Stellar is a decentralized financial network open to all for cross-border transactions and payments. It is an open-source network that allows people to create, send, and trade digital representations of all forms of money- dollars, bitcoin, pesos or any other currency. The infrastructure of Stellar permits all types of financial systems around the world to work together on a single network.
Powered by blockchain technology, Stellar runs across a decentralized network and manages millions of daily transactions. It is economically cheap, fast and energy-efficient than typical blockchain-based systems.
What is a Stellar Wallet?
Stellar wallets are applications that help you to create and access your account for key storage, queries and sign transactions to the Stellar database. It does not hold any digital assets, but they are associated with your account in the global Stellar ledger. The ledger records data, including offers to buy and sell, accounts and balances shared by all nodes that make up a network.
Stellar wallets can be used to sign and submit transactions and view assets and data associated with your account. It acts like an interface or an interactive layer on Stellar rather than storing anything.
Since Stellar wallet holds a user’s secret key, the user should employ safe wallet practices to secure the assets.
How to create a Stellar Wallet?
1. Project setup
The first step requires setting up the project. To do this, initialize a new project in the terminal. A prompt will appear for choosing the type of project. Continue by selecting the components according to the modular components and then run it. This step initializes a component generation script. Now, enter Stellar wallet. Instead of CSS, use SCSS for styling. Once the style packages are installed, open stencil.config.ts to modify it. Now, save all the style files and update wallet.tsx.
2. Create Popup Modal
The browser’s prompt functionality will be executed to create the popup modal and the new component. Generate a new component first and name it stellar-prompter. Then, open src/components/prompt/ to change the.css file to .scss and write in that specific file. Now, substitute the content of the prompt.tsx. Ensure that the lodash-es are imported before going ahead.
3. Create Stellar account Class
The stellar account is a class that allows the inclusion of public key. First, set up an account state with the Stellar Account class. Do the similar with the prompter class and prompter state. Then, do the imported events and method assignment. Before rendering the component, component Will Load prefills values props and state. After creating two files, add them to the src/services directory, and then error.ts will hold, which is a standard error handler during the API request procedure.
4. Set up key storage
Begin by modifying storage.ts. Then, install and set up a new package as @capacitor/core. The capacitor project is ready to be launched once it is initialized.
5. Set up event handling
Continue setting up event handling. It involves rendering DOM from a standard .tsx file depending on conditional values.
6. Create methods
Enter the relevant codes to create the method.
7. Create an account
Every step mentioned above was done to create an account that triggers a prompt model to ask for a pin code.
8. Copy the address
In the final step, copy the address and secret, sign out, and set a prompt.
Stellar is increasingly valued worldwide due to its distinctive features of built-in order books, unique consensus mechanism and association with the existing financial infrastructure. The advantages of fast transaction speed, low fees, international reach, asset exchange on a universal level, etc., make it a popular platform among entrepreneurs, businesses and even the unbanked. With these benefits, it aims to become the benchmark of money transfer worldwide.