The Basics of Developing a Digital Asset Exchange Platform
Blockchain start-up today is recognized as one of the best options. Even against the background of a long bear market, cryptocurrencies do not lose their relevance. Many businessmen prefer to pay for transactions in cryptocurrency, rather than fiat. The reasons lie in speed and decentralization.
Developing your own cryptocurrency is a very risky process. About 2000 coins are registered on Coinmarketcap. With such competition it is very difficult to create a unique project and bring it to the top.
The launch of your own exchange platform, in this case, gives much more prospects. The competition is also not small, but here it is enough to provide the best conditions for its customers. Let us examine in more detail exactly what conditions are needed and what are the options for creating your own stock exchange.
Startups have become one of the main currents. But only 3 out of 10 achieve significant success. Therefore, before analyzing the main milestones of creating my platform, I want to draw attention to the key errors. After all, very often the project remains at the bottom because its creator does not consider the most key factors essential.
The greatest foolishness is insufficient planning. Even cleaning the yards has its own plan: you need to divide the entire territory into specific sections in order to complete the task faster and more qualitatively. Cryptocurrency startup has a lot more components, because planning should be paid a few months.
Another common problem is the wrong execution of the idea. A coach can create the perfect strategy. But what is the use of this if the team plays in its own way? You need to accurately and consistently follow the plan. Even in the case of the slightest failure, it will be easier to determine its cause.
The latter is an irresponsible guide. Delegation of authority is a good thing, but the leader must always be involved in the process. Without this, it is impossible to keep control over the development. Arrange the tasks and time for their execution. Do not forget the words of Steve Jobs: "Subordinates should not love me: I must motivate them." By directing the efforts of the team in the right direction, you will definitely achieve success.
Admin User. One of the easiest options in which the site owner sells the cryptocurrency directly with the user. So, he puts the price at 11,000 for the purchase, and 10 for the sale. The difference of a thousand will be profit.
Peer2peer. Sites, which are mentioned above. Such exchanges are only a place to bid. The owner only controls the process, and earns on commission.
Decentralized Exchanges. Similar to peer-to-peer platforms. The difference is that transaction data is stored only on the blockchain, and not on the servers of the service. Read more about this form in the previous article.
Margin Trading Exchanges. Analogue of stock exchanges. Instead of stocks, users sell futures and derivatives consisting of cryptocurrencies. These sites have several times greater turnover with fewer users.
It is very important to put together a good team. Do not forget that success is not in quantity, but in quality. When searching for developers, carefully check each of them, both on the subject of skills, and on the subject of diligence and responsibility. This is the only way to get the best in your business.
Now specifically about the platform. All elements can be divided into two conditional subgroups: internal (direct work on the project) and external (working with the public and popularizing the project).
The key part is the trading engine. Exactly it provides the functionality and performance of the main task of the exchange platform - the purchase / sale of digital assets. Thus, it executes transactions, records the order history, transmits information about operations to the server, after which this data is sent to the blockchains of the corresponding cryptocurrencies.
High-quality trading engine - the path to 100% successful trading on the stock exchange. Accordingly, the platform will have the emergence of new users, which will positively affect the profits of its owner.
The range of possibilities, to some extent, also depends on the trading engine. Thus, it determines the types of orders (stop loss, take profit, etc.), the presence of margin trading, the sale of assets through futures or derivatives.
But by the range of possibilities, I mean the number of trading pairs and methods of depositing funds. It depends on the wallets module. It is important to understand that adding a regular coin takes a long time. After all, for this the platform needs to be connected to the corresponding blockchain.
Be sure to take care of fiat wallets. After all, the initial purchase of cryptocurrency is possible only for real money. Lack of Fiat on the platform will create more inconvenience to users. They will have to turn to third-party services, which means additional time and money spent on commission.
I hate waiting long. Therefore, with delays in the service, I simply leave it. I assume that you often do the same. To your service was not like this, you need to provide stable and continuous operation. Each module is better placed on multiple servers. This will increase bandwidth, and therefore eliminate delays.
The exchange of digital assets is not the most interesting process. But it is always more pleasant to carry out in a comfortable environment than on complex services. Navigation bar, multilanguage, location of key sections, and in general - the workspace - what the user sees. And he wants to feel control over it all. Because you need to develop a better web design.
When registering a person gives at least his email address. On exchange platforms, he also keeps some of his money. Therefore, safety is an integral part of the site. Hire a hacking specialist and let him maximize the security of the service.
Speaking of trading should not lose the liquidity factor. Users go where you can earn quickly. In the case of the exchange, this requires high trading volumes and a filled glass of orders. This requires a liquidity provider. Read more about their search here.
Do not forget that you are managing the service. Therefore, it is necessary to create conditions under which you can quickly view the history of operations on the platform, find out the total profit, block violators and the like. Administration should be complete and simple.
Therefore, for a good start, a PR campaign should be conducted at the development stage:
Popularize your project in all possible ways. Then at the time of launch you will already have several thousand users ready to register.
Part of this promotion is SMM. Facebook has more than 2 billion people. Even if you deduct users with multiple accounts, you get at least a half billion. Instagram is about a billion, LinkedIn is about 500 million. Information through social networks scatters in seconds: the main thing is to submit it correctly.
The recognition of a brand as a well-known person or cooperation with a large company always has a positive effect on any project. People are used to following someone they already trust. For example, if Brad Garlinghaus (CEO Ripple) says that your platform has its own flavor, it will certainly attract several thousand users. Because you need to be mastered in the circles of large sharks.
One of the main rules of any business is to find the target audience. In this case we are talking about the place of residence of users. After all, on the basis of this it is necessary to place the server closer to the corresponding terrain for a better connection. In addition, as an owner, you will need to comply with local legal regulations when conducting your business.
Therefore, here it is necessary to study two factors: the popularity of a cryptographic market in different countries and the attitude of state bodies to cryptocurrencies. While the platform does not receive the status of world-wide use, the volume of trades and daily activity depend on the target audience. These two factors are very important for the exchange rate rating.
Investors - the key to further development. If you, for example, John Arnold (one of the richest traders), then your own money may be enough for investment. If you are one of the ordinary startups, then large investors just do not interfere. The main thing is to prove to them that in return they will receive a profitable product.
Finally, you need to find a good partner bank. Firstly, it is necessary for the smooth implementation of transactions and connection of fiat wallets. Secondly, it will increase the factor of trust in the service. Third, it will make your system more secure. Because you need to contact several banks to find out about possible cooperation.
All this difficult path can go three times faster if you buy ready-made software. In other words, you need to find a high-quality and well-known developer of exchange platforms with middle salary, make an order, personalize everything for your brand and start the service.
So you can get a product in which you will be sure. Thanks to the well-known brand of the developer will have to spend less time and money on the advertising campaign. But it is worth considering that in this case you will have less opportunity to customize the details, because the project will not be as unique as possible.
For dessert, I want to introduce you to several suppliers of quality security. Perhaps you will stop at one of them and proceed to launch your platform.
XWingsотMiqsis a good solution for running a secure platform. They provide scripts worldwide in any language. Therefore, launching the platform is not difficult in any country.
Their advantages Xwings highlight the following:
The Europian company Merehead is another option for purchasing collateral on the exchange platform. The company provides full support to its customers. As stated on the site, they always have ready-made products that can be easily customized and launched in 20 days. The advantage over the previous project - low rates. Therefore, Merehead can be addressed with a lower budget for the project.
Plan your work, follow a clear strategy and do not leave anything to chance. The use and observance of the above points will bear fruit only in conjunction with full dedication. Otherwise, you won’t create a successful project. Successful beginnings!