Investing is always associated with high risk, which is why it is so important to choose a reliable market that provides technologically safe tools and quality customer service. To start developing the platform on which these virtual coins are traded, we use in-depth research and interviews with our clients, the entire project is built around traditional exchange office templates and specific industry communications.
The traditional workflow for creating a design for a cryptocurrency platform can not be divided into several stages with the condition of participation of several people from our iTizzi team, Kiev, Vinnytsia. The preliminary stages are usually dedicated to research, which allows us to start working on the design for the cryptocurrency exchange platform.
In-depth research before creating a cryptocurrency exchange
In the first step, we will focus on goal setting and direction of work. We use in-depth research to clarify a product idea for both ourselves and the client’s team. The kick-off seminar, from which we begin our cooperation, will outline the specific vision and goals of the team.
Using the example of a client, let’s say that we received information about the task – to create our own blockchain from scratch (this is a technology that is used to store and transmit information about transactions concluded on the Internet. The essence of the blockchain is to maintain a general and collective register of transactions in digital form distributed over the network in the same copies). Despite doubts, the company still decides to go in one direction of development – to create two complementary tools: a centralized and a decentralized cryptocurrency exchange. Let’s say that the client’s stated goal was to reach Western Europe and the USA with his products.
In this case, we conduct research, after which we come to several conclusions in the field of the market and advanced players.
The market is divided into two types of advanced players:
- Players who switched from Forex money market games. They are trying to adapt this “new world” to the realities they know well. Moreover, they try to apply as many solutions from currency exchanges as possible. They use their experience to gain a real edge over mid-level players and newbies.
- Another type of high tech player is the medium that grew out of Reddit. They are so specific that they like exchanges, with unfavorable designs, born 10 years ago. Players rely heavily on data found on the Internet and communication with each other.
We will also survey the most popular sites. For example, Bitbay, Poloniex, Kraken, or Binance. This area is dominated by centralized organizations that dominate in terms of speed and data processing efficiency. We analyzed the costs of individual operations and information architecture. All these activities will lead to one conclusion – expanding the group of recipients.
Design and development of a decentralized cryptocurrency exchange
The advantage of a centralized exchange is its speed, stability and liquidity, while it is a disadvantage for the players of the decentralized market. In this case, we can also focus on anonymity and integrate a decentralized exchange with a centralized one in order to increase its volume.
We may be approached by a client with a completely different request, for example, a client from Venezuela who wants to create a cryptocurrency exchange for a local recipient. In this case, the result of our work will be a decentralized cryptocurrency exchange office, which will be based on a transparent interface and, possibly, simplified communication with the final recipient in order to facilitate access for intermediate players on the exchange.
In theory, both clients come to us with one request – to create a cryptocurrency exchange. But in practice it turns out that they are waiting for very different things. Some people often think about using ready-made solutions, but in reality they are limited to this. It is worth delving deeper into this problem to really solve it – which is why we care about the tools for in-depth market analysis and research support before starting to design a cryptocurrency exchange.
Imagine that for a client who knows nothing about the money market, we will create a platform with complex and multiple full-screen charts. He probably would never have dared to buy on such an exchange. A simple and intuitive interface with a certain number of functions makes it easy for even an inexperienced person to work in the world of cryptocurrencies.
Works on the creation of a cryptocurrency exchange – Lviv, Dnipro, Odessa
To summarize: research work on the creation of a cryptocurrency exchange can expand the group of recipients who will increase the volume of currency on the exchange.
iTizzi Software Development Company will focus on the highest possible value of the platform, the exchange for both the advanced, average player and the beginner, and develop a simple and straightforward design for a centralized and decentralized cryptocurrency exchange, basing its design decisions on the information gathered during the research process.
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