MA
Photo by Allef Vinicius on Unsplash

Decentralized Finance Wallet or DeFi Wallet requires a special system design to achieve high security and reliability and gain users’ trust. According to a research, the market cap of the decentralized wallet is projected to reach $21,070 million by the end of the year 2025, and this is why more and more business owners are looking forward to investing in DeFi wallets.

1) Two-Factor Authentication
The implementation of the 2F Authentication into your cryptocurrency DeFi wallet solution will enhance its security. This feature provides an extra layer of security in the app and ensures legitimate user access. It involves generating a temporary, unique one-time code that is only valid for a specific time.

Read Also:   How I Traveled Half of The US on a Budget as a College Student | by Xhesika Topi | The Capital | Feb, 2021

2) Biometric Authentication
Biometric security, such as face and fingerprint recognition, executes authorized transactions by authenticating the user every time a request to transfer cryptocurrency is generated.

3) Multi-signature Support
The multi-sig feature needs more than one user to sign the transaction. The most common arrangement is 2-of-3, which means 2 out of 3 users must sign the transaction in order to execute it. Even if one of the private keys is hacked, the transaction cannot be processed unless the other user with the private key signs the transaction.

4) Optional Sessional Logout
Session logout represents the event occuring when a user does not perform any action on the wallet during an interval (defined in the smart contract). The shorter the session interval is, the lesser the time an attacker has to use the valid session ID. This feature enhances the security of users’ accounts and funds.

Read Also:   A Solution to DeFi's Inflation

The DeFi sector has witnessed exponential growth, with the total value of digital assets locked up in the tools and protocols standing at over 34 billion. The number of businesses building their own DeFi applications or wallets has grown significantly, serving as a testament to people’s increasing interest in the DeFi market. The increased growth of DeFi solutions will make DeFi services ubiquitous.


Download MAXBIT Android App, Your best source of all crypto news!
Google Play

Source link


How to Develop Your DeFi Wallet With Top-notch Security & Reliability | by MA | The Capital | Apr, 2021

by Benjamin Hartman
Choose A Format
Poll
Voting to make decisions or determine opinions
Story
Formatted Text with Embeds and Visuals
List
The Classic Internet Listicles
Meme
Upload your own images to make custom memes
Video
Youtube, Vimeo or Vine Embeds
Audio
Soundcloud or Mixcloud Embeds
Image
Photo or GIF
Gif
GIF format