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Cryptocurrency Wallet Development Realizes the Future of Payments

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The advancement in technology is undeniable. And everything nowadays is available at our fingertips. In recent years, the number of users investing in digital currencies is rising. Thus, Ethereum and Bitcoin always stay at the peak.

Cryptocurrencies can be stored in various wallet options. This article is going to cover everything you need to know about crypto wallet development.

What is Cryptocurrency?

Cryptocurrencies refer to a type of virtual currency that is secured by cryptography.

Almost every cryptocurrency is created on distributed ledgers and makes use of decentralized networks that are further integrated with blockchain wallet development technology.

How do cryptocurrency wallets function?

  • The crypto transactions are stored in a blockchain network by the wallet that cannot be altered.
  • When a user sends cryptocurrencies to another user, he is transferring the ownership of the coin to the receiver.
  • It consists of both private and public keys that are associated with the currencies.
  • Only if the private key matches the public key, the users are allowed to make a transfer of their digital coins.
  • The private key is used for validating the transaction, whereas the public key is utilized to receive the funds.

Types of cryptocurrency wallets:

The types of cryptocurrency wallets are described below:

  • Desktop wallets:

One can easily download desktop wallets on a PC or laptop. Most of them are secure, and the security will not be compromised until there is a cyberattack.

  • Virtual wallets:

Based on the cloud, virtual wallets are accessible from any location. With the implementation of blockchain technology, it is safer and convenient but is still vulnerable to cyberattacks.

  • Mobile wallets:

Through a mobile app, mobile cryptocurrency wallets can be used. Several retail stores accept payments through this type of wallet.

  • Hardware wallets:

These wallets do not store any private keys of the users online. Instead, the keys are stored on a hardware drive.

  • Paper wallets:

This type of wallet is considered to be the most secure one. It generates printable private and public keys. It can handle easy fund transfer, and it has a QR code facility for user convenience.

Current Cryptocurrency trends in the market:

The first cryptocurrency was bitcoin. And the ones that are developed after bitcoin are often called Altcoins, which serve as the best alternative to fiat currency.

The fluctuation of monetary value, investment growth in the capital, cross-border remittance, and transparency have drastically influenced the market growth.

The leading wallets in 2021:

According to popular providers of wallet development services, Cryptocurrency wallets can be divided into two major categories, namely,

  1. Hardware wallet:

The hardware wallets for cryptocurrency are:

Ledger Nano S: It is a super-secure hardware wallet for cryptocurrency. It has its OS called BOLOS and features 2-feature authentication.

Trezor One: Modern cryptography is integrated with Trezor One. It also uses 2-factor authentication for transaction authentication.

2. Software wallet:

The software wallets for cryptocurrencies are:

Coinbase: It is efficient in creating open financial infrastructure. It has over 35 million users currently.

Gemini: It is accessible via both PC and mobile. Gemini can track real-time cryptocurrency prices. The users can set price alerts to get immediately notified during price fluctuations.

Steps for development of cryptocurrency wallet:

Follow the below processes for cryptocurrency wallet development:

3. Define your cryptocurrency app type:

As there are already existing concepts, you do not need to reinvent. Just learn from your competitors, speed up your development process, and define the crowdfunding app concept.

4. Evaluate the existing market scenario:

It is not time for you to analyze the market. Perform a SWOT analysis for your cryptocurrency wallet development to overpower your competition.

5. Design UI/UX:

Identify user flow and create user-friendly information architecture. And focus on making a high-quality UI.

6. Develop technical architecture and backend:

Aspects like database, UI, service tools, and workflow needs to be considered. After the technical architecture is ready, opt for backend development. Create internally and bind external APIs to build a robust backend.

7. Frontend development:

Work on making a responsive design, and make sure that the user experience is top-notch. The most crucial thing about creating a frontend is that it needs to be reliable.

8. Testing:

Finally, test the app, and compare it with the original requirement document. If any errors or bugs are found, it is fixed by the development team. And the QA team verifies it, and then only it is released.

The necessary features for cryptocurrency wallets:

The must-have features are:

  • User account management
  • QR-code scanning
  • Trading and exchange cryptos
  • Efficient security
  • Currency management
  • Push notifications
  • Seamless onboarding

Conclusion:

The dramatic rise of Bitcoin influenced the global monetary system. And this market will continue to grow and will be the future of digital payments.

