In today’s world a day without technology is very rare to begin with.Technology is getting evolved every day to make our lives easier. Blockchain is one such technology created and has much potential growth for the days to come. Mostly the cryptocurrency has reached every end of the world these days but many of us still have issues in understanding the crypto world. Let me tell you what cryptocurrency means. Cryptocurrency is the digital currency which is used largely as a medium of exchange in digitized from. It involves the strong use of cryptographic techniques to generate, secure and transfer digitized money.
The concept of making things much more digitized has made a revolution in the world of cryptocurrency. We all are heading towards the next level of digitization were money, transactions and payment may completely become digitized compulsorily and the role of cryptocurrency will reach the lime light.Many entrepreneurs have started to understand the value of the cryptocurrency and the ways it may provide them business opportunities in the current world. Creating an app in one of the best way to connect and attract people around for a cause and this way any entrepreneur can make their business to the top level. In this platform you will get information about the must things to know before creating a cryptocurrency app.
Even though many of us have heard the word cryptocurrency, If we think about how it has an aftereffect on automated cash and what digital money exactly is, we still get confused.Lets look on to the answers of these questions.
CRYPTOCURRENCY AND THE WAY IT WORKS
Cryptocurrency is a private digital currency that is encrypted to safe guard transactions and help create additional modules of the currency.The cryptocurrency does not have a centralized authority (i.e) there is no specific body governing the cryptocurrency. The financial transactions carried out are secured based on the distributed ledger technology (blockchain) like a bill of financial accounts in the database which once created cannot be changed. The important aspect in cryptocurrency is that once the data has been generated it gets updated in the database online around the world which helps to prevent data loss or data corruption.
Security and safe transaction is one of the many reasons behind the huge popularity of cryptocurrency. There are as many 1500 types of cryptocurrencies and the most popular are Bitcoin, Litecoin, Ethereum, Zcash, Ripple and Dash etc. You may have questions such as whether anyone can make their own cryptocurrency. The answer is Yes, you can make your own cryptocurrency but the process will not be sheen as it will seem like. Its much complex and does not guarantee a ROI.
Bitcoin is the first form of digital currency released in the market and as said before, these coins are not issued or controlled by any centralized authority. The transaction of bitcoin carried out in a peer to peer manner became a huge success.The transaction details were being stored in the distributed public ledger. Bitcoin has a finite supply like any other precious metals. There are only 21 millions bitcoins which when completely mined will leave us to rely on the bitcoins in circulations. In order to acquire a bitcoin the miner has to mine form the bitcoin network. The miners who are present in a bitcoin network solve a computational problem and receive bitcoins as a reward. By this way the crypto currency is been generated for the further use.The success of the bitcoin lead to the development of alternative coins(Alt coins).
Alt coin referred as alternative coin is a category of cryptocurrencies which are “alternative” to the Bitcoin. After the success of bitcoin many different digital currency were developed, but their variation lies by the way the cryptocurrencies are mined. The procedure involved, proof of work, different ways in which a users’ working skills can be used in order to mine the currencies and optimization of the software or application to provide user anonymity were becoming divergent in Alt coin.
The main purpose of launching Bitcoin was to create an alternative to sovereign digital currency. It is illegal in many countries because it dosen’t have any real value base.
THE FAMOUS BLOCKCHAIN TECHNOLOGY
Blockchain technology may seem a bit complicated to understand but it is simple.Blockchain is a “distributed database” whose major function is storage and processing of data in multiple physical locations along same or different networks. All the transaction information of the currency are stored in the form of blocks with a high end security code and when another transaction is been carried out a link is formed between the new and the previous one. Each block carries a unique hash code which helps to differentiate it from every other block.
In a precise manner, it is a technology for were transactions of digital currencies are recorded publicly. The technology offers a standard security on the customers side, no personal data is exchanged or exposed. Blocks created in blockchain are immutable and Time stamped and has almost zero chances of manipulating transactions in Blockchain network because all nodes in the network have to approve the change before the change takes place.
In digitized platform the cryptocurrency such as bitcoin is exchanged with other cryptocurrencies such as ethereum, litecoin vice versa. The cryptocurrency exchange is popularly known as digital currency exchange. There are three types of cryptocurrency exchange centralized cryptocurrency exchange (CEX) which involves a body for the facilitation of the currency exchange between buyer and seller, decentralised cryptocurrency exchange (DEX) platform where the buyer and seller comes together to process the transaction between each other and Hybrid crypto currency exchange which includes both DEX and CEX methods.
