How to develop a cryptocurrency exchange
According to statistics, there are more than 1,500 active cryptocurrencies in the market, and the huge number of cryptocurrency types provides unprecedented opportunities for cryptocurrency exchange applications. This article will introduce the core components and main functions of creating a cryptocurrency exchange software.
In fact, due to the emergence of the Ethereum platform, the speed of the launch of new cryptocurrencies has been greatly accelerated. The smart contracts of the Ethereum platform provide the ability to issue new coins simply and quickly.
Cryptocurrency exchange applications should be fast, intuitive, and powerful. To achieve these goals, the exchange application should include the following components:
- Trading engine
- Front-end user interface
- Cryptocurrency wallet
- Management console
In addition to these basic functions, every cryptocurrency exchange application should have additional features that can be developed after collecting user feedback or analyzing top global exchange applications.
Let's take a look at the key components of the application.
Trading engine
The trading engine is the core of the exchange application. It is essential for transaction execution, balance calculation, order record access, and matching of buy / sell transactions.
When developing cryptocurrency applications, priority should be given to the construction of transaction engines. Without a powerful engine, a cryptocurrency application can only be an empty shell of no value.
Front-end user interface
The user interface is the face of the exchange, and it largely determines how users view the exchange. Make sure to build a user-friendly and intuitive interface in a minimalistic way to provide a surprising trading experience and make it easier for users to execute trading orders. When building this component make sure it has the following features:
- User registration and login
- Deposit / withdrawal of funds
- Orders, transactions, balance inquiry and statistics
- Buy / sell order
- Customer support functions
Cryptocurrency wallet
Embedded support for cryptocurrency wallets is very important for exchange applications. All crypto tokens / currency will be stored in the user's wallet. A more secure wallet solution will help develop trust between users and cryptocurrency exchanges.
The wallet can be run on the exchange server as a daemon process and integrated into the cryptocurrency exchange application using a script or API.
Management console
The management console will help exchange operators or holders manage the different operational aspects of cryptocurrency exchange. The functions of the console can be customized according to specific business needs, but in general, the management console must include the following functions:
- Set transaction fees
- Manage cryptocurrency list
- Add new currency
- Credit / debit funds to wallet
- Resolving support issues
By effectively using which a high-frequency Crypto exchange platform can be set up for trading bitcoins and altcoins.
At Hashogen Technologies, we deliver 100% white label cryptocurrency exchange software that allows customization as per user requirements and supports multiple cryptocurrencies & major fiat currencies.Renowned team at Hashogen Technologies provides a versatile set of cryptocurrency exchange scripts, from which clients can choose their preferred variant.
Approach our team to purchase centralized, decentralized or hybrid cryptocurrency exchange development.
In Smart contract based decentralized (DEX) crypto exchange every process involved in ordering, trading and transaction is automated which nullifies manual intervention.Whereas, peer-to-admin network based centralized crypto exchange platforms operate under a central server that controls and monitors every process.
Data handled in crypto trading platforms is stored in blockchain with advanced technology stacks.
Data is stored in encrypted form in a distributed encrypted ledger that is immutable.
DEX Clone ScriptIn the Decentralized exchange platform (DEX), the users can trade their cryptocurrency with the control of the centralized authority.
Dex platform makes the trading to be carried out directly between the users of the decentralized platform.Anyone can start this crypto business as the platform will be completely secure from attacks.
BlockchainAppsDeveloper offers the best-decentralized exchange platform development with highly secured DEX clone scripts & solutions.Learn more @ https://www.blockchainappsdeveloper.com/decentralized-exchange-script-software
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