Creating a Cryptocurrency Exchange similar to Binance

Creating a Cryptocurrency Exchange similar to Binance

Since the creation of Blockchain Software Development in 2008, this technology has been successful in making a wide impact across the Internet. Since then till date, many companies across the world have been working towards incorporating blockchain into their business.

In 2008 the pseudonym was invented by an individual or group of individuals known by Satoshi Nakamoto, the blockchain was initially dedicated to bitcoin cryptocurrency. Since then, technology has seen many applications in other fields as well. In this article, we will explain how a cryptocurrency exchange is created, what are the main features of such a platform and what are the 5 stages of your future crypto exchange.

The Way Binance Works

Before deciding how to create a cryptocurrency exchange, it is worth considering how the most well-known crypto platform was built. Firstly, It is mainly important to mention that blockchain, by and large, has become a publicly available, worldwide database. This not only allows anyone in the world to add information to it, but it also makes it indestructible by spreading this information across the network. Data is not stored on a particular location or server, it is distributed everywhere which makes it immutable and more secure than the limitations of any technology that existed before the blockchain.

Further, it is open-source software, from which you can also create your own blockchain. The system is decentralized and cannot be controlled by any one party in the world. Also, editing previously submitted data is not impossible, at least not likely to happen. This has been achieved due to the fact that to optimize any information, extremely powerful computing power is required, and if bitcoin is compromised it will lose its value.

Blockchain for a common user, the use of blockchain in most areas of life does not make much difference. However, there is one area where this technology has gained the most popularity. Following the invention of blockchain as well as bitcoin in 2008, development of other cryptocurrencies began around the world. At the moment, there are about 700 digital currencies all over the net, although not all of them are super popular.

A lot of people started wondering how to start a bitcoin business or something like that (because bitcoin is illegal in some countries). Exchange resources for dealing with such a large number of currencies began to appear. While there are already dozens of exchanges available in the market, they differ by the number of currencies they allow to trade, their commissions, limits, etc. One of the biggest recent upsurges on the cryptocurrency exchange market was Binance.

Complete Information about Binance

Binance is an early Chinese-based company launched in the summer of 2017 by a group of highly experienced experts. It is now headed by its CEO Changpeng Zhao. He previously worked with Blockchain.info in Bloomberg as well as in the technical department and thus, was able to build a very strong team for Blockchain app development.

The company has launched ICOs and its own tokens to get things started with cryptocurrency trading software. Initially, it was easy to provide information via whitepaper before China issued a ban on token fundraising, they managed to reach their fundraising goal by mid-September. The funding round raised millions of dollars from venture capitalists.

The launched Binance Coin (BNB) was announced to be released with a limit of 200MM and to demonstrate the possibility of later use within the company for internal service purchases. Binance has also stated that they will eventually buy back half of the tokens issued and destroy them. Currently, ICO has nearly completed its course, exhibiting an impressive number of over 40,000 token holders.

Legend of Binance Take off

Binance is a fairly new player in the digital exchange market, but is already valued at around $ 2 billion. What was it about Binance that attracted so many people to start working with him? First, a clear and transparent idea generated by a highly skilled team with experience in exchange trading. Secondly, a large number of initial coin listings compared to other companies in the industry, as well as much lower trading fees. Each trade conducted from a user is charged only 0.01% and small fees are also charged for currency withdrawals.

Within 6 months, Binance managed to become a highly profitable company with around 3 million users globally and around 100 digital currencies in business. But that is not all that makes Binance different from other exchange companies. In addition to currency exchange, Binance has also created some unique services such as “Gifto ” and “Launchpad ” token sale programs for virtual gifting. They also provide support and guidance for new startups, including but not limited to listings and even cryptocurrency funding.

7 Useful Key Features in Creating a Cryptocurrency Exchange

The cryptocurrency exchange market has proved itself highly profitable if approached properly. The number of exchange platforms has increased but the quality of services of some resources may still be a question. Given that cryptocurrency exchange rates are not regulated, they have risen to unimaginably high levels, however, there is no guarantee of their staying there. On one hand this huge hype around the question of “how to create a cryptocurrency exchange” makes this market quite competitive.

