The cryptocurrency exchange market is known to be a popularly emerging and highly profitable field.This is the reason for being a highly competitive industry.
Building an exchange like Binance seems to be a promising idea for many entrepreneurs but making that possible is a tough job for them due to technical complexity. I have covered every technical silos like API, programming languages, design prototypes, testing phase, security architecture and other technical features in detail in this blog. Before that, let's dive into quick infographics to get you prepare for the initial stage.
Infographic was designed by Hivelance, popular binance clone script provider that helps Entrepreneurs to lanch their own exchange.
Design Creation
The foremost thing is the visual interface that users are seeing. It should be appealing, no compromise needed there. This basically involves two steps
Wireframes: The base of the future design where its key features are implemented. Prototype: The detailed visualization of the user’s interaction with the application to prevent UX issues.
Use Of Programming Language
Making use of HTML, CSS markups, and Javascript programming language including Angular.js, React.js, Vue.js frameworks are the key things your developer or you should be well versed. The crypto exchange source codes you write should be lightweight and bug-free. When it is left with less security, hackers can find a way to bug your code and stall the exchange.
API
The server part of the application is responsible for performing the application’s internal logic. API implementation needs to be tested in every phase so that users can use the functionality in a seamless way.
- User authentication and authorization
- Server-side function of admin panel
- Newsletter
- Cryptocurrency bets and deals of the users
- API that can be used by third-party organization
Blockchain
The part which is responsible for the actual processing and storing of data concerning trades between users in a secure environment. It forms the backbone for the actual processing and storing of data. Every transaction is recorded on the public distributed technology. The platforms like Binance empower blockchain technology to create their NFT marketplaces too.
Testing
An ideal part of modern application development. It is extremely important as it allows the development to continuously check bugs within the logic, as well as within the UI before actually launching the application. Agile methodology should be followed to eliminate the errors in every stage of Development instead of checking them on the last day.
Security architecture
Since the application is storing the sensitive information of its users, it has to be properly secured in order to prevent to possible data leaks and hacking attacks. We advise securing the user information in the following way. While developing the back-end part of the application, pay attention to creating a secure way of storing and exchanging confidential information.
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The key components of the exchange are located at the different servers and dedicated channels
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The encryption keys are also located at the dedicated secured servers
Users authentication
In order to prevent the possibility of unauthorized login to the user account, it is best to implement two-factor authentication by generating a one-time token. Additionally, the users receive notifications about logins to their account specifying the location and the IP-address.