | Custodial Vs Non-Custodial Crypto Wallets: Getting Into Details
Timed Logout
Another functionality that safeguards laymen than power users, timed logout is still key to any effective cryptocurrency wallet application. Much like the banking websites, users should be signed out automatically after a short inactivity time, or if the system is locked.
There is no industry-wide best practice until logging out for the duration of time, but five minutes of inactivity is normal.
Client-side Private Key
There is no valid justification for a third-party server to store its private key for the users.
No matter what speed improvements or usability enhancements you may be able to achieve, avoid the temptation by storing private keys outside of the device. Remember to make the protection of consumer funds a priority. Most importantly, your wallet software can be trusted as a means to access cryptos safely. Through holding the server-side private key, the only thing you 're accomplishing is to open yourself up to hacks, and therefore to litigation. There's no chance you'll lose it by holding the private key locally on the user's computer.
Deny Repeat Payments
While a crypto wallet is not a bank, some of the same security features should still be provided. If you have used any modern bank, you're likely familiar with credit or debit card fraud warnings. Spend in a new location or an unusual amount, and you receive a text or call from the bank requesting confirmation of the transaction. Say no, and you refuse the charge, as plain as that. Such forms of advanced analytics may be out of access for many wallet development budgets on cryptocurrency, but you can easily introduce a crypto-specific edition. Any successful wallet application can create a new wallet address for each transaction. If someone tries to get coins twice in the same address, there's a good chance they 're up to no good at all.
Also, read | Securing Cryptocurrency Transactions and Assets with Multisig Crypto Wallets
Usability Features of a crypto Wallet App
The next most critical piece of a crypto-wallet device after security is usability.
Also known as quality-of-life features, this applies to everything that makes your app an enjoyable, easy, and, above all, fast experience.
Robust Backups
One of the first things every user would want to do in case a computer is hacked or lost is a remote wipe. By initiating the wallet backups, you will make the operation much less painful.
The safest backup would be to the user's device or a deleted SD card, but it's far more convenient to add protected cloud storage apps such as Dropbox or Google Drive.
Solid UI
When creating a high-tech application such as a crypto wallet, it's easy to forget that in the end, you're making an application. Niceties like an appealing look, smooth function-to-function instructions, and a strong support file are more important than they would seem. There are several in-depth guides for best practices in the production of UIs out there. Make sure you don't make mistakes that differentiate your app in a bad way.
Also, read | Making Secure Online Payments with Blockchain-Based Crypto Wallets
Push Notifications
Push notifications are another feature common to conventional banking applications and are a must-have for any new mobile device.
Users want to know when their coins are going to happen. It makes sense to put the details upfront, whether it's a request for payment, a good sale into fiat, or major shifts in coin prices. Also, enable users to personalize their notifications for extra points. They might want to ask, for instance, whether the USD to BTC conversion rate reaches a certain high or low level. You may also be innovative and offer features like geo-locating nearby shops that embrace crypto, or online vendor deals.
Just make sure to have granular control of what alerts are being sent, otherwise, you risk alienating users.
Smart QR Scanner
Many crypto transactions in person still occur via QR code.
The wallet addresses are long and complicated and it's slow and awkward to ask people to type them. And every application for the crypto wallet requires a QR scanner. A lot of devices just have three scanners. One for public keys, one for payment requests, and one for private keys.
For example, a user goes to the "Send Coins" page and then scans the code for the address of its recipient. You will make the lives of your users much easier by incorporating some reasoning into the app to distinguish between the various places QR codes lead.
If an app checks a public key, then it must open the page to submit money. When it scans a particular payment request then automatically adds that detail to the list. When a private key is checked then open an option to sweep the account. It enables you to simplify the interface quite a bit by putting the interface with a big, prominent "Scan Code" button.
For a one-size-fits-all scanner, users may go there to address all their crypto needs.
Also, read | A Guide to Essentials for Feature-Rich Cryptocurrency Wallet Development
Outsource | Crypto Wallet App Development
If you plan to develop your crypto wallet, you'll need to find something else.
Who can code you all of this? Outsourcing the heavy concept of lifting and coding to a team that has done it before you spend years cutting off the development cycle.
Oodles has over a decade of success in all types of crypto applications.By using the best of offshore talent, we're doing so at a bargain price.
Technology:
ETHEREUM (ETH)
,
ETHERJS
more
Category:
Blockchain
Mudit Kumar
17 Jul 2020
Don't just hire talent,
But build your dream team
Our experience in providing the best talents in accordance with diverse industry demands sets us apart from the rest. Hire a dedicated team of experts to build & scale your project, achieve delivery excellence, and maximize your returns. Rest assured, we will help you start and launch your project, your way – with full trust and transparency!
