Why do crypto mining apps go mainstream?
Over the past few years, the cryptocurrency market has experienced rapid growth which allows claiming that cryptos are likely to become the future of payment and investment.
According to the forecast provided by a research platform MarketsandMarkets, the crypto market is expected to reach $1.40 billion by 2024, growing at the Compound annual growth rate (CAGR) of 6.18% from 2019. And the recent news about Bitcoin and Ethereum beating their historical records only confirm these predictions.
Surprisingly, during the pandemic and the time of global crisis, cryptos have demonstrated remarkable stability and steady growth. These circumstances suggest that the downturn only plays into the hands of the industry, thus attracting crypto traders and miners, chasing the idea of generating passive income.
This new reality opens doors for the creation of new technologies and software solutions that would help to mine, buy, and sell digital coins. But before we proceed with actual tips, let us provide a couple of words about blockchain technology which goes hand in hand with cryptocurrency mining.
[ Short Note: What is blockchain mining?]
The concept of blockchain has been debated a lot with the increasing popularity of cryptocurrencies since more and more people now eager to find out how to mine Bitcoins and other popular cryptos.
Simply put, blockchain can be defined as a specific type of database, where each block has a cryptographic link to the previous block and is stored on multiple computers around the world. The blockchain mining principle is based on solving mathematical problems using computers. Each individual computer solves and assembles a chain independently so if the miner's computer collects it before others, the owner is rewarded with crypto coins.
How to build a crypto-miner: actionable tips
In case you are thinking of entering the crypto market and developing your own mining app, we’ve gathered some tips and examples from our practice that can help you to get started.
1. Conduct significant research about the competition in this niche.
Once you’ve decided to join this industry, you need to map out your target audience and the main tasks that your crypto mining platform should cope with. Choose and carefully study the potential users of your future mining app to detect their demands, age, location, devices and networks, etc.
Taking into account that mining is quite an energy-consuming process, we advise you to pay attention to the sector of users owning high-powered computers, like gamers, who take interest in accelerating their computing power and monetizing it. One of our latest projects was aimed just at such an audience, and it turned out to be quite successful.
2. Start from the MVP development.
Speaking of the development process itself, our traditional advice regarding MVP creation can’t be more relevant in this case. Taking into consideration the fact that the cryptocurrency market is extremely changeable, MVP will help to find out the user interest in your app as well as define the final scope of upgrades for future project scaling without a huge start-up budget.
Check out our recent post about MVP development to find out more reasons why MVP is a good start to any project.
3. Choose the optimal tech stack.
Some developers may consider using Node.js and GoLang in their crypto mining projects, but the first option is quite complex for maintenance while the second one has the limited framework selection. As such, among the variety of tools, we recommend utilizing the stack that includes Java for backend and Electron & Angular for frontend, as we’ve also implemented in one of our recent projects.
In fact, Java provides easy maintenance for mid-large apps as well as steady operation and flawless usability of the future platform. Moreover, for a quicker development process, it is possible to use the available libraries with first-class frameworks for many use-cases, including mining platforms.
As for the frontend technologies, Electron is cross-platform, meaning that your desktop app will be supported by all major operating systems. Plus, the Electron & Angular combination provides more design options and easier maintenance as well.
4. Form a sufficient software development team.
Since crypto miners operate as desktop apps and process loads of security sensitive data, it is vital to pay special attention to backend development to create a steady “backbone” for your future desktop platform. Plus, you also shouldn’t neglect thorough QA testing during the full cycle of development to ensure error-free performance, as well as thought-out UX/UI design to provide flawless usability.
We always take such project specifics into account when forming dedicateds teams, including our recent similar mining project, executed by the team of Java specialists, a QA expert, and a UX/UI designer, who managed to satisfy all the client’s needs and successfully launch the product to the market.
What if you plan to create your own crypto coin?
In case your plans include not only the creation of the app but also their own in-app cryptocurrency, remember that the most challenging thing here is not the development itself, but putting value into your coins.
In terms of the crypto coin development, everything is more or less clear as there are resources with the ready open-source code available for free on the web so you’ll only need to find a competent programmer ready to customize it for you.
However, you’ll still need to make a lot of efforts to market your crypto by raising awareness and getting miners onboard as competing with hundreds of other cryptos is anything but simple.
To sum up
Cryptocurrency apps, indeed, provide enormous potential, changing the modern approach to money, and being ideal tools for getting passive income. Moreover, the crypto mining development niche is quite advantageous for business owners and investors as such platforms are easily scalable and can evolve by means of the user community without any additional resources.
If you plan to take the first steps in cryptocurrency software development, Touchlane team is ready to consult and estimate your project idea as well as guide you through the process from the MVP creation to the official product launch.