But the more the market develops, the more trust is gained from users, and the more benefit it gets to those who know how to work with it. This is why creating a high quality cryptocurrency trading app is a wonderful idea. So, let’s take a look at what you need to pay attention to starting a cryptocurrency exchange service through the app:

  • Sign in OR Sign Up

A signup or login page is the first thing a user will see, but its main point is not only after registering people but to protect the system from any unauthorized login, hack attacks, or any other type of manipulation. For this reason, this functionality must be very well developed and conform to the highest standards. In addition to the normal login / password combination, there is also 2FA to provide additional security for users.

  • User Verification

One of the reasons why the crypto exchange market is so trusted among users is that every user is fully verified. Depending on the type of verification, verified users usually have more possibilities. For example, clearance limits for verified users are higher than non-verified ones. Verification is important to ensure transparency of trades and reduce the possibility of scams.

  • Deposit OR Withdrawal

This feature allows merchants to deposit money into the internal wallet shown by the cryptocurrency exchange software, as well as withdraw money to the wallet outside the software according to the limits set by the company.

  • Transaction Creation

Each user should have the possibility to buy or sell currency to other users in the system. It is very important that all trades are happening rapidly and without any system error. There should be many possibilities for creating order in the system so that users can choose the time which is convenient for them.

  • Analytics

A very useful feature that allows various graphs and statistics to be created for better visibility.

  • Internal API

Exchange’s own APIs need to allow users to create their own automated trading systems or data exchanges between verified devices using cryptocurrency exchange scripts.

  • Admin Panel

With the help of the admin panel, the employees of the exchange company will be able to monitor trades based on their access levels and manage the actions taken on the exchange.

These are only the main features required for any application of this type. There is much more to be implemented not only to make the app usable but also to make it safe and user friendly.

Steps to Create Cryptocurrency Exchange

Recently, the development process of most applications has been divided into aspects that are handled separately. Different aspects are usually developed by different teams in collaboration with each other. Such moments may include an API, web interface, and more. Their number and variations depend on the complexity of the application. Exchange trading systems such as Binance will require attention to the following app-building aspects:

  • Design

This is the first thing for the client before they start using the application. To develop a harmonic design combining both beauty and utility, we recommend you follow trending best practices and keep in mind the requirements of the product. Design construction consists of the following steps.

1. Wireframe: the basis of future design where its key features are implemented.

2. Prototype: Detailed visualization of user interaction with the application that allows for potential UX-related issues to be prevented.

  • Client-side Development

The web part of the application contains client-side logics of all the pages of the website and is based on a previously designed design. Front-end developers typically design by using HTML, CSS markup and JavaScript programming languages, including the Angular.js, React.js, Vue.js frameworks.

  • API

The API is the back-end part of the application that is not visible to the end-user. The server part of the application is responsible for executing the application’s internal logic and handling basic tasks:

1. User Authentication and Authorization

2. Server-side function of admin panel

3. Newsletter

4. Cryptocurrency bets and user deals

5. API which could be used by third party organizations

  • Blockchain

The part that is responsible for the actual processing and storage of data related to trades between users in a secure environment (any change by either party is impossible for the blockchain).

  • Testing

An essential part of modern application development. This is extremely important as it allows to isolate and eliminate most bugs within the UI, along with the logic before actually launching the application.

  • Security

Since the application is storing sensitive information of its users, it has to be properly secured to prevent potential data leaks and hacking attacks. We recommend securing user information in the following way:

  1. Secure Architecture – When developing the back-end part of an application, focus on creating a secure way of storing and exchanging confidential information. Firstly, the major components of the exchange are located on different servers and interact through dedicated channels. After that the encryption keys are also located on a dedicated secure server.
  1. Authentication of the user – To prevent the possibility of unauthorized login to the user account, it is best to implement two-factor authentication by generating a token once. Additionally, users receive notifications about their account login, specifying the location and IP-address.