If you are unfamiliar with cryptos, you must not commence with the app development hectically. And you must take help from a professional cryptocurrency wallet development company to develop highly secured wallets.

Cryptocurrency Wallet Development Realizes the Future of Payments

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Where to buy Gold-Backed Cryptocurrencies in 2021

If you want to get involved in the gold-backed cryptocurrency space, you’re probably debating on where the best place to buy them is. Fortunately, we’ve got you covered. In this guide, we’ll go over the best places to buy such assets.

Gold Backed Crypto Exchange

A gold-backed crypto exchange is pretty much the best place to invest in such assets. For one, these are the platforms that generate stablecoins. They offer the most value for your investment, often providing quality-of-life trading features and wallets for storage. Some also enable you to invest anonymously.

Not only this, but these exchanges often allow you to redeem your digital gold for physical bullion. Of course, you may have to reveal your identity for this, so they can provide it to the right person.

Such platforms generally audit their holdings and make the results publicly available for trust’s sake. Some are even available 24/7 for the ultimate ability to check their legitimacy.

Specific exchanges allow you to invest in fractional amounts of gold, too, increasing the asset’s accessibility. You can put in as little or as much as you’d like – an option not possible on traditional exchanges.

Binance

Binance is the largest cryptocurrency exchange in the world regarding market cap. It offers support for thousands of cryptocurrencies, many of which being gold-backed stablecoins.

On Binance, you can fund your account with a bank or other crypto and convert nearly any asset into a stablecoin. It’s all up to you, assuming the asset is listed. The platform offers various trading features as well, making it ideal for both beginner and expert traders.

If you’re a big investor, you can earn BNB, the platform’s stablecoin, which helps cover some trading fees. Saving you money, a dedicated stablecoin works wonders for many traders.

If you’re interested in branching off from stablecoins, Binance has tons of detailed documentation on the crypto industry for you to consume. Finally, this exchange has a wallet for you to store your assets within as well. While Binance isn’t a dedicated gold-backed cryptocurrency exchange, it’s definitely a decent alternative.

Coinbase

Based in San Francisco, Coinbase is a popular mainstream cryptocurrency exchange. Because of this, it’s much more selective in its offerings. Still, the underlying support makes it a great space to buy gold backed cryptocurrencies.

Like Binance, Coinbase has a wallet for online storage. It also contains a ton of documentation for learning about stablecoins and other crypto industry staples. If you live in the UK, there’s even a physical debit card, Coinbase Card, for spending on the go.

Beginner traders have more than enough features to make an educated purchase. However, if you’ve been in the space for a while, Coinbase has a pro exchange with more information than Binance. Just note that Coinbase has more expensive trading fees than most other exchanges. It’s a reliable platform, however, which is what you’re paying for.

Gemini

Gemini is a cryptocurrency exchange founded by the Winklevoss Twins of Facebook fame. The project is regulated by the New York Department of Financial Services. It’s often undergoing bank exams and audits as well. These regulations make it a great platform for trading gold-backed cryptocurrencies.

They’re the first crypto platform to hold the SOC 1 Type 2 and SOC 2 Type 2 compliance certificates as well. Gemini even offers hardware keys and insurance coverage for all assets stored on the platform.

Gemini offers various products such as its mobile app, a custody platform, an earn space, and even its own stablecoin. That stablecoin, the Gemini Dollar, is tied to the value of USD. It can be used to trade with gold-backed stablecoins, among other assets, similar to Binance’s BNB asset.

Otherwise, signing up on Gemini is relatively easy, though it does require you to verify your identity, among other things. If you’re looking for anonymity, this isn’t the platform for you. It does list a fair amount of gold-backed cryptocurrencies, however.

Finally, just like Binance and Coinbase, Gemini has its own offering of learning documents to educate yourself further on the cryptocurrency industry.

Where to buy Gold-Backed Cryptocurrencies in 2021

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MyEtherWallet Opens the Door to Access More Than 2,000 Ethereum-Based dApps Within MEW App

MyEtherWallet Opens the Door to Access More Than 2,000 Ethereum-Based dApps Within MEW App

According to the latest announcement, MyEtherWallet, also known as MEW, is now providing access to the entire suite of Ethereum DApps within their MEW app.