The absence of any third intermediate person between buyer and seller in DEX method of exchange has intrigued individuals to develop cryptocurrency application to start entrepreneurial business.
ADVANTAGE IN CREATING CRYPTOCURRENCY APPLICATION
The presence of decentralized financial system allows owners and app users to manage the database and will have least possibilities where the system can be hacked. The app owners will also get the security patches along with application.
Mostly all successful business are carried out through application development which helps to connect people around for a single cause.
As the world of cryptocurrencies is still evolving, developing applications to ease the transactions will help in expanding individual business.
In this new era of blockchain technology there are only few trusted resources and users are searching for one solution in the form of application.
Currency exchange features is also another reason for the development of cryptocurrency application which will allow users to exchange cryptocurrencies easily even while they are roaming. Eg- Creation of different cryptocurrency exchange wallets.
The future trends of cryptocurrency application development is also larger in with respect to the current trends and the competition ahead.
At the end, to jump on a bandwagon and to march with the trend is something every entrepreneur would like to do and this can be achieved through cryptocurrency application development.
FEATURES THAT SHOULD BE CONSIDERED WHILE CREATING A CRYPTOCURRENCY APPLICATION
Application creation is an easy process but while creating any sort of financial app many things has to be considered. Such as:
Easy login and signup with details about real time market trends
Providing details about international market cryptocurrency value with filtering and shortening coins
Exhibiting real time market situation through attractive charts
Creating the application with new trending features and facility for live values of crypto in different currencies.
Enabling search option to select at least 1000+ cryptocurrencies with mobile wallet options.
Cryptocurrency exchange application
The increasing demand for cryptocurrency exchange apps will continue to rise with expanding trade volumes around world. At this point, launching a crypto exchange app is far better choice for an entrepreneur. Make sure the developed application is compatible with next generation features for it to maintain its place even during heavy competition.Essential components such as the those given below has to be considered while developing cryptocurrency exchange application.
Setting up a trading engine – A trading engine is the core of any exchange and run operations. It is important to execute transactions, calculate balances, access order book and match all the buy and sell transactions on an exchange.Trading engine should be the priority while building a cryptocurrency app.
Front end user interface – This can also be called as the face of your exchange; the way users see your exchange. It includes few functionality such as user registration and login, Fund deposit/withdrawal,View order book, transactions, balance, statistics, charts, etc.,buy or sell orders, support features.
Cryptocurrency wallet – Wallet creation will help in the storage and transfer of cryptocurrency at ease. Development of wallet solutions with high end security will help in the development of trust between user and the platform.
Admin console – Admin console helps the owner to manage different operational aspects of the exchange. The features of a console can be customized based on business requirement.Generally, every admin console should provide options to edit trading fee, managing cryptocurrency listing, adding new currencies/ debiting funds to wallets and addressing support issues.
Other add on features such as to provide a personalized and user-first app,multilingual support, allow users to fast and easy exchange of cryptocurrency, responsive app design for mobile and tablet, attractive user interface, real time currency news provided side by side etc., have to be considered while developing cryptocurrency exchange app.
The possible revenue model for your cryptocurrency exchange application
The revenue model for any exchange app would be the percentage amount chosen by the app owner as a mediator. Other method includes Google AdMob integration for banner and interstitial mobile ads, Sponsored Advertisement with custom sizes. Referral method to grab the visitors, creating a pro version of the app with additional features, Enable text, carousel and video advertisement.
WHY TO CHOOSE PULSEHYIP FOR CRYPTOCURRENCY APPLICATION DEVELOPMENT?
Making a business plan and comprehending the core business model is just the start for any business, only when you reach the destination the path completes. But you need to work continuously to maintain your standard. Hope Pulsehyip will be the best answer when you start querying about Cryptocurrency application development.
Pulsehyip provides cryptocurrency application development services which strongly stabilizes the startups and enterprise. The applications and solution contributed by the Pulsehyip are 100% customizable and upgradable. Carry out a robust business in crypto world with the help of Pulsehyip! If you are curious for more information vist: Cryptocurrency application development company.