SafePal S1 is a hardware cryptocurrency platform designed by Binance Labs. It entered the market in 2019. Now, it is famous in the cryptocurrency, DeFi, and NFT community. This article will tell you about this wallet’s key advantages and security systems and how to develop a crypto platform like Safepal.
The review of SafePal
SafePal S1 became available on the market in 2019. It is one of the most popular hardware cryptocurrency wallets on the market. The community appreciates the design, the experience, the safety, and the fact that Litecoin Foundation and Binance Labs (a Binance venture capital) approve of the wallet. But for the hardware wallets, SafePal also produces metallic boards that help to store the seed phrase. Also, they offer leather cases and a native token – SafePal Token (SFP).
SafePal’s S1 key features are:
- A modern design. The wallet has a modern design, resembling an MP3 player with a crosspiece for control. It fits nicely in hand and takes a little more space than a credit card does.
- A built-in camera for QR codes. Furthermore, the SafePal wallet has a camera employed only to scan QR codes. For instance, this function can be used to approve transactions.
- It can be operated from mobile platforms. The developers offer a mobile version for Android and iOS that can manage the portfolio and process transactions.
- It does not support a wireless connection. Many hardware wallets have Bluetooth, Wi-Fi, or NFC modules for wireless connection to the internet. SafePal does not employ these. It is completely isolated from the world, making it impossible for hackers to access private keys.
- Monitoring the crypto portfolio. SafePal’s mobile application has ‘Balance’ and ‘Activity’ tabs that help to trace the crypto portfolio in real-time. For example, the ‘Activity’ tab shows the transaction history.
- Protection against physical hacking. The SafePal hardware wallets have special sensors that respond to light, voltage, and frequency changes. If something tries to hack the wallet, there is a mechanism to delete the user’s data from the SafePal device. Hence, stealing any private data from the instrument becomes unreal.
- It supports about 10 000 tokens. SafePal hardware wallet supports about 10 thousand tokens. In contrast to Ledger and Trezor, SafePal does not require installing other applications to work with tokens.
- Integrated exchange. SafePal’s mobile application integrates with BinanceDEX, allowing users to trade tokens with their SafePal device.
Four SafePal components
Developing a clone requires reproducing all its components: the physical device, the interface for computer and mobile, the server part, and a native token. Here is a brief description of these components.
The physical device
The device resembles a typical MP3 player. The joystick for navigation is under the 1.3-inch color screen. Furthermore, the device has a camera for scanning QR codes that approve necessary actions in the mobile application. The device has a 400 mAh battery; it can autonomously function for about 3.5 hours. Typically, the crypto wallet is in sleep mode, and 3.5 hours can be sufficient for 1.5 months of usage.
The specifications of the SafePal S1 wallet. Source.
To charge the device, simply use a USB cable. To update the device, connect it to the computer via USB. It is the only scenario requiring connecting the device to a computer. Sharing data is done via QR codes, not requiring cables or wireless connections.
Most devices have a hardware security module (HSM) responsible for storing and protecting private keys. It is a hyper-secure device that fights unauthorized access. SafePal employs a CC EAL5+ security chip for this purpose. It means that SafePal S1 has a chip that meets the international security standards ISO/IEC 15408.
Indeed, EAL5+ is not the maximum, and the ranking is from the simplest EAL1 to the most secure EAL7.
If you want more than just copying the SafePal hardware wallet, you should focus on adding the EAL7 to the device rather than the EAL5+ used in SafePal. Thus, you will be more competitive, and the users will trust you better.
The security requirements from EAL1 to EAL7. Source.
The SafePal hardware wallet has a mobile version for both Android and iOS. The investors and traders can employ it to track their balance, send and receive tokens, interact with decentralized services, and trade on SafePal DEX and Binance CEX. The application has a pleasing interface, intuitive navigation, and many functions and adjustments for security management.
The SafePal’s user interfaces for the mobile version of the wallet. Source.
SafePal DEX is an Automated Market Maker (AMM). It helps to exchange a token swiftly for another. Also, the wallet allows buying crypto for fiat via bank transactions, credit cards, and payment services.
Furthermore, SafePal wallet provides means to interact with PancakeSwap, Travala, Rarible, Aave, Compound, Uniswap, Curve, and other DeFi projects.
The product’s server part
The example of the architecture of the wallet’s server part. Source.
It is probably the most crucial stage of development. Since Backend stores, processes, and protects data and processes that provide the functioning of the wallet, it requires maximum attention. Backend can be implemented on local servers, yet AWS, Google Cloud Platform, Microsoft Azure, and other cloud solutions are better, faster, and cost-effective solutions.
SFP Native token
In early 2021, SafePal launched its native token and exchange ticket SFP. Its token standard is BEP-20, which functions on Binance Smart Chain (BSC) blockchain. SFP allows the users to receive unique rewards and opportunities while using SafePal’s wallet and application:
- Paying the fees within the SafePal ecosystem.
- It offers discounts while buying the company’s services and products.
- It gives rewards in cryptocurrency for staking in SafePal Earn.
- Managing the wallet (adding and deleting coins in the listing, adding and deleting functions, using treasury funds, etc.)
The function of the hardware wallet
While developing a cryptocurrency platform requires creating two user interfaces for two user categories, namely trader-investors and administrators. They both have different rights and capabilities.
The prime functions of many cryptocurrency wallets. Source.
Regular user panel:
Wallet’s administration panel.
- Registration. SafePal’s crypto wallet involves a standard registration process. Yet, it requires an additional match of the QR codes on the device and mobile application. For instance, to create a seed, the user should be approved eight times with the help of QR codes that they are the wallet’s owner.
