Winkpay-Wallet SDK

Winkpay is specialized in secured mobile wallet platform development for the FinTech Industry. Winkpay is the Financial related technological Service and Product Development for the Payment industry. The Company provides the best products of the Mobile Wallet SDK and Mobile Wallet API.  

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Difference between Mobile wallet vs payment bank

Although mobile wallets and payment banks share a couple of characteristics, they are completely different from each other.

What are the Wallet APPs?

To develop a mobile wallet, is an application that allows you to use mobile devices to save money and carry out transactions safely (payments and collections).

In general, it works similarly to debit or credit cards, except that the information is stored on the smartphone or in the cloud and not on the chip of the plastic card. Also, communication between devices is wireless (NFC, Near Field Communication).

These applications differ from "mobile payment" applications in that they do not necessarily have to be linked to a bank and its technological infrastructure.

Advantages of mobile wallets

Among the advantages of digital exchange, and in particular of wallets, is the decrease in costs and transaction times between users. They also represent savings in both directions for banks.

In addition, its use increases security in bank transactions, since it has several security devices such as authentication through facial or fingerprint recognition, identity validation mechanisms through the generation of single-use keys (soft-token ), and / or QR code.

Disadvantages of mobile wallets

Perhaps the main disadvantage of these tools is in the technological gap, since it is necessary to have mobile devices, in some cases of the latest generation, to be able to use them. In this sense, it may be a technology that is only available to a few.

On the other hand, the loss or theft of the mobile phone can bring serious security inconveniences, especially in the short term, since it is possible to control the device's defenses.

What are payment banks?

A payment bank, which is a new model introduced by the Reserve Bank of India, is a bank that operates on a smaller scale without credit risk and whose banking functions are limited. In simple terms, a payment bank can receive deposits and offer transfers, but cannot advance loans or issue credit cards.

Advantages of payment banks 

 One of the advantages of authorized payment banks is that they offer interest on the remaining unused money. Although wallets do not offer additional features, payment banks offer funds transfers and withdrawals through ATMs. In addition, users can use internet banking in their transactions.

Disadvantages of payment banks 

 Among the disadvantages of payment banks is that, although they offer debit cards and check books, they do not offer credit cards. As already mentioned, payment banks do not offer any loan or line of credit, since these operations involve credit risk.

Conclusion: APPs wallet or payment banks?

Since both APPs wallets and payment banks have their own advantages and disadvantages, choosing the correct mode of payment is extremely important. Therefore, it is highly recommended to think about which option best suits your business model when making this decision.

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What is a cryptocurrency wallet?

What is a cryptocurrency wallet?

Within the ecosystem that surrounds blockchain technology , we use the term wallet to refer to the virtual wallets that store or store the cryptocurrencies we own. since with the wallet we have complete freedom to send and receive foreign currency autonomously, freely and without intermediaries.

Going a little more in its operation, wallets are encrypted programs that store public and private keys, which fulfill the function of storing the various cryptocurrencies that we have. Usually, the wallets official support only one cryptocurrency; While multi cryptocurrencies can house various types, but these are created by third parties. Through these wallets we can authorize monetary transactions, send or receive cryptocurrencies through blockchains and control our available balance, whenever we want.

To use a virtual wallet, it is not necessary to have great technical knowledge about it; it is enough to know that a wallet is software that stores, sends and receives cryptocurrencies. But, it is always good to understand as best as possible how these technologies are handled and more because we talk about our money.

How does a wallet work?

Although we have only recently compared wallet s to an ordinary wallet, they are very different; The reason is that virtual wallets were not created to store money as such, but instead store public and private keys. To better understand what we mean; Public keys are like the account number that we have in the bank, anyone who owns it can send us money, but they will not be able to access our funds. While private keys are like the PIN with which we can access our bank accounts; therefore, if we share our private key, that person would have direct access to the funds of our wallet.

