Today, more and more people are starting to use cryptocurrencies for different purposes: increased capital, trading, payment for goods and services, and so on. As a result, there is a need to create new exchanges and wallets that allow you to exchange cryptocurrencies among themselves and fiat ones. What is a crypto wallet and exchange? If you can understand these concepts, it will be much easier to find software.
What is a crypto wallet and exchange?
What is a blockchain wallet, and how do they differ from a cryptocurrency exchange?
Unlike fiat currency, cryptocurrency cannot exist on its own. It is necessary to have special software in the form of a blockchain. In order for a person to be able to control this technology, programmers create wallets and exchanges.
So, the acquaintance of many users with cryptocurrencies begins with the exchange. It is mainly because here, you can easily buy different cryptocurrencies and make money on their resale, considering the fall and rise in prices. Modern cryptocurrency exchanges are not much different from ordinary fiat ones, so it will not be difficult to understand their functions and capabilities.
However, the level of security in blockchain wallets is much better, so they are more suitable for storing money. In addition, with their help, you can pay various bills and make financial transfers, including international ones.
In addition, the crypto wallet definition says that this is a unique software that works based on blockchain technology. They are designed to store and execute transactions using electronic currency.
Some applications and exchanges allow you to exchange cryptocurrencies if there is a great need for them.
In most cryptocurrency exchanges, you can also find NFTs. Here you can not only store them but also send them to your friends and acquaintances, sell and receive other benefits. Since the interest in non-fungible tokens is now growing rapidly, this point must be taken into account when developing exchanges.
An individual wallet allows you to store much more assets and types of cryptocurrencies, various coins, tokens but does not cash.
What software can you use?
When creating exchanges, similar software is mainly used, which includes:
- Widgets of the user interface;
- Back office;
- Trading API;
- Trading engine;
- Protected blockchain info wallet.
Each of these technologies is quite difficult to understand, so it is necessary to dwell on each of them in more detail.
User interface widgets
The client must be comfortable using the cryptocurrency exchange. Before you start developing software, you need to think over the site’s functionality in detail, including its design and functionality. If everything is done correctly and beautifully, people will enjoy using the platform, which will allow you to develop faster and make a profit.
If you wish, you can purchase a set of ready-made widgets from providers. It is often much cheaper than buying new software, and the likelihood of errors is much less.
The back office allows you to save all transactions that took place in the system. It is a particular type of backup that will enable you to control all data as accurately as possible. Technology is often beneficial for business when there are a lot of such transactions.
The main disadvantage is that the system requires colossal storage, and such equipment is quite expensive. You need to take care of buying powerful computers immediately.
The use of this technology is very useful not only for the financial industry but also for many others, for example, in project management or tourism.
The cryptocurrency exchange must have access to various financial systems. It will allow you to introduce a large number of functions and update the currency exchange in real-time. Trading APIs are indispensable for the operation of cryptocurrency exchanges, while some wallets may refuse this function if they are mainly aimed at storing assets.
Many programmers are sure that the most attention should be paid to the choice or development of a trading engine because it will depend on how efficiently the system will work. It can be compared to a motor in a car: it doesn’t matter what good functions the vehicle can have if it has a bad motor. So here, if the engine’s bandwidth is less than 10 thousand orders per second, then in general, the exchange will not be able to serve a large number of clients and be competitive.
CRM ensures the regular interaction between the client and the exchange. It tries to create convenient conditions for the user and updates all data in real-time, prepares reports on the number of transactions carried out, and much more. Overall, this feature is handy for business.
The crypto industry is changing quite rapidly, and some events occur with lightning speed. To be always in the center of events, many clients prefer to choose exchanges that have mobile applications. Usually, the functionality of apps is not much different from the work on the leading site. Here users can:
- Log into their account;
- View current balance;
- Buy or sell currency;
- Exchange it for fiat;
- View the history of transactions;
- Make financial transfers.
It doesn’t matter what your company does, and it is always very beneficial to use a cryptocurrency exchange app. Not surprisingly, 50% of all users who trade cryptocurrencies use the mobile app. The customers can manage their assets much easier if access to the system is always at hand. It solves many problems.
Secure blockchain info wallet
How to use blockchain wallet? Typically, such software is simple enough to work, which is not much different from the usual e-wallet.
As soon as people visit the exchange website for the first time, they have to complete a simple registration process. To do this, you need to provide an email and come up with a password. Quite often, the exchange may request additional confirmation of entry via a mobile phone to increase security. You can also use your email address to verify your login.
After you have logged in, you get the opportunity to use all the necessary functionality. Here, you can conduct various transactions using cryptocurrencies (buy, sell, make transfers, exchange, and much more) and view all the operations that have occurred since the creation of the wallet. Blockchain technology is designed so that it does not erase any data so that you can store various data for a very long time.
When developing a wallet, you should pay great attention to security, as they are often susceptible to hacker attacks.
A used digital wallet also stores all data, even if a person does not use its services for a long time.
Who develops software for exchanges and wallets?
Because the cryptocurrency industry is developing tremendously today, many IT companies specialize in it. A vast team of specialists works here, which will be able to create truly unique products.
The most challenging part of developing cryptocurrency wallets and exchanges is creating a new blockchain. This technology is complicated to understand, and the number of specialists who can create a blockchain from scratch is minimal. However, the first blockchain developed for Bitcoin is in the public domain, and anyone can use it. Further, the specialist makes some changes in it, depending on the wishes of the clients.
The software development of such a high complexity involves going through several stages and takes a lot of time. Before delivering the project, the developers always turn to the audit company for help, which will help identify possible problems and give recommendations on how to solve them. Often, if a programmer has been working on a project for a long time, he or she may not notice the problems in future work.
If you want to create a new online cryptocurrency exchange and strong relationships with users, you need to consider how you want the finished product to be. Practice shows that this is a guarantee that programmers will be able to create something worthwhile.
The choice of software depends on the tasks at hand. Usually, they are selected by a qualified specialist who works on the project. Modern trends in cryptocurrencies are constantly changing, so programmers try to keep up with hot news.