Despite the fact that cryptocurrencies have been around since 2009, they were originally dreamt up by cryptographer David Chaum years before.
Bitcoin, however, became the first decentralized cryptocurrency in 2009, paving the way for other cryptocurrencies. We are now in 2021, and it is hard to find anybody who hasn’t heard of Bitcoin and other cryptocurrencies. However, many people have little or no understanding of the cryptocurrency world. Here, we try to explain how does the crypto exchange software work.
You need to know the basics and prerequisites to start your cryptocurrency platform. A platform has two types of users: users and administrators. A cryptocurrency exchange platform allows users to trade cryptocurrencies.
A wallet is provided to users so they can store their currency and withdraw it when they need it. There are also administrators. Since they control and run the business, they are familiar with the app and security. Administrators are responsible for setting security settings and managing the app.
Blockchain development companies and cryptocurrency exchange platforms offer many features. User security is ensured and any theft or unauthorized access to digital assets or user data is prevented.
Login / Register
Without creating an account on the platform or, say, an app, users cannot exchange cryptocurrency. There is a well-developed login process and the security is extremely high. The feature prevents unauthorized logins, hacking and other types of manipulation and hacking of the app.
KYC means “know your customer”. Every user undergoes a thorough background check. KYC verification ensures security for the user who registers for the cryptocurrency exchange.
AML is short for anti-money laundering. After KYC verification, the exchange checks the AML, which provides protection for the digital assets on the server. It also provides transparency of money laundering trades.
Cryptocurrency exchange platforms offer users digital wallets in which they can store their assets. This feature can also be used when withdrawing assets for trading. The deposit or withdrawal limit will be set according to the AML check.
Transaction Control Panel
The transaction control panel is an integral part of the cryptocurrency exchange platform. It stores all transaction history. Development services often maintain this object. This ensures continuous protection and accountability of records.
The exchange administrator analyzes and monitors trades. To do this, he uses the functions of trade analytics. They create charts and graphs of completed trades. This also helps in the future forecasting of transactions and exchanges.
The admin panel helps the administrator keep track of each trader’s transactions and trades. The admin panel gives the ability to edit the site and add features that can help users.
Cryptocurrency exchange platforms are protected by encryption. The encryption keys are on dedicated servers that are secure and safe.
As you can see, it takes a huge amount of time and investment to develop and run such a platform.