What is cryptocurrency?

Cryptocurrency such as Bitcoin act as decentralized currencies that work on peer-to-peer technology, making it easier to process and verify the transaction. The concept is powered by blockchain technology and crypto exchange development companies which ensure maximum security and clarity. This also ensures that cryptocurrencies remain free from government manipulation and corruption. The downside to this, however, is that it makes it difficult to set standardized practices as there is no authority to provide guidelines. These coins and bits are mined through digital processes, and around 25 coins are mined every 10 minutes all around the world.

Future of Cryptocurrency

Experts believe that those advancements in technology will bring forth some major changes in the field of cryptocurrency. Furthermore, there are talks of such currencies entering the NASDAQ as a proper stock that buyers can buy and sell through the market. Such a move will also help in improving the reliability and credibility of blockchain and all such currencies. One of the biggest reasons people tend to stay away from such forms of currency is because they feel it is as “real” or trustworthy as conventional currencies. However, all this will change with the setting up of verifiable online exchanges which follow strict rules with regards to exchanges and trades.

Characteristics of Cryptocurrencies

• Highly decentralized and not government-controlled.
• No regulation from banks.
• It requires an extremely robust and secure framework to trade.
• No upper limit for issuance around the world.
• No support mechanisms or insurance.
• Value depends on the buyer’s intent and market standing.
• Requires high-end processing.
• It provides transaction anonymity.
• Growing visibility.
• Limited by the danger of security breaches.
• Growing acceptance from local vendors.

Major Cryptocurrencies

1. Bitcoin- The one that started the whole cryptocurrency bubble way back in 2009. The most highly valued currency with the highest market share, this currency requires high processing power to mine.
2. Litecoin – Regarded Bitcoin’s biggest rival, Litecoin works well when it comes to processing smaller, shorter transactions at faster rates. It came out two years after the Bitcoin and requires lesser processing power to mine, making it a more accessible cryptocurrency to many.
3. Ripple – Ripple came out in 2012 and is headed by entrepreneur Chris Larsen. Just like the Bitcoin, Ripple works as both a currency and a payment portal, with the currency going by the name XRP.
4. MintChip – Powered by a governmental organization, unlike the rest, MintChip is an initiative of the Royal Canadian Mint. It comes with a smartcard which can be used for transactions, while also offering personal anonymity like the Bitcoin.

What do Crypto Exchange Development Companies do?

The ever-growing crypto market presents investors with an opportunity to make some quick money. Similarly, it is also very profitable to run a crypto exchange website, as these people get paid a commission fee for every transaction made through their website. Therefore, around the world, there is a huge competition when it comes to crypto exchange development companies and websites. These endeavors provide various services by utilizing their experience of working with Blockchain Technology. White label crypto exchange development services help you provide users with a highly secure platform to make their transactions on. Such development companies work with exchange owners to understand the needs of their users and then custom design a website that maximizes efficiency and accelerates processing time. Some of these companies also help businesses develop their own exchange from scratch!

Services Offered by Crypto Exchange Development Companies in India

1. Boost the Transaction per second rate to ensure better processing time.
2. Built-in trade engine which can streamline the entire transaction.
3. Secure storage of data.
4. Several layers of advanced security and encryption.
5. Various referral and reward schemes.
6. Multiple language support for people in need.
7. Security through HTTP authentication.
8. Protection from DoS, DDoS, SSRF, and CSRF attacks.

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Blockchain isn’t limited to just being a framework for coin exchanges, but rather has the capacity to be so much more. The underlying fundamental principles of blockchain such as decentralization of control, security, and accessibility help in its application across businesses. Read on to know more about ways we can fully utilize Blockchain technology and make it even more useful.

Sustainable Energy

Today’s world is continually talking about the need to conserve energy and switch to more green options for energy production. In such a scenario, it is interesting to look at how Blockchain can help commercialize solar power.

Solar power hasn’t yet become mainstream, because they’re expensive to install, require time to turn cash positive and are not very efficient. However, advancements in science and technology are helping in improving such solar devices. This will remove intermediary companies and reward rates, and make it easier for everyone to rely on more sustainable energy sources.

