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EvanDuke · Newbie

Developing a crypto banking app

thiefcrazy98 · Member

The topic is really interesting, and banking crypto solutions are probably one of the most serious and difficult tasks that developers face. Security should be thought out at every level of the application: from storing user data to conducting transactions and protecting against external threats. When it comes to storing cryptocurrency assets, the first thing to note is the keys. Private keys are what protect access to user funds, and if they are compromised, all funds will be at risk. Therefore, two approaches are most often used to safely store keys: hot wallets and cold wallets. Hot wallets (they are connected to the Internet) are convenient for quick access to funds, but their security leaves much to be desired unless additional security measures are used. For example, to improve security, you can use multisig, when a transaction requires not one, but several keys. This helps to avoid losses if one of the keys is compromised. On the other hand, cold wallets (not connected to the Internet) are considered the safest option for storing large amounts. They can be integrated with hardware devices such as Ledger or Trezor, which provides an additional layer of security. Many crypto banking apps and exchanges use a hybrid approach, combining hot wallets for daily transactions and cold wallets for storing large funds.

tbes50203 · Newbie

I have also recently looked into this issue and noticed that many crypto banking applications actively implement sanitized infrastructures to minimize the impact of external threats, for example, through the use of containerization (Docker) and virtual machines to isolate applications and servers. It seems to me that given the constant security threats, it is important to build protection not only at the data and key level, but also at the level of the infrastructure itself.

Date: 2 days ago

That’s a great question! When developing a crypto banking app, it's crucial to choose a reliable core banking solution, and Dashdevs has a great list of top options. Secure key storage is one of the biggest challenges, and many developers use hardware security modules (HSMs) or multi-party computation (MPC) for added protection. Ensuring transaction security also requires strong encryption and multi-factor authentication to safeguard users' assets.