When a person sends a cryptocurrency, they are not sending money as such, but instead transfer their ownership of the crypto asset to another person; in this way it sends the value of it in the form of a transaction. Once the procedure has been carried out, in order for the destination wallet to register the entry and the recipient can use the sent crypto asset, the private keys must match the destination address.

Types of wallets

We can find a wide variety of purses, but all of them are grouped into two completely different categories. The distinction that exists between the two is based on the level of exposure that private internet keys have. Let's know what these categories are and the types of wallets that exist:

Hot wallets 

 Hot purses are all those that are always online, through an internet connection and an electronic device; These maintain a permanent connection to the blockchain . The hot wallets that we can find are:

Online Wallet : Also known as web wallet , these store private keys on a server monitored by the service provider company. Its main feature is that it allows users to access their crypto assets from anywhere in the world, provided they have a device with an internet connection. When using this type of wallet, it is vital to be certain of the security of the site, since administrators can access our private keys.

Mobile Wallet : Ideal for those people who constantly carry out cryptocurrency exchanges; either selling, buying or paying in stores. This works by downloading an app on our smartphone, which allows you to pay directly, even using proximity functions such as contact less that some cards have. Although these wallets use simplified payment verification, they are very vulnerable to computer attacks.

Desktop Wallet : As their name indicates, they are wallets that are installed on our computer, storing our private keys on the hard disk . Within the group of wallets that make up hot wallets, this is the safest and is ideal for those who want to trade small amounts of cryptocurrencies.

Cold wallets :

Cold wallets are those that are not connected to the internet and therefore not to the blockchain . The cold wallets that currently exist are:

Paper Wallet : Completely offline and immune to any cyber attack; This type of wallet consists of a printed document that contains the public and private keys, with which we can easily access our wallet. The best way to use the paper wallet is through the generation of QR codes, since we can scan them and make transactions quickly.

Hard Wallet or Physical Wallet : These are USB devices specially designed to provide extra security to offline storage options . The wallets physical security have a chip whose function is to prevent private keys entering the computer, so that, for purse transactions we enter a PIN. These devices are the safest type of wallet that exists, since they are not vulnerable to phishing attacks . The most popular ones are developed by Ledger and Trezor.

Frequent questions

Surely as they have progressed through the reading, some of their doubts will have been clarified, while some more questions will have been asked; perhaps in relation to security, in terms that they did not fully understand or about what is best when we talk about wallets. That is why we will take care of answering your concerns below.

What are the best cryptocurrency wallets?

There is a type of wallet for each person and their choice is a very important aspect in the world of blockchain . To make the best decision, you must take into account the amounts of money that will be handled, your preferences or even the amount of money that you can invest in the wallet itself. Knowing which wallet best suits our lifestyle is as important as knowing when is the right time to acquire cryptocurrencies. Next, we will indicate the most recognized online purses worldwide for their variety, security and efficiency.

Winkpay: winkpay is specialized cryptocurrency wallet with high security.In this platform allows to  change more than types of cryptocurrencies.

Binance: It has the largest cryptocurrency exchange in the world in terms of volume; on its platform it is possible to change up to more than 100 types of crypto assets and not only that, it has very low commissions, high performance and high liquidity.

Coinbase: It is the best known worldwide and they trade as brokers in around 32 countries, while they store and transact in more than 190 around the world. Additionally, they accept VISA and MasterCard.

Are the purses safe?

As we mentioned when defining what is a cryptocurrency wallet, wallets are encrypted software or hardwares; this means that its structure has been modified and prepared to be incomprehensible, unless a key is available. As its name implies, Bitcoin, Ethereum, and the other cryptocurrencies base their technology on crypto. Currently, this field aims to find and obtain unbreakable encryption standards for communications that are carried out through electronic equipment. For its part, Bitcoin uses algorithms and protocols that were already established and internationally recognized for their level of information encryption. All these security protocols and the disposition of public and private keys make wallets safe to store crypto assets; But we must always take the appropriate security measures, such as avoiding compromised computers or sharing our passwords.