Cloud Storage

Cloud storage powers most modern businesses by granting unlimited storage space and security. We are all guilty of dragging and dropping files into cloud folders for later use. However, though most cloud servers have multiple back-ups and security checks, none of these are fool-proof.

Since all these functions come under the responsibility of a singular entity, their power is highly centralized. Therefore, by attacking a SaaS company, you can take down their entire cloud service. However, by using Blockchain technology, Storage is proving that security in place can be further improved. While most cloud servers utilize CDNs to cache files, usage of Blockchain can help take cloud computing to the next level.

Powerful Processing

The best way Blockchain can be used to derive processing power is illustrated by the supercomputer Golem. The machine has no central processing unit of its own, but rather derives its power from blockchain mining. The proof-of-work calculations that it does to verify transactions, may, in essence, be used to calculate just about anything.

Hence, the same power that makes Bitcoins possible helps Golem calculate physical values. Companies and research institutions both need enormous processing power to run their calculations. Hence, instead of investing in their own technology, they can make use of Blockchain to calculate things for them effectively.

Verification Tool

With everyone taking their lives digital, one of the biggest problems of the 21st century is identity theft. When so much regarding our lives is available online, making sure that data stays safe remains critical. We protect sensitive data using personal information, and then share things about us on social media.

Similarly, we store our most valuable and important documents on clouds, but try to keep them safe using the weakest of passwords. When miscreants get their hands on such data, they can cause severe damage to our lives. Blockchain can help us handle such lack of security, by adding another layer of encryption and verification.

All important actions, such as altering bank account details and governmental dealings may be decentralized via Blockchain. Such decentralization of identity proofs ensures a lack of a single point of failure which allows the compromising of data. Security company Civic accesses biometric data using blockchain, making it a secure process that does not need complex logins.

Gem Trading

In the business world, gem trading has quite a name for being one of the most unethical services due to the large influx of illegal money. The sheer distance separating buyers and dealers, coupled with the massive amounts of money involved, makes this business extremely risky and dirty. However, all this can change by introducing Blockchain into the mix.

By introducing a blockchain ledger into the mix, we will be able to access records regarding every transaction, helping to make everything more transparent. Moreover, the system would become extra robust and secure preventing any hacks and illegal takeovers. This is exactly what the Finnish company Everledger does in the field of the diamond trade. IBM project TrustChain wants to design a blockchain-enabled supply chain for the gems industry to track gems and precious metals.

Furthermore, people are relying on smart contracts at weddings and even funerals. Rather than using written documents attested with signatures, people are opting for smart contracts that are executed via software. Similarly, startups such as Votem, Follow My Vote and Democracy Earth, are bringing life to blockchain-powered voting platforms to eliminate fraud. Meanwhile, facial recognition startup Faceter is focusing on the prevention of crimes by using blockchain. Faceter aims to automatically trigger alarms as soon as crimes occur through facial recognition.

With businesses spending over $2.9 billion on Blockchain products, and with investments in the field set to cross $12.4 billion by 2022, it is safe to say that Blockchain is here to stay. Blockchain technology will slowly grow to have bigger roles to play in the fields of government services, healthcare, and even real estate. Right now, as you read this, more and more startups are starting to rely on blockchain-enabled platforms. Therefore, make sure you don’t get left behind and jump on in yourself.

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Blockchain- A Foundational Technology

Within Blockchain, digital code helps to embed contracts into shared databases, which help in protecting such data from deletion and revision. Thus, as per this system, every payment or transaction will have a digital signature which is then validated, stored, and shared. 

Therefore, Blockchain can in several ways forever change the way we do business. However, this revolution will take several years, because Blockchain is not a disruptive technology, but rather a foundational one. One of the earliest such uses of technology of this kind dates back to the adoption of the TCP/IP for internet usage. Before TCP/IP, telecommunications depended on “circuit switching, “which required an exchange. TCP/IP turned the entire system around by digitizing data and splitting it into small packets. 

