How technology makes a Whitelabel Cryptocurrency Exchange Software more sturdy

Digital currencies have a humongous trading volume of $133.65 billion as per CoinMarketCap. Bitcoin (BTC) continues to be popular since it had the first-mover advantage (launched in January 2009). However, there are 11592 virtual currencies now with a market cap of $2.26 trillion. Investors are earning huge returns in no time. How can entrepreneurs enter this booming industry with a low capital expenditure? They can acquire Whitelabel Cryptocurrency exchange software.  The licensed trading platform is feature-packed and also can be rebranded according to their business requirement

Know the frameworks for developing a Whitelabel Crypto Trading exchange

 

Cloud-based software - The disadvantages of centralization have been replaced by the plus points of decentralization. The likes of Amazon Web Services (AWS) and Google Cloud are controlled by powerful tech companies and users do not have control over their personal information. Therefore, crypto data is held in reliable storage platforms like Filecoin and InterPlanetary File System (IPFS). 

It includes the safe storage of information such as asset prices, digital wallets, trading volume, and transactions.  Entrepreneurs will benefit from a reduction in operating costs. 

For insurance, IPFS works even offline leading to a decrease in computational energy. The peer-to-peer hypermedia protocol provides advantages like automatic timestamping of information, protection against tamper-proof storage of data, and a unique fingerprint called content identifier (CID). 

Database management systems - Storing the financial data of investors is highly important. The reputation of crypto exchanges will be harmed if there are hacking or phishing attacks. Therefore, database management programs like MongoDB, MySQL, and PostgreSQL are used for safely backing up information. Eventually, it provides advantages such as easy changing of the designs, robust management of the infrastructure,  and swift analysis of details of traders. 

Programming languages - A wide variety of coding languages are used to launch a secure Cryptocurrency trading platform. It includes Kotlin, Java, PHP, Python, and Swift. It helps in the glitch-free execution of buy and sell orders. Techpreneurs will benefit from fool-proof security measures, quick resolution of bugs, and scalability. 

Why is ReactJS essential for building a crypto trading platform?

It plays a critical role in the development of a white-label crypto solution. It enables smart routing of data such as generation of charts and graphs and historical pricing. 

ReactJS also helps in creating a friendly user interface. This helps in easing out the trading activities of both institutional and retail investors. Further, React JavaScript Library provides the superiority of flexibility and speed. 

The cryptocurrency exchange is set up swiftly by adding information like the average liquidity, current market cap, previous changes in prices, the number of coins and tokens, and trading pairs (crypto-to-crypto, crypto-fiat, and crypto-to-stablecoin). 

Besides that, it promotes transparency as real-time data is collected from the crypto exchanges and shared with investors.  This ensures that traders make the right decisions after seeing the current market conditions and their objectives.

How do Application Programming Interfaces (APIs) make the difference?

Blockchain networks form the backbone of trading platforms. All the blocks are interconnected with a cryptographic hash. Similarly, APIs will circulate information from JavaScript Object Notation (JSON).  Since the value of all cryptocurrencies fluctuates every second, Application Programming Interfaces (APIs) share the latest data with crypto enthusiasts. 

It can be integrated with any crypto exchange software. Importantly, APIs can support any kind of browser. Cascading Style Sheets (CSS) also helps in the quick resolution of security vulnerabilities and technical bugs.

Wrapping Up

“It is not that we use technology, we live technology”, says a famous quote. Cryptocurrencies are gaining huge traction in the global financial system. They offer anonymity, low transaction processing charges, privacy, and protection against inflation. Finally, entrepreneurs can become the pioneer in digital trading by getting hold of a Whitelabel Cryptocurrency exchange software.