Encrypted data is exchanged with the help of the latest algorithm SHA-256, which is currently impossible to hack. This generates a hash – a unique signature of the text that changes each time the initial message is edited. This allows checking whether the sent hash matches the received one, and to find out if the data was edited. Since the hash is not encryption, the original message cannot be decoded

Conclusion

Given the popularity of crypto exchanges all over the world right now, it is understandable why more and more people are incorporating themselves into these systems. Digital currency exchange offers great opportunities for both those who are familiar with the market right now. Are happening and who already have a very good experience. But the market still has some limitations depending on the country or the currency provided and it always means growth potential. Creating a high-quality application for your own cryptocurrency exchange company can bring you great benefits in a very short time.

Blockchain Is Reshaping Supply Chain Industry

Blockchain Is Reshaping Supply Chain Industry

Supply chain is always known to be one of the most complicated industry and thereby integrating blockchain has been acting as a problem solver for supply chain industry . Various other new technologies may also be considered viable , but let’s focus on implementing blockchain and exploring its benefits .

As per the experts , blockchain has superpower of boosting profitability and effectiveness in several business and so is the case with supply chain industry . While supply chain industry is dealing with many kind of difficulties , integrating tech solution is what it needs . Integrating blockchain can help supply chain industry in managing complexity with ease and thereby creating links between various distribution channels .

In this article , let’s look forward to how blockchain technology can help improve overall process and can up bring transformation in this industry .

Blockchain – A Gleaming Twilight In Supply Chain 

If you ever had a change to experience supply chain industry cumbersome process , then you may have found that how hard it is to trace products and parts , and there is always a chances of mistake . Inspite of numerous of positive steps has been taken , this industry is full of headache irrespective of whether it is electronic , food , consumer goods or anything else .
Another major aspect is product has to go back and forth several time , which creates a challenge .
All the above problems can be solved by use of blockchain technology . In continuation to it , cryptocurrency transfer can also solve many transaction related issues . Blockchain has capability to manage exchange of currency , tracking of process as well as take care of agreements while helps supply chain industry in various aspects . Blockchain mobile app development is also trending now a days thereby giving various types of benefits .
Let’s take a glimpse of ways in which this technology can help enhance supply chain .

Blockchain Impact On Supply Chain 

Automotive Payments 

Blockchain is surprisingly amazing technology which aids in carry on and tracking of transactions in more secured and transparent way .
Blockchain has ledger system which facilitate payee and payer to directly exchange funds from anywhere in the world without any intervention of any authority to validate the transactions . In addition to it , it also gives advance security and rapid transaction in comparison with other types of payment .

Traceability 

Another great feature of this technology is easy tracking of items . It facilitates companies to work with various kinds of distributed channel that can record various products status during various stages . Blockchain records in a system which is immutable and permanent . Tracking of even  individual product from original source is very easy . For instance , Walmart is using blockchain technology to track down all sales in China .
Blockchain facilitates companies to track even a single piece of item right from creation stage to process and thereon storage . It also helps tracking by applying various kinds of filter like date , selling date and various other aspects .

Electric Power Micro Grids

This system helps management of supply . After arrival of smart contract in Blockchain , another ray of possibility has emerged . Smart contracts facilities buying and selling of tangible as well as intangible products less hectic .

How Blockchain Will Impact Supply Chain ?

While some leaders in the world are already using this technology , experts suggest that blockchain will become universal ” supply chain operating system ” . There are various ways in which they can help improve supply chain task , let’s look at some of them :

  • Recording of quantity and transfer of valuable goods can be done with ease at each node of supply chain .
  • Tracking of purchase order , receipts , orders changes , shipment notifications and other related things has become easier .
  • Checking validity and certification of products has become easier .
  • Linking of physical goods to demographic entities such as bar code , serial number like RFID etc .
  • Exchanging information related to manufacturing , delivery , assembly as well as maintenance of products between vendors and suppliers .

