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Should Your Business Accept Cryptocurrencies as Payments? Cryptocurrencies like Bitcoin have been around for quite some time now. However, they have not become as popular as they were expected to be. The acceptance of cryptocurrencies has seen slow growth over the years.Some businesses do accept cryptocurrencies as payment. In this blog, we will discuss whether your business should accept it or not. We will see all the pros and cons of cryptocurrencies. Based on the discussion, you should take a call on whether to accept cryptocurrencies as payment or not. For more related to crypto, visit our cryptocurrency development services.So, let's get started!What is Cryptocurrency?Cryptocurrency is a form of currency that exists digitally or virtually and makes use of cryptography to provide security to transactions. It does not have a central regulating authority but relies on a decentralized system.Cryptocurrency is a peer-to-peer system that enables sending and receiving payments. It is not physical money that is exchanged in the real world but exists only as digital entries. When cryptocurrency funds are transferred, they are recorded in a public ledger as transactions. It is called cryptocurrency because it uses encryption to verify transactions for safety and security.Bitcoin was the first cryptocurrency launched in 2009 and remains the most popular one.Now that you have a good idea about cryptocurrencies, let's dive deeper.Also, Explore | Healthcare Payments: The Role of Blockchain TechnologyPros of Accepting CryptocurrencyIn order to decide whether your business should accept cryptocurrency or not, you should know the pros and cons of using cryptocurrency. Let's have a look at the pros first.1. Speed & SecurityThe speed and security offered by cryptocurrencies are unmatched at present. Cryptocurrency transactions are processed within minutes with a high level of security, provided by blockchain technology. This reduces the risk of fraud and increases overall customer satisfaction.2. Bigger Customer BaseAccepting cryptocurrencies can expand your customer base. Some tech-savvy customers prefer using cryptocurrencies to buy products or services. Most of these customers are early adopters or younger individuals who are likely to be repeat customers and offer word-of-mouth publicity.3. Less Transaction FeesTraditional payment methods, such as card gateways, typically charge transaction fees between 2-4%. Cryptocurrency transaction fees can be as low as 0.2%, saving customers a significant amount of money.4. TransparencyCryptocurrency is built on blockchain technology, which records every transaction on an immutable public ledger. This ensures that all transactions are verifiable, reducing the chances of manipulation.5. Global AccessCryptocurrencies transcend geographical boundaries, enabling businesses to receive payments from anywhere in the world. This eliminates delays associated with cross-border transactions.6. DecentralizationCryptocurrency operates on a decentralized system, meaning no central authority controls it. This structure reduces the risk of manipulation, enhances reliability, and empowers businesses with greater autonomy over transactions.7. Potential for Value AppreciationCryptocurrency values can appreciate over time. For example, Bitcoin's value rose from around $400 in 2016 to $73,000 in 2024, showcasing its growth potential. Cryptocurrencies can serve as both a transaction medium and an investment.8. PrivacyCryptocurrency transactions allow users to send or receive payments without revealing personal information, offering a level of privacy that traditional payment methods lack.9. Round-the-Clock AvailabilityCryptocurrency payments can be made 24/7, unlike traditional payment systems, which may have downtime. This is especially beneficial for global businesses with time-sensitive financial transactions.10. Increasing AcceptanceMore businesses are integrating cryptocurrencies into their payment systems. With growing public awareness and understanding, cryptocurrency adoption is expected to increase.Also, Explore | A Quick Guide to Understanding Crypto Payment GatewayCons of Accepting CryptocurrenciesWhile cryptocurrencies offer numerous advantages, they also have some drawbacks. Let's explore the cons.1. No Regulatory MechanismCryptocurrencies lack a fixed regulatory authority, and their rules vary across regions. This creates confusion, especially regarding taxation and payment laws.2. VolatilityCryptocurrency values are highly volatile. While Bitcoin's value has risen significantly, there is also the risk of depreciation, making businesses cautious about holding them.3. Environmental ImpactThe computational power required for cryptocurrencies like Bitcoin consumes a significant amount of electricity, negatively impacting the environment compared to traditional payment methods.4. No Universal AcceptanceCryptocurrencies are not yet universally accepted and remain unrecognized in many countries. Businesses may prefer traditional currencies to avoid associated risks.5. Fraud RiskCryptocurrencies are attractive to fraudsters and hackers. There have been numerous instances of financial losses due to hacking. Businesses need stringent security measures to mitigate risks.You may also like to discover | Blockchain for Cross-Border Payments | A Detailed GuideWrapping UpCryptocurrencies have been around since 2009 but are still not widely used globally. However, they have the potential to become a mainstream payment method. Governments need to collaborate and develop a comprehensive framework for their regulation.After examining the pros and cons, you are now better equipped to decide whether to accept cryptocurrencies in your business transactions. Consider all factors carefully before making a decision.If you are looking for cryptocurrency development, blockchain development, or other fintech application development, get in touch with Oodles Blockchain.Author BioVictor Ortiz is a Content Marketer with GoodFirms. He enjoys reading and blogging about technology-related topics and is passionate about traveling, exploring new places, and listening to music.

