The current digitized world is seeing the cryptocurrency wallet as a basic tool that can be used for interacting with crypto users using an immutable blockchain network. There are numerous kinds of digital wallet which are available in the crypto market. A crypto wallet can be described as a type of software that can be used for storing public as well as private keys. This can also be used for linking several blocks of a single network which enables the users to send as well as receive digital currencies with great ease.
Each and every single virtual currency holder should possess a crypto wallet since each and every single crypto trade is recorded as a transaction on blockchain technology. In simpler terms, crypto wallets are not essentially required to process monetary transactions, but it is very important to facilitate and store private keys. If cryptocurrencies are your account then think of crypto wallets as your password without which you cannot access your account properly. One such very popular crypto wallet application is the Metamast wallet application.
Metamask wallet application-overview
Metamask is an independently decrypted browser plugin that serves similar to an Ethereum wallet. This wallet application can be installed just like any other regular browser plugin. Upon installation, it enables the users to store Ether as well as other ERC20 tokens and facilitates the transaction of those cryptocurrencies to any Ethereum address. Metamask application allows its users to store and manage digital account keys, broadcast multiple transactions along with connecting decentralized applications via a highly compatible web browser. It can also be accessed through the mobile application’s built-in browser.
The Metamask wallet application also includes an additional integrated service for exchanging Ethereum tokens through aggregating multiple decentralized exchanges for calculating the best exchange rate. From the time of its launch, Metamask has been consistently providing a rather simple point of access for the growing dapp space. The emergence of new decentralized applications and services has added millions of users to the Metamask chrome extension in the early part of 2020. One of the several reasons for the popularity of Metamask among the newly emerging cryptocurrency users is the interoperability with each and every Ethereum oriented platform.
Reasons to create crypto wallet app like Metamask
Metamask is a relatively popular crypto wallet which enables the users to store ERC20 tokens at great convenience. Along with a free extension, it also facilitates interaction with Ethereum blockchain. Even though the process might come across as a daunting task, it is infact one of the easiest wallets based on the Ethereum blockchain. Some of the reasons for creating Metamask wallet are
- Being a complete non-custodial wallet, Meta8mask is entirely free to use and also it is open-sourced. This simply means that it comes with a considerable amount of development community which contributes to tremendous growth.
- When you own a successfully running crypto wallet along with a huge fan base numerous third parties will approach you for posting advertisements in your wallet. You can charge some fees for advertisement postings.
- If you are an owner of a cryptocurrency wallet, then it is possible that you can earn a hefty amount of commission through offering consultation services. In addition to that, you can also earn huge profits through guiding your users with investment suggestions.
- Through staking the crypto wallet owners can gain liquidity and the users will get rewards for staking. The biggest rewards for the owners is that they can increase their user base.
- One of the major revenue modules of crypto wallets is the fee which you can get for processing transactions.
These are some of the major reasons for creating a cryptocurrency wallet. Having seen all these potential profit reaping reasons, every single aspiring entrepreneur would want to get their own crypto wallet to start a business. Let us see further on how to develop a prominent cryptocurrency wallet.
How to develop a crypto wallet app like Metamask?
After learning about the profit margins of owning a cryptocurrency wallet as a business model, any budding entrepreneur or startup would want to get one for them. In that regard, starting a crypto wallet is profitable only if it is prominent among the users. For that to happen, it would be best to try and replicate a world-renowned crypto wallet. Therefore, developing a crypto wallet like Metamask would be the ideal choice if you wish to reap off big returns. Generally, there are two very common ways for developing a crypto wallet. They are
Developing from scratch
When you talk about developing from scratch, it simply means that you are developing all on your own. This demands you to put in all the software assistance by yourself right from initial coding to the final troubleshooting part. The downside of this method is, if you are looking to replicate a crypto wallet like Metamask, then it might be slightly expensive and would cost you more time than you can possibly imagine.
Developing using White label software
A white label software is a pre-designed software tool that can be deployed at will to launch a software tool, and in this case it would be a ready-to-deploy crypto wallet software. This wallet from white label software comes with all the essential primary features as well as security modules of the crypto wallet. In addition to that, you can also fit in numerous customizations as per your business requirements. To top it off, you can get your desired type of crypto wallet in a cost efficient way.
The above mentioned are a couple of primary ways to develop a cryptocurrency wallet if you wish to develop a business using them. Apart from just developing a crypto wallet software, if you intend on getting popular among the crypto users, it would be highly advisable to have some essential features to be at the top of your game.
Essential features to launch a crypto wallet app like Metamask
As you may have already known, developing any software is just the basics and if you want to stand out with yours, then you have to dig a little bit deeper. With that being said, creating a cryptocurrency wallet application like Metamask that comes with some updated technical features will help that cause a long way. This is because integrating numerous features will play a vital role in creating a crypto wallet like Metamask more effectively. Below mentioned are some of the features that need to be integrated while developing a crypto wallet. They are
- Two-factor authentication
- Multiple cryptocurrencies supported
- High conversion rate
- Buying digital currencies with a card
- QR-code scanner
- Optional logout
- Multiple signature vault
- Multiple platform compatibility
- Multi-language support
By incorporating the above-mentioned exclusive features, you can launch your own crypto wallet in an astounding manner. These are some of the stand-out aspects that are bound to give you a technical edge over your competitors. However, it is also important to keep your expenses in check.
Cost of developing crypto wallet app like Metamask
The estimated development expense for creating a crypto wallet will be based on multiple factors. Some of the factors are the size of the company, complexity nature of the application, the size of the digital wallet along with its design. In addition to that, the cost of developing a crypto wallet can also differ based on the developing style and the software used for it.
Including all the above-mentioned factors the average development cost for creating a crypto wallet might range somewhere from $8k to $12k. This variation will be entirely based on the subsidiary customizations that you wish to add to your crypto wallet. However, all these would be of no use if you do not manage to find the perfect team of developers.
Why choose Zab technologies to create a crypto wallet app like Metamask?
In order for any piece of software to be successful among the users and common people, it is very important to display a certain degree of quality to the output. In that regard, handing the reins to a professionally qualified set of members is a must for getting the desired output. We, at Zab technologies, provide state-of-the-art cryptocurrency wallet development services. Our team consists of numerous technically sound professionals who are capable of relentless work in order to achieve their tasks. Therefore, if you are looking for a world-class crypto wallet development company, then I highly recommend you go with us. Our track record and the reviews of our previous clients are a live example of our stellar achievements over the years.