Intermediary-free trading of digital assets is facilitated through Decentralized exchange development. It is highly resistant to hacking attacks, unlike Centralized platforms ensuring better user safety and privacy. The other benefits offered are the absence of third parties, maintenance of a high level of transparency, complete control of funds by the users, no chance of any server downtime, and complete anonymity.
The process followed as part of Decentralized Exchange Development
1. Collecting the business requirements of the firm.
2. Designing the technical solution keeping a friendly user interface in mind.
3. Integrating the blockchain technology and the robust smart contract.
4. Building a scalable Decentralized exchange platform adding all the needed features and functionalities.
5. Rigorously testing the exchange to eliminate all the technical bugs for ensuring a glitch-free user experience.
6. Deploying it on the firm’s operational network.
7. Issuing necessary software upgrades post-deployment as per the operational feedback received on the initial performance.
How does a Decentralized exchange function?
1. The buyer will raise an order on the trading platform.
2. He will include details about the number of units, the accepted payment methods, and the deadline till which bidding for the assets is allowed.
3. The matching engine reviews all the bids and chooses the best seller to meet the buyer’s order.
4. The buyer makes the payment to the seller.
5. The transfer of assets is done and the buyer’s wallet is credited with cryptos.