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Crypto Mining App Tricked Their Users And Banned by Google
You must have heard of the news, that google banned 8 crypto mining apps for tricking their users. This has just become common in today’s world, with so many cryptocurrency apps, it is hard to find the right one.
One out of every 100 people have invested in crypto in one way or another, even the companies like Tesla accepting Dogecoin as a mode of exchange. This gives rise to a lot of hackers and scammers in this field.
There are some predictions that hackers will target vulnerabilities in systems that implement blockchain technology related to digital currencies. This prediction is pretty much coming true. Tether announced a loss of US $31 million due to outside attackers, which had a ripple effect on other cryptocurrencies against the US dollar.
Bitcoin Gold announced that its GitHub-hosted Windows application has been tampered with. The suspicious version of the application has been hosted online for more than 4 days, Japanese cryptocurrency was hacked for 60 million dollars.
Read further to know what cryptocurrency is and how you can develop your own crypto mining app.
What Is Crypto Mining App Development?
To know cryptocurrency app development firstly let me tell you about what cryptocurrency is, So, according to Investopedia, you can say that a cryptocurrency is a virtual or digital currency that is protected by cryptography or encryption, making double-spending and counterfeiting almost impossible. Most cryptocurrencies use blockchain technology to create decentralized networks. So, Cryptocurrency app development is the process to develop an app that helps you convert your money into cryptocurrency, or in other words, a cryptocurrency app helps you invest in any cryptocurrency with the blink of an eye.
The good thing is that it is easy to spot a fake crypto mining app with so many of them in the market. Read further to know some of the tips to spot a fake crypto mining app.
Tips To Spot A Fake Crypto Mining App
To find a fake crypto mining app there are a lot of factors that you can keep in mind some of them are listed down which might become useful for you:
- The very first thing that you should keep in mind while downloading a crypto mining app is that you should read the app reviews carefully. Fake apps will receive a large number of 5-star reviews once they are published, but don’t be fooled by them, because they may be fake and will pay for reviews. You need to pay more attention to the reviews with one star.
- You must enter some invalid or incorrect cryptocurrency wallet address to check. After in-depth analysis, we found that most malicious samples only treat the wallet address as a non-empty value. Therefore, if the user encodes an invalid wallet address and the application accepts and can perform tracking operations, the application is likely to be a fraudulent crypto mining app.
- Restart the app or phone during mining. Most fake crypto mining app operations are only simulated with local counters. This means that if the device is rebooted after mining starts and the mining app is killed in the background, the system will force the counter to clear and reset it to zero.
- Please confirm if there is a withdrawal fee. Cryptocurrency transfer requires a handling fee, which is relatively high compared to the handling fee that is generally generated through cloud mining. Therefore, free withdrawals are very suspicious.
This could be an opportunity to create your own crypto mining app since investors out there are looking for a good app to buy cryptocurrency. So, providing them with a legit app will help you grow in this field.
Read further to know how to build a crypto mining app and what are the factors, that you need to keep in mind while developing your cryptocurrency app.
Develop Your Own Cryptocurrency App
In this fake world build your own legit cryptocurrency app and the opportunity to earn the highest revenues possible. According to a report by BusinessInsider around 106 million people are using cryptocurrency in today’s world and this number is going to increase a lot because the new generation always prefers to invest than to earn. So, take advantage of this situation and make your own crypto mining app.
So, some of the factors that you need to know before entering the crypto world as a crypto mining app owner are as follows:
As Per Your Requirement Set The Goal:
This includes determining the purpose of the application by clearly understanding the common problems faced by customers, analyzing existing solutions, and defining how your application will solve the problem. This will help you in choosing the best type of blockchain solution. Perform a cost-benefit analysis to determine whether the application is worth the investment and evaluate potential risks.
Decide The Right Platform:
The blockchain platform allows you to create a custom application without making you write blockchain code from scratch. Examples of common platforms are Ethereum, BigChainDB, Hyperledger Fabric, Quorum, etc.
App Model Development:
Decide if you want to use a hybrid, cloud, or internal model. You also need to choose the right blockchain solution that you need to implement. You can choose from allowed, unlimited, private, hybrid, or even public blockchain models. Also, get the best stack based on the platform you choose.
App Configuration:
After planning the server components, you need to choose the best front-end programming language, external database, and application server. The user interface should provide all the necessary functions and be easy to navigate. You can follow the user interface design heuristics as a guide.
UI and Admin Panel Design:
After planning your server components, you must choose the best front-end programming language, external database, and server for your application. The user interface should provide all the necessary functions and be easy to navigate.
API Creation:
Although there are several predefined APIs, you may want to create a custom API for your application. API can be used for data verification, key pair and address generation, smart contract interaction management, and data storage and retrieval.
Testing And Scaling:
The best approach here is to use the MVP (Minimum Viable Product) model, which involves creating a viable POC (proof of concept) solution and testing it to identify hangs, delays, memory and storage issues, and performance issues. After finding the problem, fix it and continue testing for other errors until the application is fully functional.
By developing smart blockchain applications, you can get a lot of information from the existing blockchain community on major blockchain development forums. The forum is full of blockchain experts who generously share information and help others solve problems.
Conclusion
Given the current popularity of cryptocurrency exchanges worldwide, it is understandable why more and more people are participating in such scams, but the best thing is that you can easily spot the fake one and save yourself from getting scammed.
Digital currency applications provide great opportunities for those who are new to the market and those who already have extensive experience. So, building your own crypto exchange app will benefit you in a lot of ways. It will help you grow in this market, according to some global leaders in investment banking, digital currencies are expected to change payment technology in the next few years. This is why you need to create your own crypto mining app which will help you grow in this situation.
We here at Appdukaan, provide not only crypto mining app development solutions but apart from that, we deal with other industries like food delivery, grocery delivery, etc. We include some of the advanced features that will make your app stand out in the market and will grow at a very high pace
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