Solana is a public blockchain platform that offers high-speed transactions, scalability, and low gas fees. These features are increasing the popularity of the Solana platform leading to the rise of Solana blockchain development services . One such crucial development service is Solana wallet development which enables Solana users to monitor their cryptocurrency assets. Solana wallets are essential for enabling transactions on the Solana blockchain. Thus, Solana wallet development is beneficial for businesses using the Solana platform and their customers. But a distinctive Solana wallet needs a few characteristics to set it apart from the competition. This post provides you with information on these distinctive qualities.
What is a Crypto Wallet
Before jumping into the main topic, it is best to understand a crypto wallet.
A crypto wallet is software or hardware that enables users to transfer digital transactions or cryptocurrencies among users. It also keeps track of many cryptographic keys needed for sending, receiving, and transferring ownership. It allows wallet owners to view their balance and transaction history.
Solana Wallet Development
In the Solana ecosystem, businesses do not have to deal with fragmented Layer 2 solutions or shared chains. Its high scalability and high speed make it a low-cost network. High-speed decentralised applications can be implemented on this platform. For SOL transactions in these apps to be enabled, businesses must have Solana wallets. Thus, the development of the Solana wallet now becomes important.
Unique Features of a Solana Wallet
The following unique features can highlight a Solana wallet:
Highly Secure
Apart from data encryption, you can increase the security of your Solana wallet with features such as two-factor authentication, biometric authentication, and multi-signature. It protects users’ assets from any hacker.
Staking
Network users can earn rewards and help secure the Solana network by staking SOL tokens. Moreover, staking requires users to move their tokens into their wallets. This feature attracts more users due to more usability.
Self-custodial Solana Wallet
Only users have their private keys and not the wallet service provider. So, this feature gives users full authorization over their assets. Moreover, asset protection becomes the sole responsibility of the users with this feature.
Cross-chain Compatibility
Transactions outside the Solana network are possible using a cross-chain compatible Solana wallet. Therefore, a user does not need to transfer wallets in order to conduct transactions across several blockchains.
Web Support (Extension)
Web-enabled wallets are user-friendly. Through the web, users can access the wallet. Convenience can be increased by providing a Solana wallet extension.
Mobile Support (Android and iOS)
Mobiles are often more convenient than computers. So, a wallet that can work on mobile devices (iOS and Android) makes it easier for users to buy, swap, or receive cryptos.
Swapping
With the use of this service, users can instantaneously trade cryptocurrencies with one another without having to exchange them for fiat money. Swapping lowers transaction costs and saves time.
Borrowing and Lending
Usually, users have to use separate applications for borrowing and lending cryptocurrencies. So, adding borrowing and lending features in a Solana wallet can attract more users.
dApp Support
Solana wallets with dApp support let users interact with Solana-based decentralized applications from a single platform. You can also use blockchain interoperability to enable users to interact with dApps of other blockchains.
Non-fungible Token (NFT) Support
A wallet with dApp support will also support NFTs. It enables users to store and view their NFTs. With this capability, users can experiment with various NFTs on several blockchains.
Looking for Solana Wallet Development Service
Oodles Blockchain provides Solana wallet development services. Hire Solana developers who have expertise in developing robust wallets for Solana blockchain projects. Contact us today to avail our services.
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