What are public and private keys? 

 On a couple of occasions we have mentioned the use of a public and a private key, to carry out transactions from the wallet, but these are also in charge of safeguarding and protecting the stored crypto assets. These keys are randomly generated and no two are the same, so they are 100% secure. By having both keys, it will not matter if the computer or mobile phone from which we access our wallet is damaged or misplaced, since, by reinstalling the program or application of the virtual wallet on our new device and restoring our account by entering our keys, we can access everything again, as if nothing had happened.

It is important to understand that the conservation and ownership of the public and private key give the user absolute control over the crypto assets associated with both the public key and the wallet ; so it is essential that the private keys are never disclosed to third parties or else, it could take control of the wallet and therefore, of the cryptocurrencies stored there. Additionally, we recommend making backup copies of the private keys of the wallets they possess, as well as their seeds.

What is a security seed? 

 The seed or seeds are a number of everyday words that make the function of private key to being introduced in the correct order within the wallet . The seeds are usually composed of 12 or more words and even if they seem difficult to remember the beginning, it 's much easier to memorize the 52 alphanumeric characters that make up the main private key.

Even though cryptocurrencies are based on systems with very high levels of encryption and security protocols, the reality is that almost everything found online can be hacked at some point; that is why it is essential to know how to correctly choose the wallet in which we will store our cryptocurrencies. Take into consideration the use of cold purses to store funds that you do not want to move in a while or if you want to implement more rigorous security measures; since this way they would avoid attacks, computer formatting or accidental deletions on the computers. Therefore, if investing in large amounts of assets is among your intentions, do not hesitate to make the most appropriate decisions regarding the creation of the best cryptocurrency wallet to send and receive them with all the security that encryption can offer.

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Types of  cryptocurrency wallets and how to protect cryptocurrency wallets

How to choose and protect a cryptocurrency wallet

In July 2017, one of the largest cryptocurrency exchanges in the world, BTC-e, suddenly became unavailable. Trading on the exchange for the last day before the shutdown amounted to about 56.7 million dollars. USA. The official reason for the shutdown of the exchange was the FBI accusation against Alexander Vinnik of money laundering using cryptocurrency. Exchange accounts were seized, exchange servers seized. About a million client accounts fell under attack, and it was very difficult to return a day from. The management of the exchange for more than a month and a half has been considering the possibility of a refund.

Following BTC-e, another largest exchange, Poloniex, made amendments to the contract, stating as a separate clause that the exchange is not responsible for money lost by the trader (stolen or otherwise lost) and does not guarantee the security of the platform. In other words, representatives of the exchange preferred to evade responsibility and do not exclude problems with hacking. This clause of the agreement immediately gave investors a reason to suppose that the exchange itself was not averse to using forbidden methods for capturing accounts, arguing this fact by hacking.

Unsurprisingly, investor confidence in uncontrolled and unregulated exchanges fell. An alternative to storing cryptocurrency on exchange accounts can be electronic wallets. Read about their types, advantages and disadvantages, as well as protection methods.

The best cryptocurrency wallets

An electronic cryptocurrency wallet is a wallet that stores a private key that allows access to cryptocurrencies. That is, this is a kind of key, a password that gives access to cryptocurrencies hosted on the blockchain. And its transfer to public access means the actual loss of cryptocurrencies. Wallets can be developed for a separate cryptocurrency or multicurrency (for the most popular cryptocurrencies). They can be divided into two groups: online and offline wallets.

1. Online Wallets

They are a third party service. Keys in this case are located on remote servers. They allow not only opening several wallets for different cryptocurrencies, but also conducting convertible operations, trading on exchanges, calculating commissions using built-in calculators, etc.

Benefits:

quick registration;

anonymity. Verification is not needed, the owner of the wallet remains unknown;

the ability to work with several cryptocurrencies;

high transaction speed.