It was reported that Ethereum wallet and its interface MyEtherWallet, has brought dApps to its 1.3 million monthly users. This is done by offering and adding a new “DApps Browser” feature in the MEW smartphone app.

As DappRadar partners With MyEtherWallet, their collaboration opens the door for MEW users, putting Dapps in the hands of millions of users. MEW users can now access more than 2,000 Ethereum based decentralized applications, including DeFi and NFT based protocols, directly from their smartphone.

Founded in 2015, MEW is a free, easy-to-use, client-side interface that helps users to interact with the Ethereum Blockchain. It is a fully-fledged mobile app, bringing Ethereum to iOS and Android device users.

DApps Browser to Bring Significant Opportunities

With the new ‘DApps Browser’ feature in the MEW mobile app, users’ can browse, search and interact with DeDApps, including UniSwap, SushiSwap, and others, to access various financial services. 

Moreover, users can browse and search for specific dApps and can also access other decentralized wallet apps such as Status and Trust Wallet. DappRadar reports that in terms of daily active wallets, the blockchain accounts for 30% or 72,000 unique active wallets daily.

It is also expected that iOS users will be able to view rankings and metrics such as daily, weekly, and monthly active users, total value locked, and trading volumes for 2000 DApps that are generally visible via web browsers within the MEW app. 

As MEW is keen to introduce a world of applications and services to its customers, the report also mentions that the new features also enable users to access the growing non-fungible token.

MEW’s Founder and CEO Kosala Hemachandra expressed his views stating that
“Our dedication to bringing DApps to all of our users, no matter how they choose to access them, reflects our belief that wallets can, and should, become the hub where the entire Ethereum DApp ecosystem comes together.”

As DappRadar partners with MyEtherWallet, users can now see how a project is performing on DappRadar. Moreover, users can also track and identify new projects that may arise interest and present opportunities. 

To get instant updates about Blockchain Technology and to learn more about online blockchain certifications, check out Blockchain Council.

MyEtherWallet Opens the Door to Access More Than 2,000 Ethereum-Based dApps Within MEW App

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Crypto Lending Platform Celsius Now Holds More Than $5.3 Billion

Cryptocurrency rewards-earning platform Celsius Network announced that it now holds over $5.3 billion worth of crypto assets. The news is coming months after Chainanalysis announced that it has validated $3.3 billion in total assets held by Celsius.

With this recent evaluation, Celsius has become the second-largest digital asset manager in the world, behind Grayscale Investments. Celsius has continued to grow in asset management since last year, as the crypto asset manager has gained a considerable level of exposure and asset under management.

Since November last year when Chainanalysis made the confirmation, the company has added more than 125,000 new users, which now makes it over 340,000 total active users.

Other impressive milestones

Celsius has crossed other impressive milestones as the company prepares to gain more market share this year.

The firm now has more than 55,000 BTC held under management and more than $200 million as token rewards to the Celsius community, Besides, the platform has 45 different coins and tokens supported and earning yield. Also, the firm’s native CEL token has grown significantly, as it has hit an all-time high of $6.1, making it on the top 40 list of Coinmarketcap.

Celsius enables thousands of users and consumers to gain financial impendence through investments in digital currencies. It offers instant low-cost digital asset loans that are accessible through a mobile app or via the web.

It is designed on the principle that financial services should only operate for the best interest of the community and the customers. Membership in the fee-free platform offers access to curated financial services that are unavailable in traditional financial institutions. The company was established in 2017. It started offering a decentralized trading platform that enables customers to earn up to 10 percent of their crypto shares. It also enables Ethereum holders to earn about 9 percent from their investments.

In May 2018, the company raised about $50 million through an initial coin offering. The startup lends its assets to retail investors, investment funds, and miners on a collateralized basis.

The company said 80 percent of the returns are passed on to holders.

Crypto Lending Platform Celsius Now Holds More Than $5.3 Billion

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Dock’s Capabilities and its Mainnet Launch: A Quick Guide

In this article, we will talk about Dock and its capabilities, focusing on its mainnet launch. Curious? So let’s get started!

Table of Contents

  • What is Dock?
  • How can Dock be Utilized?
  • Dock’s Mainnet Launch 
  • Concluding Lines 

What is Dock?