Technology: OAUTH , STELLAR (XLM) more Category: Blockchain

Mudit Kumar

27 Jan 2025

How to Build a Solana Sniper Bot The Solana blockchain, known for its high throughput and low transaction costs, has become a prominent platform for blockchain app development. Among the various tools and bots built on Solana, the "sniper bot" stands out for its ability to automatically purchase tokens as soon as they become available. This is especially useful during token launches or other time-sensitive events.In this guide, we'll walk you through building a Solana sniper bot, with a particular focus on integrating it with Raydium DEX. You'll learn about the key components, technologies, and strategies involved in developing an efficient sniper bot.Understanding the BasicsA sniper bot on Solana is a tool that automatically buys tokens as soon as they become available on a decentralized exchange (DEX), such as Raydium, PumpFun, Jupiter, or Orca. To build a robust sniper bot, you need to understand Solana's ecosystem, including its RPC (Remote Procedure Call) API, smart contracts (also known as programs), and key technical components such as transactions and signatures.Before starting, ensure you have the following prerequisites:Development Environment: Set up Node.js, npm, and the Solana CLI.Solana Wallet: Create a wallet (using Phantom or Sollet, for instance).RPC Endpoint: Obtain access to a Solana RPC endpoint to interact with the blockchain.Basic Knowledge of JavaScript: We'll use JavaScript to write the bot.You may also like | How to Build a Grid Trading Bot | A Step-by-Step GuideStep 1: Setting Up the ProjectStart by creating a new Node.js project:mkdir solana-sniper-bot cd solana-sniper-bot npm init -y Then, install the necessary packages:npm install @solana/web3.js axios dotenv Step 2: Setting Up Environment VariablesCreate a .env file in the project root to store sensitive information, such as your private key and RPC endpoint:PRIVATE_KEY=your_private_key_here SOL_RPC=https://api.mainnet-beta.solana.com RAYDIUM_FEE_ACCOUNT=your_fee_account_here Step 3: Creating the Listener for New PoolsCreate a listener that detects when new pools are added on Raydium:const { Connection, PublicKey } = require("@solana/web3.js"); const MAX_SIZE = 10000; const seenTransactions = new Set(); class RaydiumPoolListener { constructor() { this.connection = new Connection(process.env.SOL_RPC, { commitment: "confirmed" }); this.listenToNewPools(); } listenToNewPools() { this.connection.onLogs(new PublicKey(process.env.RAYDIUM_FEE_ACCOUNT), async (txLogs) => { if (seenTransactions.has(txLogs.signature)) return; if (seenTransactions.size >= MAX_SIZE) { [...seenTransactions].slice(0, 50).forEach((tx) => seenTransactions.delete(tx)); } seenTransactions.add(txLogs.signature); // Trigger swap function with the necessary parameters swap(txLogs.tokenAmount, txLogs.tokenAddress, txLogs.poolId); console.log("New pool detected, initiating swap..."); }); console.log("Listening for new liquidity pools..."); } } module.exports = new RaydiumPoolListener(); Also, Read | Understanding the Impact of AI Crypto Trading BotsStep 4: Integrating the Raydium SDKUse the Raydium SDK to execute swaps once liquidity is added to a pool:const { initSdk } = require('@raydium-io/raydium-sdk-v2'); const BN = require('bn.js'); const Decimal = require('decimal.js'); async function swap(amountOfSol, solAddress, poolId) { const raydium = await initSdk(); const poolData = await raydium.api.fetchPoolById({ ids: [poolId] }); const poolInfo = poolData[0]; if (!poolInfo) throw new Error("Pool not found"); const rpcData = await raydium.liquidity.getRpcPoolInfo(poolId); const [baseReserve, quoteReserve] = [rpcData.baseReserve, rpcData.quoteReserve]; const out = raydium.liquidity.computeAmountOut({ poolInfo, amountIn: new BN(amountOfSol), mintIn: solAddress, slippage: 0.01, }); const { execute } = await raydium.liquidity.swap({ poolInfo, amountIn: new BN(amountOfSol), amountOut: out.minAmountOut, fixedSide: 'in', inputMint: solAddress, }); const { txId } = await execute({ sendAndConfirm: true }); console.log(`Swap successful! Transaction ID: https://explorer.solana.com/tx/${txId}`); } For further reference, explore the Raydium SDK V2 Demo.Step 5: Testing the BotBefore deploying your bot on the mainnet, it's crucial to test it thoroughly on Solana's devnet. Modify your .env file to use the devnet RPC endpoint:RPC_ENDPOINT=https://api.devnet.solana.com Also, Explore | How To Create My Scalping Bot Using Node.jsStep 6: Deployment and SecurityOnce the bot is ready, deploy it to a secure server:Use a VPS to ensure the bot runs continuously with minimal downtime.Secure Your Private Key: Always use environment variables or a secure vault service to store sensitive information.ConclusionBuilding a Solana sniper bot involves a deep understanding of the Solana blockchain, smart contracts, and APIs. By following the steps outlined in this guide, you can create a sniper bot that executes trades automatically as soon as an asset becomes available, giving you a competitive edge during token launches or NFT drops.Thoroughly test your bot on the devnet before deploying on the mainnet, and ensure security measures are in place to protect your private keys. With ongoing monitoring and optimizations, your sniper bot can become a powerful asset in the world of blockchain trading.Interested in hiring crypto bot developers? Explore our talent pool to bring your projects to life.By refining this approach, you'll be ready to harness the power of Solana's ecosystem and take advantage of automated trading to succeed in the fast-paced world of blockchain.