Disadvantages:

risks inherent in cryptocurrency exchanges. Some wallets were created with obviously fraudulent purposes; the risks of breaking wallets remain;

additional expenses. In addition to the exchange commission, you will have to pay a commission to the service.

There are no reliable ways to protect money on such platforms. Therefore, recommendations for protecting money come down to diversifying risks, that is, working simultaneously with several wallets. Given the profitability of cryptocurrencies from 100% for several months, this option is optimal.

Examples of popular online wallets:

HolyTransaction. The multi-currency wallet, founded in 2014, supports more than 10 of the most popular cryptocurrencies. It has an intuitive interface, the commission in comparison with other wallets is average;

Coinbase, created in 2012,it  supports bitcoin and ethereum;

Cryptonator The most popular multicurrency wallet in the CIS.

2. Offline Wallets

They represent the storage of keys on their own media without access to the Internet. There are several such options:

1. Desktop . Wallets that involve storing keys on your hard drive. They are considered one of the most reliable options among offline wallets. They are a program installed on a computer with the help of which access to data on a cryptocurrency account is carried out. Their disadvantage is the need for continuous updating, which takes up a lot of memory (from 100 GB). Therefore, desktop programs are divided into "thick" and "thin". "Thick" ("heavy") - programs that themselves from the very beginning download all the block chains and constantly update them. "Thin" ("light") - download the necessary information from third-party services. Despite the fact that the key file remains on the computer, there is a risk that the data from the services will not be downloaded as needed.

Wallet Examples:

Exodus Has a built-in exchange platform ShareShift, supports 7 cryptocurrencies;

Bitcoin Core. One of the best wallets for bitcoin, working with all operating systems;

Armory It is an addition to Bitcoin Core, which allows to increase the level of security of private key storage.

2. Hardware . They are a separate removable media like a flash drive. This method of storing keys is not very popular yet, because it is suitable only for long-term storage (it is inconvenient to trade from it). But he does not overload the computer.

Examples of devices:

KeepKay. Supports 4 major cryptocurrencies;

flash Ledger USB Bitcoin Wallet;

Trezor.

3. Browser . Programs that are made as extensions for the Chrome and Firefox browsers. They have a minimalistic design, pleasant for visual perception.

Example:

Jaxx, supporting 14 cryptocurrencies, has open source code, allows you to export and import keys, and has a desktop version for Windows and Linux.

4. Mobile . They are programs for installation on mobile media (gadgets). Mobile wallets provide payment for goods and services. It is rather a transit option for storing cryptocurrencies, since mobile devices do not provide for constant updating of the blockchain.

Wallet Examples:

Coinomi. One of the best wallets for Android, supporting more than 50 cryptocurrencies. Its advantage is the ability to enter a seed phrase, which allows you to restore wallet data;

Xapo. A California company wallet that supports bitcoin. Money on the wallet is insured, there is the possibility of issuing a debit card, you need to bind a mobile number.

5. Paper . A unique option for storing keys, which is a printout of a picture with a QR code containing a public address and a private key. Long-term storage option for those who do not trust electronics.

Example: bitaddress.org.

Each wallet has its advantages and disadvantages. Which option to choose depends on the goals. For larger amounts, desktop versions are better, paper media - for those who are used to cash currency, they are considered the most reliable from the point of view of the absence of hacking risks.

Ways to protect cryptocurrency wallets

Online platforms are a risk associated with a third party. But cold wallets are not completely safe. There are many viruses that read key data and transmit it to third parties. Some viruses not only open access to passwords, but also install hidden software that uses the power of a computer for mining. Alas, anti-virus programs are not always effective, because the best protection is autonomy and control over which sites are opened and programs are downloaded.

