We all know that we are living in a modern era. This era is digitally very advanced. To survive in this era, you have to be digitally advanced. One of the advancements is a decentralized cryptocurrency exchange.
Some people who accept digital advancement also accept the benefits of decentralized cryptocurrency exchange. But some people think it is a short-term trend.
The reality is that decentralized cryptocurrency exchange has many benefits. Now, a question arises how to create a decentralized cryptocurrency exchange?
This article will answer this question.
What is a Decentralized Cryptocurrency Exchange
A decentralized cryptocurrency exchange is a digital currency exchange. It allows purchasing cryptocurrency through a direct transaction with the help of a direct source.
It prevents typical transaction where a third person holds the transactions and transfers of cash.
Now you have an idea of decentralized cryptocurrency exchange. It is time to learn its formation.
Creation of a Decentralized Cryptocurrency Exchange
After figuring out the business, technical needs and, exchange type you can start creating a decentralized exchange. Make sure that your team is expert and experienced so that the cost of your development will be less.
You can develop a decentralized cryptocurrency exchange by following these steps
1-UX and UI Design
The first step is to make a UX and UI design. The team creators make a UX design according to your demands and needs. The team also prevents any kind of UX-related problem.
2-Front-End Development
The next step is front-end development. It is the implication of user interface design. The creators create a prominent side of the user for exchange.
The front end is a representation of your platform. It gives an- eye catching look to your platform to engage the user.
3-Back-END Development
Back-end development is the development of logic and important operations of your platform. In the development of the back end, the creators create an individual trading engine.
To connect with third-party resources, you can also use APIs .
4-Development of Security Features
At this stage, creators create strong security features. This step ensures the security and reliability of the platform.
The security features which should be developed carefully are an encrypted database and protected password user access.
5-Placement of Digital Currency
First, select which cryptocurrency you want to add to your platform. The development team adds the required coins to the platform.
After this step the user will access the opportunity to purchase and sell the cryptocurrency he or she wants.
6-Exchange Launch
The step to developing a decentralized cryptocurrency is to create an exchange launch. For the exchange launch, you need a lot of advertisement and promotion. When you have a strong promotion your platform will get more recognization.
You can promote your platform through different software. By following the above steps, you can create a decentralized cryptocurrency exchange.
Besides these steps, there are some technical requirements that you need to follow to create a cryptocurrency exchange, which are discussed below.
Technology Requirements
There are some technology requirements which are to follow in creating a cryptocurrency exchange. The technology stack looks like this:
| Languages | PHP, Java, MEAN stack, Laravel |
| Databases | MySQL, MongoDB |
| Cloud | AWA, Google, Cloud platform |
| MEAN | MongoDB, Express JS, Angular JS, Node JS |
| Push notification | Twilio, Amazon SNS |
Cautions for Cryptocurrency Exchange Development
After following all the required steps and technology requirements for developing a decentralized cryptocurrency exchange, there are some things to follow in the development.
These cautions are discussed below.
Safety
To develop a cryptocurrency exchange you need to ensure the safety of the users. The safety precautions include:
1-Using biometric data for authentication.
2-Use artificial intelligence.
3-Use blockchain for your exchange platform.
Speed
You have to maintain the speed of your transaction on the platform. Sometimes, there is a burden of transactions so you have to maintain the speed by following these ways.
1-Adjust the block size.
2-Use PoS protocol.
3-Use a centralized chain.
Local Laws
People are concerned about the country in which their exchange platforms are operating. The laws are considered in this way. You have to check and follow the rules of the country in which your platform is being used.
Cost to Create a Cryptocurrency Exchange
There are many steps you have to face to build your own decentralized cryptocurrency exchange. After these steps, you need to keep in mind the cost of this process. The good thing is that creating a cryptocurrency exchange is not so expensive process.
With intelligence and low cost, you can start your platform. You just need software, a project manager, a platform developer, an engineer, and a web designer.
You need to pay the cost of these and you can develop a cryptocurrency exchange platform.
Wrap Up
If you want to create your decentralized cryptocurrency exchange you can follow all the above-mentioned steps. This article explains all the steps and ways you need to know to develop a cryptocurrency exchange.
The basic steps, cost, and cautions are the answer to how to create a decentralized cryptocurrency exchange. You just have to keep these steps in your mind. And you can create your decentralized cryptocurrency.
