Cryptocurrency Trading Social Platform
A responsive Web-based application developed as a secure, scalable, high-performing social platform to buy, sell & exchange cryptocurrency.
- Country United States of America
- Service Disaster Management
- Industry Multiple
Process Followed
Before putting the methodology of application development into practice, it was important for our team to devise a systematic approach and deliver a solution that meets the client's expectations. From emphasizing the UX/UI of the app to identifying the problems and doing beta testing of an app, many more things were required to be programmed accordingly. The QSS team followed an intensive process to create a native and hybrid application.
Problem Identification
feasibility study
solution implementation
challenges
final outcome
Problem Statement
- Developing a secure, scalable, high-performing social platform for cryptocurrency trading.
- Buying and selling of 04 cryptocurrencies Bitcoin, Ether, Bitcoin, and Litecoin with 02 fiat USD and GBP.
- Exchanges to be integrated for the latest cryptocurrency price are Binnacle, BitMax, and Bittrex.
- Secure wallet development.
- Token generation and management.
- Backend admin as escrow service.
- Responsive website with a hybrid mobile app (Android and iOS).
- Solution hosting on the AWS ecosystem.
Feasibility Study
In a discussion with the customer, it was required to implement a responsive website and hybrid mobile application for Android and iOS, using which users can securely trade (buy and sell) cryptocurrencies. The users (buyers and sellers) have a secure wallet address with private keys to transfer tokens, eventually transforming into the sale/purchase of cryptocurrency with fiat money. The backend admin can perform as an efficient escrow agent to authenticate transactions and control fraud.
The Challenges
Major challenges while developing the solution:
- Ensuring secure and transparent trade.
- Automated system to control fraud.
- Performance and load management.
Solution Applied
This application developed as a social trading exchange for cryptocurrency transactions, where users can register and buy/sell cryptocurrencies in two major Fiat money- USD and GBP. The users can register and have been provided access to their wallet address with a secure private key. The backend admin plays the role of the escrow agent and makes sure the completion of a genuine transaction. The admin also does the KYC for users. The users first receive tokens issued by an online exchange platform against fiat money spent by them. The tokens are stored in a secure wallet address and access to these tokens was with a secure private key. The buyer requested the seller to purchase cryptocurrency. The seller transfers the cryptocurrency to the buyer and in return buyer transfers the tokens to the seller.
The seller first notifies the admin, an escrow agent, about the sale of cryptocurrency with desired documents. Upon completion of the transfer of cryptocurrency, the seller can convert the tokens into Fiat money from this platform. The transaction of transfer of cryptocurrency and tokens has been highly secured cryptographic (AES 256) transactions.
Sample Interview Questions
The app aim to provide a centralized exchange system as it is easier to use and offers better liquidity. The app
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The client seek to implement a responsive cross-platform web application and hybrid mobile application.
We used decentralised technology to let users make secure payments and store money without the need to use their name or go through a bank.
The client came with the cryptocurrency trading app proposal. Our skilled engineers and developers, after thorough analysis & research, established the fully scalable solution and came up with one of the most trusted cryptocurrency trading platforms.
- Implementation of a responsive website and hybrid mobile application
- Allowing sale/ purchase of cryptocurrency with fiat money
- Access to balance monitoring and order history
- Authorizing global accessibility
- Solution hosting on the AWS ecosystem
- Token generation and management.
Coinbase, Binance, Crypto Pro, Coinsmart etc are some similar apps.
Major features of the application are -
- Exchange integration to get real-time prices for cryptocurrencies
- The admin has been provided to work as an escrow agent
- Provides a multi-language user interface
- Digital assets stored in an offline wallet
- Instant deposit and withdrawal of balance
Technology Stack
AWS Ecosystem
Binnace
Bitpay
Bitrax
ERC 20
React.Js
Solididy
Sublime Ide
Truffle
Web3.js
Ethereum
Ganache
MySQL
Nodejs
React Native
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