Technology: SMART CONTRACT , NEST JS more Category: Blockchain

Ankit Mishra

23 Aug 2024

Stellar Launches Smart Contracts: Soroban Now Live on Mainnet The Stellar Development Foundation (SDF) announced the successful activation of Protocol 20, a significant upgrade for the Stellar (XLM) blockchain network. This upgrade marks the official launch of Soroban smart contracts on the Stellar mainnet. It significantly impacts Stellar blockchain development services. In a blog post, the SDF declared that the vote by Stellar network validators to upgrade the mainnet to Protocol 20 ushered in a new era for Soroban. They described Soroban as a secure "battery-included" developer experience designed for scalability and real-world applications. This launch is a major milestone for Stellar, a payments network aiming to expand its capabilities as cryptocurrency adoption surges globally. The Protocol 20 upgrade was initially scheduled for January 30th, but a discovered bug prompted validators to postpone activation, as reported by Invezz. The SDF subsequently announced a phased activation beginning on February 20th. Stellar had previously hinted at Protocol 20's imminent arrival in September. It highlights its role in enabling Soroban smart contracts on the network. The SDF further explained that the phased approach would allow validators and other network participants to monitor the impact of smart contract functionality on the network, ensuring optimal performance, security, and stability throughout the process. You may also like | Understanding Soroban | Stellar Smart Contract Platform What are Smart Contracts, and Why are they Important for Stellar? Smart contracts are self-executing agreements stored on a blockchain network. They eliminate the need for intermediaries, streamline processes, and minimize the risk of errors or manipulation. With the introduction of Soroban smart contracts, Stellar gains a significant advantage, allowing developers to build a wider range of decentralized applications (dApps) on the network. These dApps could encompass anything from decentralized finance (DeFi) protocols to prediction markets and tokenized assets. Soroban's Impact on Creators and Users The arrival of Soroban empowers both creators and users within the Stellar ecosystem. Creators can leverage smart contracts for automated royalty distribution, guaranteeing they receive fair compensation for their work. Thanks to smart contracts automating tedious tasks within dApps, users can expect a more streamlined experience. Also, Check | Idris Elba's Stellar Journey Towards Human Empowerment Focus on Usability, Security, and Scalability Soroban prioritizes usability and scalability, making it a valuable addition to the Stellar ecosystem. Here are some key features that distinguish Soroban: WebAssembly (WASM) Compatibility Soroban utilizes WASM, a widely adopted code format. This allows developers to build on Stellar by leveraging their existing skillsets and tools. Security First Security remains paramount for Stellar. Soroban is built with robust security measures to guarantee the safety of user funds and applications. Discover | Exploring Stellar Blockchain in Cross-Border Payments Looking Ahead: A Thriving Ecosystem for dApps The launch of Soroban on the mainnet represents only the beginning of a new chapter. The SDF's dedication to fostering a vibrant, smart contract ecosystem is evident in its $100 million Soroban adoption fund. This fund actively supports developers building innovative dApps on Stellar, sending a strong signal of their commitment to growth. Conclusion The evolution of the Stellar ecosystem with Soroban signifies the potential for a wider range of dApps and potentially new ways to interact with the network. This is exciting news for developers, creators, and anyone interested in exploring the possibilities of blockchain technology. The arrival of smart contracts on Stellar marks a new chapter in decentralized innovation. Don't miss out on the opportunities presented by Soroban smart contracts on the Stellar network. Collaborate with Oodles Blockchain to unlock new possibilities, streamline processes, and harness the full potential of blockchain technology. Reach out to our blockchain developers today and embark on a journey of decentralized innovation.

