Do utilize the premier technology stack of Shamla Tech to come up with an excellent cryptocurrency exchange software solutions strategy that can let you skyrocket your business profit in no time…

We all might be aware that cryptocurrencies are the hot commodities of the digital era. Of course, they are viral topics in today’s business world with no denials. With this trend in place, people continue to transact digital currencies to a greater extent ever than before in recent years. 

Digital currencies are utilized either in the form of coins or tokens when it comes to business transactions. For instance, let us take the criteria of Initial coin offering (ICO), where the tokens are utilized as the media of offerings to the investor community who make investments with the project. 

Well; the exchanges that allow the trading of cryptocurrencies is launched with the help of a robust cryptocurrency exchange software script. The script contains the complete source codes necessary to build a solid cryptocurrency exchange of our choice with the front-end and back-end functionalities. 

The cryptocurrency exchange scripts developed from our side can let anyone build his own cryptocurrency exchange platform similar to that of the popular exchanges including Binance, local bitcoins, and coinbase, and so on.

If you choose our scripts, you would no longer have any worries in relation to trade order and asset management. Our scripts are designed in such a way that they take the overall responsibility of managing the platform operations in a more simple cum efficient way. 

The internal architecture of cryptocurrency exchange software Solutions is built with the following components:

  1. User interface: 

UI is the entry point for the cryptocurrency exchange platform through which the users are directed for further operations like trading. It is what that actually makes the exchange appealing from a user’s perspective, as it is the outlook for the overall exchange. On the whole, it decides how the exchange gives a look to the outside world. Hence it should be designed in an intuitive manner with user-friendliness to ensure smooth access from the users’ side. It should be compatible with mobile devices as well since a majority of the users nowadays prefer accessing the exchange via their smartphones instead of making it on laptops or desktops.

Mobile application helps the exchange in getting more user engagements ever together with improved efficiency. Moreover, the mobile app should support the users with easier registration and account access, crypto/fiat currency deposits or withdrawals, buy/sell (trade) order placements, order book history like balance, and previous transactional info, and so on.

  1. Matching engine: It is a vital consideration that paves way for the users to make trades. It works right away in the access of virtual trade order books just by matching the appropriate trade orders made in the platform. The parts like transactional execution and balance calculation are also associated with this exchange. Thus without this engine, trading is never ever possible with the exchange. Hence it is a foremost thing that we need to ensure whether the engine is fully functional
  2. Admin panel: It takes care of the following aspects of the exchange:
  • Cash flow or liquidity 
  • Regulatory checks like KYC at the time of user registration
  • Giving approvals and granting accesses for the user accounts
  • Performing trading modifications
  • Processing of the user requests in relation to fiat credits or debits.
  • Management of the overall trading processes done in the exchange.
  1. 3. Wallet: 

It facilitates the safe storage of cryptocurrencies on the exchange server so as to maintain the integrity of the exchange operations among the users’ side. It helps in building trust thus resulting in an image for the exchange. 

Hence the wallets should be designed in such a way that they offer a maximal level of security to the users’ assets, thereby making the users stay in the platform itself for their further business moves. 

Moreover, it is always gentle to deploy hot and cold wallets systems within the exchange right to diversify the risks associated and to stay away from unnecessary hacking issues. Usually, the digital currency exchanges or transfers (coin sending and withdrawals) can be done in an exchange via the hot wallets. Whereas, the cold wallets account for the storage of the coins safely in the exchange and it is done offline. In addition, the cold wallets help us lock some amount of coins always to protect them from unethical attacks.

How P2P exchanges are better than centralized exchanges?

When it comes to cryptocurrency exchange development, P2P (peer-to-peer) exchange types are the most preferable ones. Of course, a majority of entrepreneurs are longing for these exchanges due to their innate potential of generating ample profit. 

P2P exchanges work right away by permitting the users to make interactions in one single exchange marketplace, where numerous trades happen. They are much more beneficial than their counterparts (centralized exchanges) as they have some surprising merits for the user community. 

They have evolved to overcome the shortcomings that the centralized exchanges bring today in the arena of cryptocurrency trading. In addition, they are ought to make the users avail of the facility of multiple payment gateway options ever with a greater extent of security as well. This is why they have been serving in the growing trend right now.

Everything to know about the technology stack of crypto exchanges:

The technology stack helps in building a crypto exchange successfully with no hassles, as it holds all the tools required for the development of a crypto exchange. It is actually a blend of various technology frameworks, software, and programming languages that help us constructing an absolute cryptocurrency exchange software solutions meeting all the basic business requirements. It is composed of two elements which are nothing but the client-side (front-end) and the server-side (back-end). The combination of these two elements is what really a stack is.

A good technology stack should meet the following:

  • Performance needs: 

This defines the total time required for the system to react in cases of trade order requests. In simple words, the stack should support the system in meeting the time deadlines. Also, the efficiency needs to be boosted here by processing the trading transactions at a much faster rate.

  • Scalability needs: 

The stack should be highly scalable in terms of all the verticals inclined for an exchange. Here two types of scalability are defined which include the horizontal and the vertical scalability. 

Horizontal scalability is nothing but the capability of executing the stack over more number of devices; whereas the vertical scalability involves the addition of a huge number of elements on to the exchange application. 

  • Costs involved: 

This is the most vital consideration in the selection of a technology stack for an exchange. The reason here is that we always wanna get a stack with an ultimate performance but at a down-to-earth cost. This is actually tough to achieve nowadays, and this is where the budgeting comes in. Of course, here is where our talent is challenged and we need to sort it out possibly with cost reduction but with utmost efficiency.

Even though this budgeting seems to be a tricky one in the entire exchange developmental process, it can be attained right with the selection of a premier technology stack development partners like us. 

Advantages of implementing good technology stack for the exchange:

Cryptocurrency Exchange Development