It became a public standard for people with the surge in popularity of the World Wide Web during the mid-1990s. More and more companies switched to this system, and following close behind, new companies emerged relying on internet connectivity. Therefore, decades later, companies such as eBay and Napster changed the e-commerce and music industry respectively. Ultimately, it took TCP/IP over three decades to fully revolutionise every aspect of our lives, and Blockchain might do so in a decade.

Companies Embracing Blockchain

By the end of 2016, bitcoin transactions amounted to $92 billion, a rather meek percentage of the world’s $411 trillion global payments. However, crypto-currencies have been growing steadily since then, becoming important in the fields of instant payments and foreign currency trading. 

Most of the initial Blockchain-based development took place in the financial services sector. For instance, Nasdaq partnered with Chain.com, to offer services related to the validation of financial transactions. Furthermore, heavyweights such as Bank of America, JPMorgan, the New York Stock Exchange, and Standard Chartered have all begun using Blockchain in their transaction processing. Also, the Bank of Canada is working on a digital currency called CAD-coin.

FedEx is one of the world’s largest logistics companies, handling cargo worth billions of dollars annually. It is also the first shipping giant to integrate Blockchain into its supply chain. The company uses Blockchain to track important cargo and better their supply chain logistics. Burger King Russia came out with a token named WhopperCoin to power its rewards program. 

The Waves platform enables users to store, trade and even transfer these tokens online. KIK which hosts one of the world’s largest chat platforms uses the Kin cryptocurrency to make payments. IBM makes use of the Hyperledger Blockchain creator tool to create and maintain their own distributed ledger systems. They have partnered with Walmart and the United Bank of Switzerland in a bid to improve its logistics.

Governments using Blockchain

In 2018, the UK’s Food Standards Agency started using Blockchain to analyze and track meat distribution. This served as a tool to ensure compliance within the food sector. Similarly, the UK’s HM Land Registry uses Blockchain to improve the process related to the registration and selling of property. Meanwhile, the Department of Work and Pensions is building a system to help claimants manage their money.

Gibraltar has set up a stock-exchange based only on cryptocurrency named GSX in a bid to normalize the use of Blockchain. Georgia’s government makes use of Blockchain technology to monitor and improve their land registration projects. Switzerland has also been a vocal supporter of cryptocurrency, with Zug accepting such modes of payment for public services. Dubai meanwhile, is planning to become the world’s first completely compliant user of cryptocurrency and will switch to such a system by the end of this year.

How Entrepreneurs Are Leveraging Blockchain

Several of the world’s most successful entrepreneurs wear by Blockchain to accomplish various tasks. For instance, the HR industry notes how technology helps make the running of background checks easier than ever before. This helps to save countless hours’ resources which would otherwise be spent in gauging a candidate’s resume. Also, they serve as a great way to automate legal agreements, helping large companies handle their contracting with ease. By 2024, the Blockchain revolution will hit $60 billion thanks to the worldwide adoption of such systems.

Vik Pathak of Fura Gems leans on Blockchain technology to enable transparency within the gem industry. By installing a ledger, Fura will track their stones preventing the manufacture and trade of fraudulent synthetic stones. Similarly, All Public Art’s founder Graham Goddard has built a Blockchain-based authentication system to track artwork. Canadian mogul Stan Bharti, are relying on GEAR, which uses cryptocurrency to finance and enable clean energy production. Yubo Ruan, the founder of 8 Decimal has invested in over 40 such companies around the world. Similarly, Jag Singh led Vid. The camera runs a blockchain-based social media app to help people create videos and monetize their memories.

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A Cryptocurrency Wallet is like an e-wallet or electronic wallet, that is used to buy, sell as well as manage the cryptocurrency balance by storing its private and public keys. To trade in cryptos, you are required to have a cryptocurrency wallet, as there has to be some medium to manage your digital currency. So cryptocurrency wallets do the task for you.

Most of the cryptocurrencies have their own crypto wallets, whereas there are many, that prefer using a third-party cryptocurrency wallet. The wallets that are owned by a single cryptocurrency can only trade that particular currency in exchange with similar cryptocurrency or with the fiat money. But the third-party cryptocurrency wallets allow you to trade in multiple digital currencies, along with the fiat currency. But not all the multiple-currency wallets support all the digital currencies.

