Blockchain technologies are meant to provide the people who want to invest in Cryptocurrency Exchange Development Platform where users can buy and sell their digital assets (crypto coins) with an opportunity of establishing a secure and robust system of digital identity.
In the digital world, the blockchain technology has emerged as a revolutionary invention. As an open source, public ledger of records its leaving an incredibly positive impact on businesses and cryptocurrency traders. Now, the question is which cryptocurrency will work the best for your blockchain development endeavors.
As a stable system of record, blockchain delivers digital identity (private keys for data asset’s ownership), tokenization (digital token for authentication), and inter-organizational data management (collection, monitoring, and analysis) for different industries – predominantly finance, real estate and insurance.
Crypto Exchange Platform – How you can build?
There are several cryptocurrency exchanges are available in the blockchain industry. Whatever type you choose determines the structure of your crypto exchange platform which is usually the websites. In some situations, people tend to develop a blockchain-based mobile app as a cryptocurrency exchange platform. The most commonly occurring platforms include;
Direct Trade Platform:
It is the type of platform that provides all the essential tools required to make immediate online deals in cryptocurrencies between users. As the name implies, the direct-trade platform does not depend on the market-established prices. Instead, the crypto traders establish their self-defined exchange rates.
These are the websites developed to provide the potential consumers with the facility of buying the cryptocurrencies at the exchange rate set by the authorized agents. Here, these agents are identical to the foreign currency brokers.
If you want to start crypto trading, either as a trader or just a service provider, you must know what platform will suit you the best. As you need to build a profitable business, you should have a better understanding of all the nitty-gritty of cryptocurrency exchange platform, how it works and what terms are commonly used in the course of trading.
For instance, you should be aware of cryptocurrency funds, smart contracts, and the data blocks, etc. Cryptocurrency funds are professionally managed investment pools where the users can purchase and stock their digital currency assets.
The key features your exchange platform should incorporate by all possible means including;
Online/Offline Crypto Trade Model
Liquidity and Affiliate Programs
Advanced Crypto Trading Features
Let’s Get Started with the development of crypto exchange platform:
First of all, you should determine the time, and financial capital you can consume. Without these two significant restraints, you will stand nowhere in the marketplace. The exchange software development is a complicated and time-consuming process. It may take a year or more because of the intricacy involved in all the deliverable stages such as during the debugging phase. Therefore, do not overlook the professionalism of your hired blockchain developer because it dramatically influences the time and budget required for its completion and deployment.
For your business advantage, it is essential to complete crypto-exchange platform development project timely and with absolute efficacy.
For the successful creation, launch, and performance of your digital currency exchange platform, you need to have all the below-mentioned information. It will act as the leading tools.
Chart out the volatility indexes of your targeted digital currencies. It’s important because, later, you need to compare different trading pairs before making any transactions.
Develop a table of transactions order as made the market players.
Collect the detailed history of market’s most profitable crypto transactions for qualitative analysis. It will help you to determine the bidders’ demands. It’s also useful to make accurate forecasting on past crypto trading trends.
So, you have decided to develop an exchange development platform you need to determine which cryptocurrency will be more profitable.
Bitcoin Vs. Ethereum – What’s Best for Exchange Development Platform
It is crystal clear like a mirror that bitcoin is world’s leading and most popularly used digital currency. Its coin worth is more than gold. People often call it ‘digital gold.’ Next to bitcoin comes Ethereum with its pros and cons. Although the market cap of bitcoin is far higher than the Ethereum, the later allows more advanced commands as it expands the idea of distributed ledger far better than bitcoin.
Apart from being a famous cryptocurrency, many aspects are making Ethereum a better choice compared to Bitcoin. Another Ethereum’s differentiating factor is the function of data blocks as autonomous contracts. It means these blocks hold more than the mere information about digital currency transactions as in the case of bitcoin data blocks.
Ethereum smart contracts, distributed virtual machines and Solidity, a built-in scripting language to Blockchain interactions significantly aids in executing all types of functions autonomously. It takes only a few seconds for block formation in case of Ethereum, while for bitcoin block formation it consumes no less than 10 minutes. Likewise, the transaction time for Ethereum is 3 minutes on average compared to bitcoin that takes at least an hour for full confirmation.
To be precise, the Bitcoin-based exchange development program is the best option for money and payments. On the contrary, in addition to transactions, Ethereum is an optimal choice for all shapes and sizes of applications. Therefore, the Ethereum exchange development platform will work the best for your business growth and development.