Dock is a remote company with a globally dispersed team that aims at creating a better future world driven by safe, independently owned verifiable credentials by leveraging distributed ledger technology, blockchain. It provides a wide range of tools that enables Blockchain developers, organizations, and businesses to create verifiable credentials. It can also be defined as a one-stop-shop solution for creating decentralized identities and helps in creating and managing credentials.

The majority of organizations currently depend on centralized structures that are easy to construct. This particular verifiable platform was founded in 2017 to enable every entity to create verifiable credentials on a decentralized network that are secured cryptographically.

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How can Dock be Utilized?

Before understanding how Dock can be implemented across various domains, let’s explore the unique features it offers. 

Interoperability: This platform offers interoperability and hence works seamlessly across numerous platforms. It incorporates standards from the World Wide Web Consortium (W3C) and VCDM to ensure interoperability across many platforms and applications.

Tamper-Proof: Dock use of cryptography for encryption and digital signatures, which ensures that data stored on the blockchain is clear, tamper-proof, and cannot be changed.

Simplicity: Dock is known for its simplicity as it offers a flawless solution to build, manage, and present credentials.

Let’s now talk about the various use cases of this platform. 

Supply Chain 

Dock networks can prove to be beneficial for all businesses and government authorities for ensuring a legal and compliant supply chain management in terms of genuine products and safe deliveries. Not only this, it helps in leading to significant savings in administrative costs and improved profitability. The Dock Network can reconstruct the entire process of the supply chain by providing cryptographically verifiable credentials that are impossible to imitate.

Healthcare

Verifiable with Dock has built an ecosystem that allows issuers to build digital verifiable credentials and a mobile app for real-time storage, sharing, and immediate verification by individuals. Initially, to develop their credentialing solution, Verifiable began working with existing standard Blockcerts coupled with the Ethereum blockchain. But later, it collaborated with Dock, which provides a simplified toolkit, advanced functionality, and even greater scalability and fee control. Verifiable with Dock aims at streamlining the healthcare credential verification and monitoring process.

Workforce 

We all know the hiring process is cumbersome. Dock network can streamline the entire hiring mechanism by providing cryptographically verifiable credentials, thus easing the task for one and all. It allows employers, organizations, etc. to have DIDs on the blockchain network and revoke credentials that reflect the candidates’ skills. Such credentials can then be verified quickly and accurately, unlike manual processes that are time-consuming and not tamper-resistant. Moreover, by utilizing Dock network, we can expect that end results will lead to enormous savings in administrative costs and, most importantly, increased trust in the talent pool due to variable credentials. 

Dock’s Mainnet Launch 

The Dock is an open-source, decentralized network for issuing verifiable credentials such as identity documents, licenses, educational degrees & training certificates, diplomas, etc. With underlying technology, blockchain technology, it enables Blockchain developers to build groundbreaking applications. 

Dock, which seeks to solve the complicated issues that the credential industry faces, has announced the launch of its blockchain mainnet. Built explicitly for verifiable credentials, the mainnet will enable issuers to create their own DIDs to authenticate their credentials. Moreover, it also enables recipients to control and retain ownership of their credentials as well. This network seeks to ensure that transaction costs are minimal by providing a special-purpose blockchain, and there is no effect from unrelated operations, unlike many public blockchains. 

The launch of Dock’s mainnet represents the achievement of another critical milestone in the roadmap of the company. In the upcoming months, the team plans to begin a token migration from its current ERC20 token system to a native token running on the new Dock Mainnet. Moreover, the network will integrate decentralized network governance and will also enable the Dock network to be self-sustaining.

Concluding Lines

Data faces various problems of inefficiencies, incompatibilities, and inaccuracies. By leveraging Dock’s blockchain technology, organizations and institutions can issue digital credentials that are cryptographically secure and verifiable globally. In order to promote its mass adoption, Dock incorporates credentialing standards from the World Wide Web Consortium (W3C), which ensures that data is captured in such a way that it is optimized for securing and sharing the data across the internet. As the Dock team has been working swiftly, the team has also established the Dock Association to oversee the entire network’s development and promotion. 

To get instant updates about Blockchain Technology and to learn more about online Blockchain Certifications, check out Blockchain Council.  

Dock’s Capabilities and its Mainnet Launch: A Quick Guide

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