Technology: SMART CONTRACT , STELLAR (XLM) more Category: Blockchain

Mudit Kumar

23 May 2024

Polygon zkEVM | For Efficient Scalability of Your dApp In the ever-evolving landscape of blockchain technology, scalability has long been a central challenge. As the demand for decentralized applications (DApps) and smart contracts continues to surge, platforms are continually seeking innovative solutions to address the limitations of existing scaling solutions. One such groundbreaking advancement is zkEVM development on Polygon blockchain, a cutting-edge technology that promises to revolutionize scalability on the Ethereum network.Understanding the Need for ScalingBlockchain networks, particularly Ethereum, have faced persistent challenges related to scalability. The increasing adoption of decentralized finance (DeFi) applications, non-fungible tokens (NFTs), and other blockchain-based services has led to network congestion, higher transaction fees, and slower confirmation times. Recognizing the urgency of addressing these issues, Polygon has introduced zkEVM to provide a scalable and efficient solution.Also, Read | How Polygon AggLayer Emerges to be the Hub for Ethereum L2sWhat is Polygon zkEVMPolygon zkEVM, short for zero-knowledge Ethereum Virtual Machine, is a layer 2 scaling solution built on zero-knowledge rollups technology. It leverages zk-rollups to enable faster and cheaper transactions while maintaining the security and decentralization of the Ethereum mainnet. This innovation allows developers to seamlessly port their Ethereum-based applications to the Polygon network, unlocking a new era of efficiency. Also, Check | Polygon Blockchain (Matic) | A Comprehensive GuideKey Features of Polygon zkEVM:ScalabilitySignificantly reduces transaction fees and confirmation timesEnables the processing of thousands of transactions per second, addressing Ethereum's current throughput limitationsInteroperabilityMaintains compatibility with existing Ethereum smart contracts, facilitating a seamless transition for developersAllows users to move assets between the Ethereum mainnet and Polygon zkEVM with ease.SecurityPreserves the security guarantees of the Ethereum mainnet by utilizing zero-knowledge proofsEmploys cryptographic techniques to ensure the integrity and privacy of transactions.DecentralizationRetains the decentralized nature of the Ethereum network, with validators participating in the consensus process through the use of zero-knowledge proofsUser-Friendly ExperienceProvides a smooth and familiar development environment for Ethereum developers, making it easier to onboard existing projects onto Polygon zkEVMOffers users a seamless and cost-effective experience, enhancing the overall usability of decentralized applications.Also, Explore | Polygon 2.0 | Unifying Liquidity and BeyondUse Cases and ApplicationsPolygon zkEVM opens the door to a myriad of possibilities for developers and users alike. Some potential use cases include:DeFi ApplicationsEfficient and low-cost trading, lending, and borrowing on decentralized finance platformsNFT MarketplacesFaster and more affordable transactions for buying, selling, and trading non-fungible tokens on NFT marketplacesGamingScalable and cost-effective in-game transactions, item transfers, and other gaming-related activities.Supply Chain and LogisticsEnhanced efficiency and reduced costs for tracking and verifying supply chain transactionsYou may also like | Polygon Blockchain Explained | A Detailed LookConclusionPolygon zkEVM represents a significant milestone in the quest for blockchain scalability. By combining the familiarity of Ethereum with the efficiency of zero-knowledge rollups, Polygon has positioned itself at the forefront of the scaling solutions race. As developers and users increasingly embrace this technology, the broader blockchain ecosystem stands to benefit from a more scalable, interoperable, and user-friendly future. As we witness the continued evolution of blockchain technology, Polygon zkEVM stands tall as a testament to the industry's commitment to overcoming challenges and pushing the boundaries of what is possible in decentralized innovation. If you are looking to leverage the potential of zk-proofs, hire our blockchain developers to get started.

