Cryptocurrency is software. Every function, from how transactions are recorded
to how data is stored, is dictated by code.
Especially for cryptocurrencies whose main function is to act as money, cryptocurrency
transactions are typically stored in a type of database known as a blockchain (other
cryptos
use unique technology, but the gist is the same).
What we think of as cryptocurrency, for example 1 Bitcoin, is just numbers recorded on a
cryptocurrency’s blockchain. Another word for that stand-in for value is “token” (often
also called a “coin”).
Cryptocurrencies are created by algorithms that rely on cryptography. That is why it is
called “crypto” currency.
Every transaction relates back to unique cryptographic codes that secure the network.
Cryptocurrency software is decentralized and distributed, meaning it is hosted on many
peoples’ computers
across the world instead of just on one server by one company.
The algorithms generally are written to award coins to computers that add transactions
to the blockchain. The process of adding transactions to the blockchain is known as
mining.
The code of the cryptocurrency defines things like maximum supply, mining rewards, etc.
Thus, for most cryptocurrencies, the main way new coins are created is by people all
over the world running hardware
that adds transactions to the blockchain. Otherwise, cryptocurrency tokens are created
by other mechanisms contained
in a cryptocurrency’s software.
Cryptocurrency exchange software is a software solution for buying and selling of
digital assets such as cryptocurrencies, security tokens,
and other assets. Such systems have market liquidity and are equipped with a set of
tools aiming to make the exchange process convenient.
White label crypto exchange solutions - are ready-made software that is designed,
developed, tested and already available for deployment.
With this software, one just needs to make the preferred customizations and can get
started with his own digital asset exchange business.
Such platforms are secure, fast in deployment and cost-effective in comparison with
built from scratch ones.
The main benefits of Velmie white-label crypto exchange platform are the following:
A modular, highly scalable system;
Flexible customizability;
Cost-effective and quick in the deployment;
Low platform maintenance costs;
Starting your own cryptocurrency exchange business is a quite sophisticated process
since it requires deep technical expertise in terms of solution architecture, standards
compliance, industry demands foreseeing, and so on. Also, it may require considerable
time and money investments. According to our research, developing a crypto exchange from
scratch may take more than 9 months with the cost to build not less than $300,000. Not
even speaking about additional expenses related to cost to own, further solution
adjustments and scaling. Velmie, as a financial organizations’ partner, found a way to
address these challenges by proposing its White Label Software - a ready-made
cost-effective solution, flexibly customizable according to customer needs.
