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What is an Exchange?
An exchange facilitates the trading of different cryptocurrencies and fiat. As resistance to adoption of bitcoin and other such currencies is diminishing the need for more exchanges is increasing exponentially! There are two ways to go about creating a place to trade: centralized or decentralized. Both should offer:
1. Flexibility to customization and scaling
3. Easy management
4. Low delay time for the user
A decentralized exchange does not rely on a third party service to handle transaction and hold funds but rather an escrow or smart contract. Trades occur through an automatic peer to peer process. Users have the advantage of controlling their own funds anonymously while avoiding high trading fees. Well known examples include BISQ, Radarrelay and LocalBitcoins. The challenge of mass adoption is the set up process and nearly unrecoverable data in case of a hacking attack due to its immutability feature.
A website can handle exchanges from fiat to btc and other crypto with advanced and easy to use features. Popular centralized exchanges include Binance, Gate.io and Bitfinex. It’s crucial to have the correct KYC procedures set in place in a centralized exchange because of the identification documents required to participate. Third party application can be used or No Rest Labs can develop a protocol specific to established guidelines for KYC checks.
Build High Grade Security
Taking the right security precautions can save your users a lot of heartache and a companies reputation. Built in features ensure the safety of your exchange is at its full potential. Popular tools include:
1. Using secure and protected library and framework
2. Two-factor authentication such as Google passcode.
3. Request documents from users (KYC and AML). This item pertains specifically related to exchanges with crypto to fiat. For crypto to crypto it is not always necessary.
4. Manual confirmation from the administrator of high volume transactions and/or their large amounts
Any exchange needs liquidity to operate successfully. In order for customers to feel comfortable movings sums of money on your exchange there needs to good premise for past trading activity. New exchanges are bound to encounter the chicken before the egg problem upon kickstarting their exchange.
1. Trading activity can be fabricated within your exchange by buying and selling between two artificial accounts within your own exchange.
2.You can implement an API interface which connects your bitcoin exchange to another existing exchange.
3. You can join a whole network of cryptocurrency exchanges such as Trust-Deposit which will tie together the liquidity of all exchanges within its network. The bigger the network, the better the liquidity.
4. Run a test network.
Optional multi currency wallets can be developed to be added as a feature on the exchange. Developers can also create multi-signature software/hardware storage options, as discussed in the digital wallets section.
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