Cryptocurrencies, like Bitcoin, Etherium, and Litecoin, have their own wallets, named Bitcoin Core Wallet, MyEther Wallet, and Litecoin Core Wallet, respectively. Whereas, the Coinomi wallet is the example of the wallet that supports multiple cryptocurrencies.

Though you can also keep your digital currency on the exchange, doing so is not secure for your cryptocurrency, as these are more are vulnerable to hacks. So using a wallet for the cryptocurrency is always best for you.

How do Cryptocurrency Wallets Work?

We all know that the digital currency or the cryptocurrency does not have a physical existence. It is electronic and is managed electronically. So the cryptocurrency wallet is the one that enables the users to carry out all the electronic operations related to the cryptocurrency.

So how does it actually work?

There are several types of cryptocurrency wallets out there, and every wallet works in almost a similar way. The wallets are not supposed to store the cryptocurrency but enable the users to send and receive the digital currency through a Blockchain exchange. For that, the wallet stores a secure digital code and public secure code. This secure digital code is none other than the private key and the other, as the name suggests, is the public key.

While sending the cryptocurrency, over a Blockchain exchange, to another person, you are sending the ownership of that particular crypto to that particular recipient. The private key acts as the secure code you will use to access your bank account (for instance) and the public key will act like the account number related to that secure code. When you transfer the crypto, the recipient should have the private key of the exact match as of your public key, in order to get the ownership of the crypto.

Like an important password, your private key should be secret, such that you are safe from any kind of theft or hack. The wallet also monitors the budget and keeps the record of every transaction you made through it. So it is also a kind of your ledger that keeps all the data related to your every transaction.

Types of Cryptocurrency Wallets: The cryptocurrency wallets are categorised into two types and that includes:

• Hot Wallet
• Cold Wallet

Hot Wallet: Hot wallets are the ones that are connected to a network and make use of the online platforms. These wallets are very common among the crypto owners, and the wallet providers are responsible for the security of the cryptocurrencies. These wallets can be run on a web browser or downloaded as an app on a smartphone. But, it is never safe to keep a large amount of digital currency in a hot wallet as these are always connected to the internet and are at high risk for hacking.

Most of the times, the hot wallets are free. These are easy to use and provides quick access.

Cold Wallet: Cold wallets are safer, as these are entirely offline. These can be a software or an app, that you can run on your smartphone, desktop or keep it in a plugin hardware device, like a USB. Since these are kept at a particular place, these do not provide instant access. To make transactions through a cold wallet, one needs to push a button which is not approachable for the hackers. Hence it becomes more secure than the hot wallet. The wallet is further secured by a pin or a password, enhancing the safety of the private and the public key stored in it. But since these provide the maximum security, these are expensive too.

There are following five types of cold and hot cryptocurrency wallets:

1. Online Wallet: The online or web wallets are cold wallets. These wallets are the most convenient as these reside in the cloud and can be accessed with the help of an internet connection, independent of the place and device you are using. But these are more vulnerable to theft and hacks. So you need to make sure you use extra security for these wallets.
2. Mobile Wallet: The mobile application that you download to your smartphone, and use to keep your private and the public key, is the mobile wallet. These can be both hot and cold wallets. If you are using an internet-connected mobile wallet, the security vulnerability is the same as for the hot wallet. But, if it is a cold wallet, these mobile wallets are more secure. These are quite handy too, as you can use them even at the physical stores to make payments.
3. Desktop Wallet: These are the cold wallets that you need to download and install on your PC. These are safer but not that convenient, as you need to open your desktop and use the installation device to use it to make even a single transaction. These can be at risk if your system is attacked by a virus or malware.
4. Hardware Wallet: The hardware wallets make use of the plugin devices to store the private and public keys for a cryptocurrency. These are the cold wallets, but when connected to the internet can act as the cold wallet as these are also compatible with the web. You can make both online and offline transactions using these wallets. These provide the maximum security to the crypto owners from any hack attacks, as these are also secure from the desktop viruses as well.
5. Paper Wallet: The paper wallets literally store the private and the public keys on a paper and are the safest to use. But since most of the cryptocurrencies do not offer the paper wallets, these are not that popular. Technically, the copy of your cryptocurrency is printed on a paper in the form of a QR code. When you want to make a transaction, you need to scan this QR code. So despite being the safest, these are not as convenient as the other wallets.