Technology: WEB.PY , TYPE SCRIPT more Category: Blockchain

Mudit Kumar

31 Dec 2023

Exploring Stellar Blockchain in Cross-Border Payments With the increase in people migrating to different countries, the number of cross-border payments has increased. According to the World Bank, about $630 billion was sent in remittances to low- and middle-income nations in 2022. It is expected that the value of cross-border payments to reach over $250 trillion by 2027. However, hefty fees, averaging 7-8% (and up to 15% for developing economies), and prolonged processing times persist through various intermediaries. Here, Stellar blockchain can be used as a solution with its high-speed and low-cost transactions. In this article, we explore how Stellar blockchain development services can solve various challenges in cross-border payments.Challenges with Traditional Cross-Border TransactionsMost international money transfers pass through the SWIFT (Society for Worldwide Interbank Financial Telecommunication) system. SWIFT ensures the safety of financial transactions among its members by transferring detailed instructions, rather than transferring money itself, from the paying bank to the receiving bank. Even after five decades in operation, SWIFT remains slow and costly. International money transfers heavily rely on SWIFT as an intermediary, incurring fees that elevate transaction costs. Consequently, it may take 3-5 business days for funds to reach the recipient. Stellar blockchain aims to establish a faster alternative, circumventing these delays and expenses. Suggested Read |Addressing Challenges of Cross-Border Payments with BlockchainUnderstanding Stellar for Cross-Border PaymentsStellar is an open-source blockchain that enables international payments. Its native digital currency is Lumen (XLM), which enables users to set up their account and transaction processing within the Stellar network. Created to minimize cross-border payment barriers, Stellar aims to promote financial inclusion and establish a new global payment standard. You May Also Like |Exploring Stellar Blockchain for Fintech SolutionsBuilt-In Features of StellarLet us understand the built-in features of Stellar:Speed: Stellar ensures swift confirmation of transactions, typically within five seconds, offering an efficient environment for financial operationsCost: Stellar performs transactions with negligible transaction fees, averaging just over .000002 XLM per transaction.Scalability: The network is capable of processing up to 1000 transactions per second (t/s), rivaling the volume managed by SWIFT. Since its inception in 2015, the network has impressively handled over 13 billion operations.Also, Explore | Understanding Soroban | Stellar Smart Contract PlatformHow Stellar Simplify Global Payments Without IntermediariesStellar establishes a seamless, blockchain-powered payment infrastructure and collaborates with local partners known as anchors. These anchors serve as entry and exit points for various global currencies on the Stellar network. Much like SWIFT, Stellar employs a standardized protocol. The network ensures consistent communication among all participants. Businesses using Stellar can transfer traditional currency to an anchor, which then facilitates a streamlined conversion to the recipient's local currency. This converted value is smoothly delivered through a local anchor in the recipient's region. This entire process eliminates the necessity for intermediary banks. Both the service provider and the buyer can conduct transactions in their respective local currencies. Essentially, Stellar transforms the complex processes of international wire transfers and currency conversion by integrating them into a single, direct pathway. Check It Out | Ripple and Stellar Blockchain Solutions in BankingWhat Does Stellar Offer in Cross-border PaymentsHere are the use cases of Stellar in the payment sector:RemittancesStellar facilitates seamless transactions between individuals. It ensures swift coverage of everyday expenses.Global PayrollStellar's platform allows for payroll distribution in local currencies without imposing minimum transaction requirements. It enables businesses to pay employees globally more efficiently.Treasury ManagementStellar manages liquidity in operating accounts without pre-funding them. It provides better financial agility and effective treasury management for organizations using Stellar's network.Also, Check | Stellar Launches Smart Contracts: Soroban Now Live on MainnetBusiness InvoicingEmploying Stellar, enterprises can issue invoices to suppliers and other businesses without the need for pre-funding accounts. This simplifies and expedites the invoicing process.Merchant SettlementIt expedites payouts and effortlessly converts funds back to a single operating currency for seamless merchant settlements.Social PayoutsStellar facilitates the issuance of partial or full payments for grants, aid, and government services. It ensures a streamlined process for social payouts.Enterprise PayoutsStellar improves the efficiency of enterprise-level payments. With Stellar, businesses can easily reconcile corporate payouts without the need for pre-funding accounts. Also, Discover |Idris Elba's Stellar Journey Towards Human EmpowermentConclusionThe financial ecosystem must adopt Stellar-based blockchain solutions to revolutionize cross-border payments. Embracing this approach will enhance security, minimize risks, and elevate international transactions to new heights with secure, real-time, and cost-effective transfers. If you are interested in tapping into the potential of the Stellar network, then connect with our blockchain developers to get started.