Other ways to protect cryptocurrency wallets:

encryption. The wallet is password protected. A classic way of protection that minimally protects data. It does not give an absolute guarantee, since there are viruses that read keystrokes. Any password can be hacked;

backup. The data used for changes in transactions can be stored in different places and may not be accessible to the user. Because we are talking about a full backup of the wallet;

multi-signature. Optimal protection against hacking online wallets, provides for the signing of transactions by two or more people. Multi-signature is used in a business environment where an account can belong to several partners. It is possible to create 2 accounts from different devices - this way the investor builds multi-level protection.

And finally, the most reliable option is to not mess with electronic wallets and cryptocurrency exchanges at all. Not so long ago, LiteForex offered traders a new service - trading in leading cryptocurrencies . Your trading account is reliably protected from hacking, and the broker's work is strictly controlled by regulators and an independent auditor. Join the number of professional traders and earn on technology! Successful to your trade!

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Integrated the Winkpay Smart wallet with Fingerprint and Passcode access a Total Security.

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Multiple payment gateway can give you flexibility for creating more complex use cases with different payment methods. So it will be easy to payment for any other transaction.

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How to Earn Crypto Wallet

 Crypto wallets are the starting and access point for any transaction in the cryptocurrency world. Banks and other intermediaries simply do not have any here. When that is mostly free of charge.

 Let's see their sources of profit. Above all, it is necessary to talk a little bit about the crypto wallets themselves: they are usually free programs or mobile applications that allow to work with cryptocurrencies such as storage, transmission, receipt and control of public / secret keys. 

Generally they all seem simple, but some are very popular and even earn a lot of money. How can this be?

 The governor does not receive any profit from transactions

 There is aberration that the crypto wallets earn by taking commission on transactions. This misguidance has been entrenched because some exchanges (which they mistakenly consider conservative) receive significant commissions in exchange for taking out the money (and sometimes in exchange for depositing it). Thanks to the bitter experience of interacting with the traditional financial system, we assume that any broker involved in the process needs to take his share. As for the fees collected by the governor, in fact it is the payment of services for the miners who organize the transaction in the register. The governor has nothing to do with mining. We present a description of this process from Coinbase:

 "Coinbase generally does not charge a commission for using the digital wallet service. Virtual currency conversions to the Coinbase platform address can entail the network commission (for example a Bitcoin metallic reward) that a user has to pay. All these fees are reported before the transaction." 

But there are exceptions as well. Bitgo Signature Wallet Signs 0.25% of all incoming and outgoing payments for safe storage of funds for business. Bitgo is for large companies that need to store a digital asset, not for ordinary people. 

Most portfolios maintain their viability at the expense of partnership agreements

 Its main business model is thus limited (at least for the time being). The portfolios earn substantial partnership rewards from external services thanks to the large number of users and the wide spectrum of use. The most famous of which is the ability to instantly switch cryptocurrencies via Shapeshift or Changelly services. The latter of them have a very generous partnership program because prices are usually much higher than market prices. Customers pay comfort, while portfolio designers receive the reward from the service provider.

 Finally, some wallets allow the purchase of digital assets directly from a credit card. These services are provided in cooperation with companies such as Simplex, which pay designers a reward for each process. Users pay to rest so they reward wallet designers. Other than that, the portfolios create passage on stock exchanges that are willing to pay high discounts on new customers. Everyone has partnership programs, and even systemic portfolios (which cannot be said to be free) often participate in such events.

 The financial indicators of the designing companies are often unknown, but it can be said with certainty that 90% of its revenue comes from one or several sources mentioned above. 

The basic problem of systemic wallets Systemic wallets 

(or "cold warehouses") are usually a very simple business model in which the buyer pays. Prices range in the range of $ 50-300. Producing portfolio itself does not cost dearly (about $ 20) so the profitability of projects such as these is high which helps conduct generous partnership programs (eg Trezor offers a 10% cashback).

 However, in reality, this model has one drawback, which is only one-time purchase. The average customer has no need to switch his wallet with the new one every year (other than the smartphone), he buys a wallet (and a second for backup) and here his interest ends. Theoretically, portfolio producers cannot offer him anything new. Designers know this very well so they include software links on various possible services or try to get out into new markets with a future.