Atomic Wallet, Bread Wallet, Mycelium, Exodus, Copay, are few of the most popular cryptocurrency wallets. Before opting for a cryptocurrency wallet, you need to go through thorough research based on your requirements.

Xornor Technologies is a leading crypto exchange development services provider in India. If you need to know more about cryptocurrency, crypto wallets as well as crypto exchange development services, feel free to contact us.

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The process of exchanging a cryptocurrency includes an ‘order book’ (a general ledger), in which the seller will register the request for selling their assets. Here the buyer, too, will look for good offers for buying the digital currency and if the buyers do not find any good offers in the order book, they can place their order along with the terms of buying in the order book.

The exchanges can be direct, i.e. peer to peer, or through an intermediate channel. Before discussing the peer-to-peer cryptocurrency exchanges, let’s discuss what is a centralized or regular cryptocurrency exchange:

Centralized Cryptocurrency Exchanges: The regular crypto exchanges are the centralized entities which carry out the trade for the cryptocurrency between two particular parties. This exchange seems to execute the trading directly, but on the contrary, it has multiple steps included. This type of exchange provides the facility for the users to buy, sell or exchange the digital currency at a fixed market price. But the process is more time-consuming.

Peer-to-Peer Cryptocurrency Exchanges: A peer-to-peer cryptocurrency exchange involves only two parties, the seller and the buyer. This type of exchange does not need a third party or any central authority to carry out the exchange between the two. Unlike the regular crypto exchange platforms, the prices for the exchange for the cryptocurrency is defined by the seller and may vary accordingly. There are no hidden charges included for the crypto exchange for either party, and the fee for transaction ranges between 0%-0.7%.

Along with matching the order value in the order book, the peer-to-peer exchange allow the buyer and the seller to connect directly and exchange information. The two peers can exchange the information with each other even if no transaction is going on. Even after the order has been matched, the software does not complete the trade by itself. The seller and the buyer can decide their new conditions for the trade before the completion of the transaction.

Advantages of Peer-to-Peer Crypto Exchange:

1) Security: Since there is no central authority involved in the exchange on a peer-to-peer network, the information shared between the two parties is always censored. Also when the order value is accepted by both the buyer and the seller, the platform locks the assets, such that those assets cannot be accessed by any other party, providing greater security for crypto being stolen.

2) Privacy: The Peer-to-Peer crypto exchange doesn’t include any third party for the trading, so it is more private. Even the communication between the parties, that are up for trading the crypto, is kept private and only the two parties are involved in the negotiation.

3) Immunity to Government Regulations: The regular crypto exchange is liable to the government authorities even for the smaller transactions, as it is the central authority such as a bank which is involved in the process of conversion, deposits and withdrawal of the cryptocurrency. But on the P2P exchange, the transactions are done mostly for the smaller amounts, and the assets can be deposited to the accounts of both the parties directly, without having to trust a third party to process their trades.

4) Minimal Charges: For the smaller transactions, the regular crypto exchange platforms can be a bit pricier as both the parties are charged with a fee on deposit, withdrawal as well as for the trade. But since the trading in P2P exchange is done without the help of a third party, the two parties are charged with a minimal fee for the trade.

Though the centralized or the regular crypto exchanges are the first exchange platforms and are still a popular choice among the people, with the time passing by people are becoming more aware of the concept of the digital currencies as well as the exchange platforms and are opting for the peer-to-peer exchange platforms for the trading.

The P2P exchange platforms are cheaper and are best suitable for smaller transactions. Also, the people who are concerned about the fees and security must go for this exchange platform.

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