Napster Introduced Peer-to-Peer in the year 1999.
Initially, it was developed to share files and applications among individuals through a central server. Now, the same idea is being followed in the Bitcoin exchange where the owners can share a digital currency, assets, and contents.
A Peer-to-Peer or decentralized exchange is a software that allows participants of a particular network to trade directly with each other without the need of middlemen to process the trade.
A conventional cryptocurrency exchange company acts as an intermediate between participants and make a profit by collecting transaction fees. In contrast, the peer-to-peer exchange is designed in such a way that it allows users to trade directly without an intermediate.
Now let us go through the prerequisite features of P2P cryptocurrency exchange platforms.
Features of P2P Crypto Exchange Platform
Multi-layer security
Multi-layer security is an essential attribute of the Crypto exchange platform. Here are some of the security features that you need to consider in a peer-to-peer cryptocurrency payment gateway.
✔️ Duo authentication
✔️ Anti-denial of service
✔️ Anti-distributed denial of service
✔️ SSL implementation
✔️ Google authentication
Instant KYC and AML verification
It is crucial to verify the identity of users that result in minimizing the hacking and scams into a crypto exchange. The KYC (know your customer) feature verifies every individual user to ensure the legitimacy. AML (Anti Money laundering) that prevents illegal transactions.
Escrow services
Escrow service removes the fraudulent activities as a third party that performs the action to hold and collect funds as it satisfies both the buyer and seller transactions. The buyer and seller need to register to escrow the system before performing the transaction.
When the buyer pays to the escrow system, it verifies and passes through the seller. The seller receives a notification like funds have been secured in an escrow account. Once the verification is done, the seller will send out the commodities to the buyer along with the tracking information.
Multi-language support
The main aim is to reach out to maximum traders that are curious to trade on a peer-to-peer crypto exchange platform. So it is necessary that your exchange should support multiple languages to attract a global audience.
Tap to Know More About –>A Complete Flow About P2P Trading
Bottom line
Finally, with peer-to-peer exchange platform buyers and sellers can anonymously engage in trade. With this, they can safeguard their identity and privacy. If you are curious about P2P crypto exchange development, then seek an exchange development company that can create a robust and Scalable exchange platform at affordable prices.