Technology: MEAN , PYTHON more Category: Blockchain

Dimple Dasila

15 Dec 2023

Idris Elba's Stellar Journey Towards Human Empowerment Idris Elba, a well-known British actor and filmmaker, told about his journey with Stellar Blockchain in an interview with Cointelegraph. The actor has partnered with Stellar Development Foundation to provide Stellar blockchain solutions to financial inclusion problems in West Africa. Idris Elba's involvement in this collaboration began when he was featured in a promotional video by the Stellar Blockchain Development Foundation, contributing to their 'Where Blockchain Meets the Real World' campaign. Tracing the Personal Journey Idris Elba reflects on his diverse background. He talked about how his voice was never heard while growing up. Now, he has a platform where can amplify the voices of those with immense talent but limited opportunities. The actor wants to utilize his influence to advocate for those without a voice. You may also like | Exploring Stellar Blockchain in Cross-Border Payments Stellar Blockchain Partnership Idris Elba shares that after a year of conversations, the Stellar platform stood out during a pivotal moment in the blockchain and NFT explosion. Stellar's focus on solution-driven efforts caught his attention. He found their approach resonating with his vision and offers significant potential for impactful ideas. The actor remained curious about the technology, specifically about the way crypto's technical plumbing. Stellar welcomed him with open arms. The blockchain platform offered incentives and comprehensive education from the ground up. Suggested Read | Stellar Blockchain Use Cases | A Quick Explainer Financial Accessibility and Inclusivity Idris Elba also shared his point of view on financial accessibility and inclusivity achieved by a community. The actor sheds light on the challenges in Africa, noting the vast expanse of land and the lack of infrastructure familiar to the West. Despite differences in lifestyle, he emphasizes the innovative potential within these communities. He highlighted the absence of adequate tools for expression and articulation among bright minds. Elba underlines the importance of connectivity by comparing it with owning a mobile phone. He stated that while everyone should have access, it doesn't require a modern city lifestyle. The actor expressed optimism about Stellar's role in providing tools akin to technological building blocks. He believes that the technology has transformative potential in enabling individuals to create solutions tailored to their needs and aspirations. Check It Out | Exploring Stellar Blockchain for Fintech Solutions Personal Anecdotes and Stories Elba recounts a memorable experience in Kenya, where farmers harnessed the power of technology amid the climate crisis. These farmers innovatively utilized Google Maps and weather systems to predict rainfall. They leveraged the app's geographical features for climate-proofing their livelihoods. He underlines the remarkable invention within communities and emphasizes how tools commonplace, like those in our phones, are transformative. Elba admires their resourcefulness and draws attention to the contrast between common phone usage and the impactful, inventive use by individuals securing food sustainability for their families. Also, Discover |Building Next-Gen Fintech Solutions with Stellar Blockchain The collaboration of Idris Elba and Stellar Development Foundation unfolds a promising journey toward a more accessible, empowered, and interconnected world. If you are also interested in exploring Stellar blockchain's full potential, connect with our team of dedicated developers.