 Hybrid portfolios / stock exchanges 

Some portfolios allow the purchase of cryptocurrency, but other than their integration with the third party, they work with the stock exchange directly. For example, Harrow or Blockchain.info (possibly the largest cryptocurrency portfolio to date) allows the purchase of bitcoin and ethereum.

They charge commercial commissions and sometimes earn from regular currency conversion. Some projects never pursue interests Many cryptocurrency wallets are open source code projects that are not profit-making, but their freeware usually affects the convenience of use. And other projects (such as Ethos) do not require profit because they collected a huge amount during the IPO so achieving service income is not a priority. 

Finally, some portfolios are free because they are under the control of companies that earn from other services, and the portfolios have business costs for them. This is for example, Trust Wallet. The wallet was purchased by Binance Exchange so it is completely FREE (and it will likely remain that way).

 New frontiers 

Thus, portfolios relate to either revenue from partnership programs or one-time purchases made by users. Hehti that partnership programs are a safe basis for long-term growth as no one knows when to cancel them. Is there a stable approach to the development of crypto wallets? So far, it is difficult to answer this question. Ultimately, every consumer will have their own wallet like smartphone or TV. 

These projects will gain a lot in the industry as well as browsers or mail clients on the Internet. When that is the partnership programs or even the buying / selling operations they will become a basis for offsetting operating expenses (which are rather large). In the future, new income items will emerge that will keep the cryptocurrency portfolios evolving. It is difficult to say exactly what it will look like. Additional revenue may appear in the form of direct or indirect payments because we are all used to paying for software and services. The presence of a lot of paid mobile applications other than games indicates that this idea is perfectly possible to investigate. 

Of course, the sector must evolve, but the process will proceed only after new funds appear and new rules are imposed and the economy of cryptocurrencies moves to the next level. Cryptocurrency portfolios are still in their embryonic state while they are the bedrock of the cryptocurrency economy.

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Winkpay Wallet will Provide customers seamless and Secured payment system with instant transaction with Wallet API and Wallet SDK.

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We are happy to be an integral part and a silver sponsor of the World Blockchain Summit conducted by Trescon in Bangkok, Thailand. It was exhilarating to share and exchange ideas with so many innovative minds in a closure brimming with passion, talent, and drive. #blockchain #winkpay #blockchainnews #partnerships

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Wallets are secure to varying degrees. The level of security depends on the type of wallet you use (desktop, mobile, online, paper, hardware) and the service provider. #WalletSecurity #Wallet #Digitalwallet #blockchaintechnologies #blockchaincommunity #cryptocurrencywallet #walletdevelopment #walletapp #cryptowallet #blockchaintechnology #coinmarketing #Cryptocurrency #cryptomoney #cryptocurrencydevelopment #icomarketing #icodevelopment #coindevelopment #initialcoinoffering #icomarketingcompany #coldwallet #digitalassets #crypto #wallet #application #CryptoWalletiOS #WalletAndroid

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There are five types of digital storage available for your use: #onlinewallet, #mobilewallet, #desktopwallet, #hardwarewallet and #paperwallet. #OnlineWallet. Security level depends on the wallet. #Digitalwallet

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Top 6 key Features that make your mobile wallet stand out. Like instant payments between wallets, easy transaction, interactive and smooth user interface.

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Winkpay- Wallet SDK and Wallet API are support secure and instant payment wallet solutions.

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Powerful and Secured Wallet SDK and API for Developers. Integrate with all applications featured with all kind of secured transactions and payment options like wallet to wallet transaction, admin commission, bank to wallet and vice versa.

Winkpay is specialized in secured mobile wallet platform development for the FinTech Industry. Winkpay is the Financial related technological Service and Product  Development for the Payment industry. The Company provides the best products of the Mobile Wallet SDK and Mobile Wallet API.