Wallet as service
Since more and more services that use cryptocurrencies appear lately, their developers constantly face the need to add a cryptocurrency wallet function. However, the self-deployment of a server wallet is fraught with certain nuances and problems, which could significantly complicate the work and extend development time.
The first, and possibly one of the greatest problems is the provision of adequate security for the wallet, as we are dealing with money. The second one is restricting access to the wallet, which implies fine-tuning the firewall, as well as the development and enforcement of security policies.
Since a cryptocurrency wallet that provides sufficient protection and safeguards the funds is a full-fledged network consisting of numerous nodes, it implies storing the entire blockchain of the selected cryptocurrency on the server. Thus, currently only Bitcoin’s blockchain is around 277 GB, and adding the possibility of using other cryptocurrencies will only increase this number. Despite that space for storing data on a server does not cost too much by itself, regular access to the array of server drives implies their high quality, which significantly increases the average price of the hardware.
As a result, the process of independent self-deployment of a wallet server is difficult to implement and takes a huge amount of time and money. Unfortunately, choosing cloud wallets such as BaaS (blockchain as a service) and cloud solutions in general, is also no optimal. Of course, it removes the wallet deployment issue, as it offers ready-made options; however, the cost of cloud solutions implies serious cash outlay. Also, since all of the cloud wallet information is stored on the internet, the coins and data become more vulnerable to hacker attacks.
As a solution to the abovementioned problems, MoneyPipe offers developers an opportunity to use our API for sending and receiving coins instead of a wallet daemon:
- Our specialists independently carry out a full cycle of timely support and updates of the wallet, offering you a ready-made, convenient and easy-to-use service.
- Working with the service is easy and user-friendly — all of the actions are performed within the embedded software interface and you always have access to the status of the performed operations.
- MoneyPipe’s usage fee is significantly lower compared to 1% commissions for each outgoing transaction, which makes our solution more advantageous form a financial point of view.