How Blockchain Integration Will Be Beneficial 

  • Improved Transparency : This technology helps tracking of product right from production stage till its final delivery and thereby eliminating bias data if any .This also facilitates supply chain industry to get transparent and enables manufacturer to reduce number of data recalls .
  • Scalability : The reason why it is scalable is it facilitates access of data of supply chain node to be from anywhere   
  • Improve Security : While blockchain is known to be regularised distributed ledger system with predefined coding rules , it reduces need for audit that generate internal system .

If you are also looking for blockchain technology exploration , you can hire expert consult for your next big blockchain application development .

Blockchain and Mobile App Development

blockchain app development company

Blockchain technology is latest buzz in almost every sector of different kind of business . The main reason why it has gained so much popularity is due to significant increase in the Bitcoin and its users.

Blockchain is known to be decentralised network which carries out the transactions in most secured way which is also fast , traceable and transparent . Now a days blockchain development technology is also one of the hottest topic among tech giants .
But the question is how do you actually trust that blockchain technology is 100% fit for carrying out secured transaction that fits in your application project ? You can get the answer to this question by having a deep understanding of fundamentals of Bitcoin and Blockchain .

What Is Blockchain ?

In order to understand blockchain in a better way , let’s take the first step of understanding Bitcoin .
So what do you think Bitcoin is ? Bitcoin is known to be the very first decentralised currency in the world which has gained huge popularity over the last couple of years . Bitcoin has been developed using the concepts of the blockchain technology which is totally based on the concept of carrying out transactions on the basis of chain . The information about transactions updates at all devices in the world simultaneously .
Even in the world of mobile app development , blockchain technology seems to be one of the growing area of technology and mobile app developers are actually using various tired and tested methods in order to bring out the best solution out of the blockchain technology .
Before moving further let me tell you that blockchain technology has become so popular that many of the website has started accepting cryptocurrency as payment for taxes .
In order to carry our any transaction using blockchain technology , peer to peer payment architecture is used rather than carrying out the old server based architecture .
So in order to get the best mobile application , a blockchain software development company who also has deep understanding of the concept of bitcoin can help you reaping the full benefits of blockchain .
Want to develop mobile app based on blockchain technology ? Hire a mobile app development company for it .
Let’s quickly look at some of the main reason for using blockchain technology with app development that together delivers the perfect match .

Blockchain Adds Digital Ledger System

Blockchain uses digital ledger technology that is backed up by expansive network technology , all sending and parsing data collaboratively . It works on chain module , wherein the information on one system is directly transmitted to other machines on network and at the same time it also ensures authenticity and consistency of information .

As in 2019 , wherein the data across the smartphone world is experiencing with very heavy traffic and everyone is relying on getting the data wirelessly , there may be the possibilities of loss of information being transmitted . Blockchain can help featuring advance storage and data streaming thereby improving data transmit significantly .

Transparency Features Creating More Secured Environment 

Transparency is one of the important function for any application to function properly , and it must be carried out in secured way . While taking take of transparency , security is another major concern in order to facilitate user with  tracking in secured environment , and thereby at the same time making it impossible to carry out any fake transactions .
Thanks to Blockchain ledger that facilitates you to see everything at one place . The information storage and categorisation all can be tracked , verified and secured at one place .
In case there is a situation wherein there is overflow of entries , blockchain has a special feature of expanding itself automatically . So what are you waiting for ? Hire a blockchain app developer for creating your next big tech app .

Also Read : How To Create Cryptocurrency Exchange Platform 

Digital Data Is Safe Even If Accessed By Multiple Users At A Time

Encryption is made very complex with the use of Blockchain technology . Every user in blockchain has their own decryption key and hence it is impossible for anyone to fool the system .
In some professions mostly in case of financial and legal , multiple signatures are required at different stages . Blockchain technology can help them with carrying out the transaction with ease by allowing multiple parties to communicate with each other .
We have already discussed that blockchain is decentralised network which implies their is no mother and father for storage and management of information which makes it unique from other apps technologies that are till now available in market . These decentralised applications are completely open source and there is a need to operate autonomously .
A mobile application created with the merger of blockchain technology is latest and most effective way to create application that reflect your brand shininess .
Winklix is leading mobile app development company facilitating blockchain based app development .