Blockchain technology has had a significant impact on the Internet since its introduction in 2008. Many businesses worldwide are working to incorporate blockchain into their operations.
It’s no secret that, in recent years, most of the application development process has been divided into aspects handled separately. Various aspects are typically developed collaboratively by different teams. Such instances can include an API, a web interface, etc. The application’s complexity determines the number and variety of them. In this article, we’ll go over the six steps to building your blockchain cryptocurrency exchange.
1. Design
The client notices this right away before using the application. To create a harmonious design that combines beauty and usability, we recommend following current best practices and considering product requirements. The stages of design creation are as follows.
- Wireframes – the foundation of a future design in which key features are implemented.
- Prototype – a detailed visualization of the user’s interaction with the application that allows for the prevention of potential UX issues.
2. Client-side development
The application’s web part contains the client-side logic for all website pages and is based on the previously created design. Front-end developers typically create design work using HTML, CSS markups, Javascript programming languages, and frameworks such as Angular.js, React.js, and Vue.js.
3. API
The API is the application portion that is not visible to the end user. The server component of the application is in charge of the application’s internal logic and essential functions:
- Authentication and authorization of users
- Admin panel server-side function
- The newsletter
- User cryptocurrency bets and transactions
- API accessible to third-party organizations
4. Blockchain
The component in charge of actually processing and storing data about user transactions in a secure environment (any alteration by any party is impossible thanks to the blockchain).
5. Testing
A necessary component of modern application development. It is critical because it allows for identifying and eliminating most bugs in the logic and the UI before launching the application.
6. Security
Because the application stores sensitive information about its users, it must be properly secured to prevent data leaks and hacking attacks. We recommend securing user information in the following ways:
Secure architecture: When developing the application’s backend, pay special attention to creating a secure method of storing and exchanging confidential information.
- The exchange’s key components are distributed across multiple servers and communicate via dedicated channels.
- Encryption keys are also kept on dedicated secure servers.
User authentication: To prevent unauthorized access to the user account, it is best to use two-factor authentication by generating a one-time token. Additionally, users receive notifications when someone logs into their account, including the location and IP address.
The encrypted data is exchanged using the most recent algorithm, SHA-256, which is currently impossible to hack. It generates a hash, a unique text signature that changes each time the initial message is edited. It allows you to determine whether the sent hash matches the received hash and whether the data is edited. The original message cannot decode because a hash is not an encryption.
Conclusion
Digital currency exchange offers excellent opportunities for both those new to the market and those with extensive experience in it. However, depending on the country or currency provided, the market still has several limitations, which always imply growth potential.
Developing a high-quality application for your blockchain cryptocurrency exchange company can result in a significant profit in a short time. Contact SmartOSC in case you need help in blockchain development service.
Contact us if you have any queries about Blockchain development services, dApps development, NFT marketplace development, Crypto wallet development, Smart contracts development.
