What is a Crypto Wallet?
A crypto wallet is an application used for storing and transacting cryptocurrencies. These can exist both online (hot wallets) and offline (cold wallets), with supporting items including web browsers, mobile apps, USB drives, and paper documents. Although there have been numerous wallet applications since the inception of Bitcoin in 2009, MetaMask-like wallet development has been favored immensely among businesses and users alike. As time flew by, crypto wallets got updated to be able to store non-fungible token (NFT) records. This blog aims to serve as the ultimate guide for those wanting to run a Web3 crypto wallet business similar to MetaMask.
What is MetaMask?
Launched by ConsenSys Software Inc. in 2016, MetaMask is a Web3 wallet application based on the Ethereum network that can store cryptocurrencies and non-fungible tokens. It is available in the form of browser extensions (Chrome, Firefox, and Brave) and mobile apps (Android and iOS).
It has a vast user base – more than 30 million monthly active users (MAU), per a report on March 2022 – thanks to its early entry into the crypto space as an application providing the difference. The application has been actively growing as it has expanded support to BNB Chain, Polygon, and Avalanche while staying native to Ethereum.
The Efficiency of MetaMask as a Crypto Wallet
MetaMask, as a crypto wallet, is favored among businesses and users for many reasons, with a particular mention of efficiency. The application is in widespread usage among crypto users not only due to its longevity but also because of its ease of use.
MetaMask-like wallet development also focuses on decentralization by making the app function as a non-custodial wallet, meaning no external party will have control over a user’s crypto holdings. The evolutionary nature of our MetaMask-like wallet software also aids businesses, in the long run, to stay with the current trends.
Benefits of MetaMask-like Wallet Development
- A wallet like MetaMask is SPV-enabled, meaning the need to download entire blockchains is eliminated.
- The application also provides access to broader markets for the underlying venture.
- Since it is decentralized, there is no need for storage facilities, reducing operational costs for businesses.
- Partnering with established brands becomes easier for a wallet-based business due to its advanced features.
- The non-custodial nature of the wallet ensures there are no user privacy concerns.
- Users can easily transact cryptos faster by choosing additional gas fees.
- Since it offers support for multiple extensions, it is easy for users to set up and use it.
Features of Our MetaMask-like Wallet
- Our MetaMask-like wallet application is non-custodial, meaning that users have complete control over their private and public keys and hence their crypto holdings.
- The software will be typically free to use for users, which enables it to appeal to a wider user base that ensures success for ventures.
- A crypto wallet like MetaMask will be available as multiple extensions, supporting various devices.
- The wallet software offers support for multiple token standards, including ERC-20 and various non-fungible token standards for Ethereum and other EVM-compatible networks.
- Additionally, the wallet app provides support for hardware wallets, complementing physical devices to ensure maximum security for users.
Why Should You Choose Our MetaMask-like Solution Among Others?
MetaMask-like wallet development from our experts has been one of our best capabilities when it comes to crypto wallets. The solution functions as seamlessly and robustly as MetaMask as possible, which makes it popular among our clientele and the general Web3 business society.
Also, the solution’s affordability and quickness to launch for public use make it preferred among other solutions. The level of post-launch support available across the web3 space for MetaMask-like wallet software also makes it easy for an entrepreneur to run a business based on it.
The Need for a Decentralized Wallet Like MetaMask
A decentralized wallet like MetaMask brings in never-seen opportunities for a business with many industrial sectors and countries starting to accept cryptocurrencies as legal tender. The advent of NFTs has also cranked up the requirement for such wallet apps, as most Web3 platforms require wallets to use, unlike Web2 platforms asking for sensitive information.
But why go for decentralization? Multiple events of security breaches in centralized crypto applications have taught the Web3 space numerous lessons on the need to utilize decentralized applications (dApps) for wallet applications. Hence, the demand for MetaMask-like applications from businesses has increased considerably in recent times.
How to Create a MetaMask-like Wallet?
- We collect your ideas for the business application and frame the official documentation.
- We proceed to create the architecture for the development campaigns and verify that it meets your needs.
- Then, experts design the wallet’s front end using UI and UX principles through low and high-fidelity wireframes.
- Now, we develop the back end of the MetaMask-like wallet using blockchain programming languages based on the networks and create smart contracts for the same.
- Our professional testers now test the platform for any discrepancies and resolve errors promptly.
- Launch the wallet app for public use and maintain it through frequent software updates.
Why Should You Work with Blockchain App Factory to Launch a MetaMask-like Wallet?
At Blockchain App Factory, we have tried-and-tested solutions based on MetaMask-like wallet development that can be launched within a matter of days. Our solutions are lauded for their simplicity for all ends concerned and the way in which they are developed through a thorough consultation with clients. More reasons for you to choose us to include:
- Proficient Blockchain Developers
- Creative Consultants
- Seasoned End-to-end Development Teams
- Custom-made Solutions
- Multi-chain Compatibility
- 24 x 7 x 365 Technical and Non-technical Support
- On-time Delivery
- Affordable Pricing
To begin your new venture based on a wallet like MetaMask, book a consultation with our experts by filling out the form below.