Cost of Developing a Cryptocurrency Wallet App
Blockchain — most of us familiar with this word as it is one of the most advanced technologies booming in every sector. The demand for Blockchain technology is at its peak among different industries and that’s why now businesses start adopting it to enhance their business.
But the important question is that is it easy for businesses to adopt Blockchain technology?
Now every business wants a mobile app to enhance its reach and productivity. Using Blockchain apps, they can easily achieve their desired results. There are various Blockchain apps used by industries, but an app that has gained maximum hype among industries is Blockchain wallets.
Blockchain wallets are like digital wallets used for storing and managing cryptocurrencies like bitcoin and ether. The major motive behind the Blockchain wallet is to transfer digital tokens without third-party intermediaries.
From a survey, it was found that financial companies can easily save up to $12 billion in a year using Blockchain. Due to this reason, now companies start investing in the Cryptocurrency wallet. But the major problem that comes in front of companies is the cost of developing a top-notch Cryptocurrency wallet app.
Don’t worry; you are at the right place, in this blog we are going to discuss how much it cost to develop a robust Cryptocurrency wallet app consist of advanced features.
What is Cryptocurrency?
A cryptocurrency is a digital or virtual currency protected by cryptography, which allows counterfeiting or replication almost impossible. Most cryptocurrencies are decentralized Blockchain-based networks, a global database created by an unparalleled computer network. Cryptocurrencies are classified as generally not released by a central authority, which in principle makes them immune to government intervention or exploited.
Bitcoin is the best example of cryptocurrency.
Important Features of Cryptocurrency Wallet Apps;
The success of any wallet app depends on its features. If you use advanced and good features, then it becomes easy for users to rely on your digital wallet. Let’s discuss some of the important features;
· Authorization
When we talk about a digital wallet, it is considered as one of the main factors. In the case of cryptocurrencies, a wallet’s authorization factor is maintained by authenticating two-factor via a user registration form and by adding a further layer of security protocol to the transactions by Google.
· Support to Multicurrency
In our day, companies have an international dimension and the trade between multiple currencies can be facilitated through crypto wallets, bitcoins, or Blockchain wallets.
· Push Notifications
The crypto wallets admin can notify users of the digital currency price, achievement, failure, etc. using the push notification feature. This feature allows users to stay updated in real-time with all their account activity.
· Conversion Rate
Crypto wallets allow transfers between various modes and currencies, while an updating of the currency value in real-time is required.
· Paper Wallet Import
Many mobile wallet applications use the QR Code to scan the paper Bitcoin Wallet and add keys to the wallet of the application to perform a transaction.
· Transaction Feature
The best thing about the cryptocurrency wallet is its transaction feature, which enables a user to carry out 100% hack-resistant and fast transactions.
After using advanced features, the next important thing is to hire a top-notch blockchain app Development Company that can develop a cryptocurrency wallet app as per your need. But before hiring any company, you need to consider a few important things as the cost of your app development depends on these things.
Things to Consider While Hiring Blockchain App Development Company
- Size of the Company
The cost of your wallet app depends on the size of the company and according to industry standards, there are three types of companies; small, mid-size, and large. Most of the businesses hire mid-sized app Development Company to get a better result at affordable prices.
1. While working with a large company having more than 3000 experts, your app development cost will be $4500 to $15, 00,000.
2. While working with the mid-sized company having more than 500 experts, your app development cost will be $25000 to $2, 00,000.
3. When you hire small companies with having a company size of 10–100, then app development costs will be $2000 to $25000.
- The complexity of the App
The requirements and the complexity involved are different in each enterprise during the development of an application. You need to design the wireframe of the application with the nuances and dynamics involved with designing the framework for Blockchain’s market reach. This will give you an idea of the costs for creating the product according to its nuances.
- Platform
Do not know the basics of what a Blockchain application takes to develop. Don’t be concerned, these platforms from Blockchain may help you to easily build applications. Quorum, Hyperledger Fabric, and BigChainDB are the most favored networks. You need to decide what app will help you achieve your company targets before you choose any of them.
- Consensus Mechanism
Blockchain uses a contract authenticating system. You can select the system as per your requirements. Bitcoin functions on job proof, for instance. Many others can be used for such purposes as Stake proof, Elapsed Proof, delegated Stake proof, Federated proof, etc. You will also aim at what suits your business when using either of these tools.
Conclusion:
After reading this blog, most probably you get some brief idea about the cryptocurrency wallet app and how you can develop it with advanced features. There are various blockchain app development companies in the market, but the important thing for you to select the best as per your budget.
The cost of developing a robust cryptocurrency wallet app depends on several features that we discussed above. Still the approx. development cost will be around $25000 to $200000, depending on the factors you consider.