Technology: MEAN , PYTHON more Category: Blockchain

Dimple Dasila

08 Dec 2023

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

Streamlining Cross-Border Payments with Blockchain The global payments sector is error-prone and costly. Cases of money laundering are also common. Besides, it takes days to initiate international transfers of money in addition to limited visibility to transactions. Blockchain development services are changing this paradigm of global payments industries. The technology lays the foundation for low-cost, reliable, and fast peer-to-peer transactions. Based on the McKinsey & Company report, cross-border payments solely cover 40% of global payments transactional revenues with payment flows of more than $135 trillion in 2016. In the future, the digital revolution is going to take over the payments arena in the long run. In this situation, banks would need to minimize the back-office costs for international payments by 90% percent according to reports. Conventional money transfers such as Moneygram and WorldPay are also being used to transfer money overseas. The fees involved in these platforms to transfer money are similar to what banks charge. Also, the speed for transferring money is low (five to six business days). Therefore, several companies are exploring ways to use blockchain to reduce cross-border costs and speed up transactions. With Blockchain, the cost of cross-border payments will decrease and customers will have improved transparency over the transactions. How Blockchain Revamps Cross-border Payments Blockchain can eliminate these issues and change the way cross-border payments are done. It is faster and provides greater visibility between two parties at a lower cost. A person in a blockchain network can see every single entry into the ledger of transactions. It provides privacy as well since the transaction details are shared among all parties who are participating in it. Also, a high level of security is available because it forms an immutable ledger of transactions. Since transaction records are tamper-proof, Blockchain eliminates concerns about fraud. All the manual processes involved in the work of cross-border payments are time-consuming and prone to mistakes. Blockchain can automate transactions via smart contracts. Actions can be described and performed by “smart contracts,” which make sure that all parties are abiding by the rules and which automate (and therefore expedite) transactions. Hence, blockchain makes the operations involved in international payment faster and more cost-effective. Industry Players Adopting Blockchain for Cross-Border Payments SWIFT At the start of the year 2017, SWIFT launched a Proof-Of-concept(POC) to explore whether the distributed ledger technology can be used by banks to improve the management of the Nostro database in real-time, lower costs, and operational risk. As a part of SWIFT's global payments innovation (GPI) initiative, it aims to deliver a new standard in cross-border payments. 22 global banks collaborated with SWIFT's GPI in 2017 to test the PoC DLT (Blockchain) application. WYRE It is a cross-border payments organization based in San Francisco that professes itself as the fastest international money transfer platform in the industry. The platform helps businesses to make cross-border payments efficiently by offering faster and cost-effective services. RIPPLE It is a blockchain-enabled platform that offers financial settlement solutions across borders, which enables banks to do transactions directly with each other and lower the costs of settlements. Ripple is constantly diversifying its services in the banking sector. For instance, at the end of June, Thailand's Siam Commercial Bank and Japan's SBI Remit collaborated to launch the first blockchain-enabled payment service using Ripple's blockchain. Using blockchain to build cross-border payments contains immense potential in eradicating several pain points of stakeholders. However, before venturing into this relatively new and complex tech space, due diligence is a must. Connect with our skilled blockchain developers to get started with building cross-border payment solutions.

Technology: ReactJS , Web3.js more Category: Blockchain

Mudit Kumar

06 Apr 2018

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