Despite early reservations about Defi, it appears that decentralized finance has successfully changed its place in the market as a reliable source now. Its journey to success has embarked on with many advantages, including transparency, autonomy, availability, and the absence of third parties. These features distinguished it from other blockchain platforms.
In this blog, we’ll look at some of the most important factors to consider before creating a Defi wallet.
What Is A Defi Wallet?
Defi wallets are blockchain-based spaces for storing digital cryptocurrencies. These wallets are designed to perform transactions and hold assets securely. The best Defi wallets are non-custodial wallets which means that can be only accessed through private keys.
A single authoritative party can only access the wallet with private keys. All the other access will be denied except the owner. For instance, the government cannot try to access your Defi wallet. Moreover, governments cannot freeze accounts but can order token issuers to freeze assets sent to exchanges or render some assets obsolete.
Features to Add to Your Defi Wallet
While creating a Defi wallet, first of all, you have to make a defined features list that you want to integrate into your product. Start with the basic features your crypto Defi wallet should have.
● Fast and Easy sign-up
Facilitate your users with log-in access. You can provide your users with a username and security settings, such as a passcode or biometric security, so they can easily get started with the wallet.
● Balance Check
This is a basic feature where users can check the available balance in their digital wallet. Display of balances on the start screen would be the best practice to follow in this case so that users can always see them.
● Send/Receive crypto
Our app should facilitate both sending and receiving cryptocurrencies features. For example, Coinbase Wallet follows this feature which cab send cryptocurrency in several ways: by scanning a QR code, entering a long-form address, or using a Coinbase Wallet’s username.
● Money withdrawal
Withdrawal is an integral feature of any decentralized crypto wallet. Facilitate your users to make sure that users won’t face difficulties with withdrawals.
● Transaction history
Transaction history helps users analyze their activity and transaction records. Facilitate your users with this feature to make sure to add some filters.
● Notifications
Allow notification button with options where users can select from various options. A user should select independently which notifications they want to receive. For instance, messages about crediting funds, updates, news, etc.
Advantages of Decentralized Wallet Development
- The information stored in the wallet is end-to-end secured.
- Users can remotely access the wallet.
- A user can independently hold ownership of the wallet.
- Through a decentralized wallet, users can automate transaction processes.
- A user can totally control the wallet as a sole owner because access to the wallet is only allowed through a private key.
- It facilitates fast transactions as compared to traditional transactions.
Essential Phases in Creating a Decentralized Wallet
Follow the following phases for the development of your best Defi wallets.
● Discovering Project Objectives
This phase is carried out to determine the objectives of the project, its target audience, risks, etc. To make your project successful, make sure to target your defined audience which best suits your project objectives. You can make this through detailed market research and analysis. You will also come across the needs of your targeted audience range.
In this discovery phase, business analysts will help you make a list of features and draw up project requirements.
● Architecture development
Based on the data obtained in the discovery phase, we can draw a scratch graph of the initial idea. In this graph, you can see how the components of the system interact with each other. If you have already defined the architecture, you can easily convey your requirements to the developers’ team. This step will help developers in implementing and will be able to proceed with the tasks assigned to them.
● Design and development
UX/UI is more about designing and presenting a front user interface of your wallet. It involves a deep understanding of user behavior and the stage involves the study of the logic of the application interface that better meets the user expectations and needs.
To make this happen, you have to revise a map for your engineers who need to choose the technology stack that better match your project goals and requirements.
We can proceed to the technical implementation of your project once we have completed the stages of collecting information, creating the architecture, and designing.
Our expertise in technology will give you your desired results through programming language frameworks, libraries, databases, and other development tools. Further, we ensure the following points.
- Two-Factor Authentication
- Biometrics
- Multi-signature
- Session Logout
- Private keys
● Testing and Deployment
This practice is used to make sure that the project is actively running without any bugs or problems in the development phase. Quality assurance professionals test all phases of the development process to avoid accumulating bugs.
Defi wallet testing is not only confined to the limited of verifying the features are working correctly and meeting the requirements of the project but it also makes sure that the smart contracts underlying your application are reliable and secured. The QA team ensures the security of the project and makes the project ready for deployment.
How Hashlogics Can Help You?
Crypto Defi wallet is an integral part to hold and secure digital assets. Hashlogics has in-house business analysts and UX/UI designers, as well as skilled blockchain developers to develop a decentralized crypto wallet.
If you want to get Defi wallet crypto that best suits your needs, feel free to discuss your requirements with our specialists. We will give you the best outcomes.
