A responsive Web based application, developed as a secure, sacalable, high performing social platform to buy, sell & exchange crypto currency
In 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) crypto
currencies. The users (buyers and sellers) have secure wallet address with private keys to transfer tokens, eventually transforming into sale/purchase of crypto currency with fiat money. The backend admin can perform as an efficient escrow agent to authenticate transactions and control frauds.
Major challenges while developing the solution:
This application developed as social trading exchange to crypto currency transactions, where users can register and buy/sell crypto currencies in two major Fiat money- USD and GBP. The users can register and have been provided access to their wallet address with secure private key. The backend admin plays role of escrow agent and make sure the completion of genuine transaction. The admin also does the KYC for users. The users first receive tokens issued by 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 made request to seller to purchase of crypto currency. The seller transfers the crypto currency to buyer and in return buyer transfers the tokens to seller.
The seller first notifies admin, an escrow agent, about the sale of crypto currency with desired documents. Upon completion of transfer of crypto currency, the seller can convert the tokens into Fiat money from this platform. The transaction of transfer of crypto currency and tokens has been highly secured cryptographic (AES 256) transactions.
Secure wallet has been developed to provide users with unique access for their crypto currency exchange related transaction. The users can access tokens allocated by system against their purchase in Fiat currencies. The tokens generated as per ER -20 standards.
Both crypto and Fiat currencies payment gateways were integrated. We integraed CoinGate for as crypto currency payment gateway and Stripe as Fiat currency payment gataewy.
Two exchanges were integrated to get real time prices for crypto currency. Bitrax and Binnace has been integrated as crypto currency exchange.
The admin has been provided the capability to work as an escrow agent. This way, admin has control over buying/selling of crypto currency making sure both buyer and seller have been transacted genuinely and there must not be any fraudulent transactions.
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