- Connecting the account. SafePal platform allows buying cryptocurrencies with bank cards, bank transfers, or various payment services. To use this feature requires stating the bank or other service details and creating a template for a quick and straightforward purchase of assets.
- Current rate. A decent wallet should always show the current rate of the currencies so that the users know the actual cost of their assets and react to the changes if necessary.
- Payment operations. A user should have the opportunity to buy, sell cryptocurrency assets, and send them to other users. Moreover, a history of all those operations is also vital.
- Favorite addresses. It is a list of crypto addresses that users compile if they need to perform similar operations periodically. Also, it is good to show the addresses the investor interacted with before.
- Push notifications. They are necessary for both mobile and desktop applications to notify the users of essential things, namely, ending a transaction, invoice payment requests, updates. The hardware wallet notifications should inform of completing the transactions and the low battery level of the wallet.
- QR scanner. This is the only way a SafePal hardware wallet can interact with the world. It helps sign the transactions and approve all important actions on the mobile application.
- Instrument panel. This screen shows important information on the current state of the service. For example, it shows the quantity and volume of transactions (per hour, day, week, month) and active users. Moreover, the screed displays information on the status of the system.
- Managing the users. This screen helps track users’ activity and manage the accounts within the SafePal’s system (delete, change, ban, recover, etc.)
- Analytics and reports. While the device functions, it generates various metadata, which can be later useful for the developers. They can use it to enhance the user experience, increase loyalty, and improve marketing efficiency.
- Monetization adjustments. It is possible to adjust the commissions and fees here. It allows adding, modifying, deleting various monetization means of the wallet and the related services.
- Payment systems. Here, the administrator can add and delete the available payment methods. Also, they can adjust their work.
- Marketing. All marketing instruments are here.
SafePal security features
PIN Code. A PIN code protects the SafePal hardware cryptocurrency wallet. Each user sets the PIN during the registration. It also has an instrument that randomizes the numbers; hence, it creates a reliable code that will resist keyloggers and other hacker instruments.
A password + a QR code. Furthermore, the mobile application that interacts with the hardware wallet has a password that always requires verification via the QR code during any critical application.
Seed recovery phrase. While creating a new account, the users will be offered 12 to 24 random words that make the seed phrase required to recover access to the wallet.
The verification process of SafePal device and application. Source.
Two-factor authentication. All cryptocurrency transactions initiated via the mobile application should be signed and authorized via the SafePal crypto wallet.
EAL5+ security module. SafePal also is protected against hacking attacks by the EAL5+ element. It is a microchip with the security level of the most reliable global solutions for finances, banks, and medical industries.
The protection against unauthorized access. The hardware wallet is a tamper-proof device with two seals as a protective element. If someone breaks the aspect to hack, the device will delete the private key and self-destruct.
Autonomous cold storage. The SafePal S1 hardware device is 100% self-sufficient. It is connected to the mobile or PC via USB only for updates and charging. It does not support a wireless connection (Wi-Fi, Bluetooth, etc.); thus, it is impossible to hack the device remotely.
Development stack for a crypto wallet
Technical stack for developing the backend of the SafePal clone:
Technical stack for developing the Frontend of the SafePal clone:
- Smart contracts: Ethereum virtual machine or BSC.
- SQL databases: MySQL, PostgreSQL, MariaDB, MS SQL, Oracle.
- DevOps: GitLab CI, TeamCity, GoCD Jenkins, WS CodeBuild, Terraform.
- NoSQL databases: MongoDB, Cassandra, DynamoDB.
- Search engines: Apache Solr, Elasticsearch.
- Programming languages: Java, PHP, Python.
- Frameworks: Spring, Symphony, Flask.
- Cache: Redis, Memcached.
- Programming languages for WEB: Angular.JS, React.JS и Vue.JS.
- Programming languages for the App: Java, Kotlin для Android и Swift для iOS.
- Architecture: MVVM for Android and MVC, MVP, MVVM, and VIPER for iOS.
- IDE: Android Studio and Xcode for iOS.
- SDK: Android SDK and iOS SDK.
Developing process of SafePal clone
A hardware wallet like SafePal should be created only by custom development means. Only this way is it possible to provide a top-level of security and reliability of the product, for these are the main requirements to the hardware wallets. The task should be trusted only to the developers with significant expertise in cybersecurity, for example, the Merehead company.
Since 2015, our team has been engaged in developing projects of various complexity in FinTech, blockchain, cryptocurrency, DeFi, and NFT sectors. We genuinely know how to protect the data and money of our clients and their users. You can study our company’s portfolio and clarify the cooperation terms via +1-206-785-16-88 or email@example.com.
Here is how the custom development process follows at Merehead:
- Defining the aims. Our specialists will study your business idea, analyze the technical aspects, and suggest the next steps. Also, the professionals build the development plan.
- Developing the UI/UX design. Our designers look for the most efficient user interface design for your SafePal wallet clone. They also create the brand style of the platform and the tone of voice of the brand. You will receive interactive prototypes of the user interface for the wallet.
- Writing the program code. At this step, frontend, backend, and mobile developers analyze the project’s design and functionality. In the case of wallets like SafePal, it also involves developing several smart contracts.
- Testing the product. At this stage, the testers check the code and fix the issues. Also, they work on the functionality, usability, and security testing of the platform. Smart contracts are audited - either internally or with independent auditors (this can also be done after the project’s release).
- Deployment and launch. When your SafePal clone is ready and tested, it gets deployed in a production environment. The mobile application is listed on App Store and Google Play.
- Post-release support. In the end, we offer post-release support or establish the work of the support team of your wallet.
The cost of developing a SafePal clone