7 Stages of Developing a Cryptocurrency Wallet

When a customer approaches a cryptocurrency wallet development company for developing a cryptocurrency wallet, the company or a representative should provide the customer a clear Technical Task (TT) with a detailed description of the product’s vision and the features it should have.

Evaluation and Planning

At the beginning of any development, the first question that’s always asked is, ‘What is the cost?’. And the next question will probably be ‘How long will the development process take?’ To find answers to the above questions, you need to evaluate the project and sketch a rough work plan. The plan usually has a project manager who plays his part with both the customers and performers. He/She acts as a representative and is responsible for coordinating the work of the team and communicating with the customer.

When evaluating a project, the Technical Task (TT) and customer’s requirements will come under assessment. The stipulated time frame to develop an application and test it under various environments is also evaluated. Pain points in the TT and unused product usage scenarios are revealed during the evaluation.

Express evaluation gives a rough idea about the number of hours a person needs to work to deliver a finished product. A detailed assessment is carried out within a week. With this assessment, you can get an accurate idea of when the customer will receive a wallet ready for use in real-time.

At the end of the first phase, you will get the ‘Scope of the Project and ‘budget required for the development.’

Business Analytics

This is the second phase of development. During this phase,

the essential requirements for the actual product are determined schemes for the interaction of users are built along with an interface suggestions are put forth to achieve what is intended, and a basic plan of user interest is developed It is not a mandatory factor that a developer should conduct the business-analytics. Customers can fulfill it on their own or come up with a list of preset requirements. In such scenarios, the customer is responsible for the quality of analytics.

At the end of the second phase, you will get the specification of functional and non-functional nodes, basis & user interface specification, detailed development budget, a proven development plan.

Design of the Application

The development team will create a user interface from scratch, in case the customer does not have a ready-made one. Initially, they work on creating UI/UX base & wireframes and send them to the customer. Once the customer approves, visual design is developed, considering all user scenarios. The scenarios are a quick design or prototype, a map, graphics elements, a screen switching scheme, and a lot more.

The prototypes can either be static or interactive, depending on the customer’s requirements. With the prototype, one can visually see how the interface will look through the eyes of the user. During this process, the product gets the final touch. So, it is essential to establish feedback with analysts and marketers. This will conclude which design option best suits the final users.

At the end of the third phase, you will get a preliminary interface design, a map-view & screen switching scheme, and UX/UI specifications.

The Coding Part

After sketching the TT, evaluating the project, and developing the prototype, the programmers/coders are all set to start writing the code. The application logic is usually linked with the server part and the cryptocurrencies. Design sketches, UI elements, and interface styles are also included in the code. To increase the pace and reduce the cost of development, developers usually make use of open-source libraries such as Chain-Java, Bitcoinj, Blockchain, Coinbase, and others.

The designers join the team after the design is sketched. They make sure that the programmers have implemented the styles, and the colors are given right. Also, they check how well the methods correspond to the idea, how right the rounded corners are, whether the design suits devices with different screen sizes.

At the end of the fourth phase, you will get a product that is ready for testing (MVP) and design corrections.

Testing and Fixing the Bugs

After implementing a code that holds a part of the wallet’s functionality, the testing stage starts. Testers check the application in various environments to identify bugs, flaws, and errors. All of them are entered into a separate ‘bug list,’ and the list is sent to developers for corrections.

Some of the popular testing stages are:

  1. MVP testing.

  2. Alpha-version testing.

  3. Beta-version testing.

  4. Re-release or Acceptance testing.

During the final stages, the application code, compliance with the intended design, and the usability (how easy is to use the wallet & is the interface precise at the intuitive level) are checked.

At the end of the fifth phase, you will get info on the number of bugs identified, a simple & intuitive interface, and a pre-release product.

Product Release

After the testing phase is over, product analysts, developers, testers, designers, marketers, and the customer should decide together about the release of the product. Once the product is all set to be launched, it can be added to a digital marketplace. Both the developer and the customer can add the wallet to the marketplace listings. They can contact any digital services and pass their compliance checks along with other requirements and legislation.

At the end of the sixth phase, you will get a fully-packed Multi cryptocurrency wallet.

Technical Support

The development of a cryptocurrency wallet does not end with its release. If the customer or other users find any bugs, the development team should work on fixing the bugs. Along with that, the developers will work on making the wallet more convenient and functional.

If the development of the application is provided in the initial plans, then the development team continues to work on the project. If this is not provided, a maintenance contract is written, or a new development stage starts, taking into account the obtained data.

At the end of the seventh phase, you will probably get a maintenance contract that includes the time taken for project development (making relatively minor improvements) and a guarantee for fixing bugs.