Why Cryptocurrency Exchanges Need A Unique Blockchain?
Rough Particles build the Tough Product. Likewise, Complex computer algorithms and Mathematical Expressions stand to initiate the Vigorous Blockchain Network. The first-ever by-product of Blockchain is Bitcoin. Now, this technology is incorporated into the first sectors from education to health care. Experts predict Blockchain will hold 20% of economic infrastructure by 2030.
Actually, Blockchain technology was introduced in 1991, and therefore the first application of this technology, Bitcoin, was introduced after 20 years in 2009 by Satoshi Nakamoto. Later then, Cryptocurrency Exchanges took birth on the earth. Within the initial days, people hesitated to trust Crypto Exchanges. Because the acceptance and interest for Cryptocurrencies go up, Now in 2020, Cryptocurrency Exchange is going to be the promising revenue-generating business model.
Why ought to Create a Blockchain for your Cryptocurrency Exchange?
While employing a public blockchain network, many cryptocurrency exchanges lose their own traders to their rivals, and within the case of separate Blockchain, they will hold their traders tighter.
Well, I even have another convincing answer to the present question.
Brand recognition
A notable recognition is made around the people. By building a separate blockchain, any Crypto Exchange can create its own native coin or token, which can definitely bring Brand identification.
Builds Traders Trust
Traders’ trust rate for your exchange will increase together with your own Blockchain in order that your exchange would get more user engagement.
Privacy level Fixation
As you’ve got your own Blockchain, it allows you to settle on the privacy level of transactions.
Enhances Market Share
The Market Share value will significantly increase due to your own Blockchain.
Faster Transaction
Everything is automated, from trade matching to payment verification. Thus fast transactions occur.
Flexibility
Your own blockchain lets traders trade it more flexibly.
Efficiency
By developing their own Blockchain, the exchange can position itself within the market, and therefore, the efficiency is significantly improved.
Cost Reduction
Smart Contract automates every process; there’s no need for any additional services. Thus, it’s a sort of cost-cutter.
Cryptocurrency Exchanges with their own Blockchain
Popular Cryptocurrency Exchanges like Binance, Huobi, OKEx have their own blockchain network.
Binance Blockchain
In the year 2019, Binance has launched its own Blockchain Binance Chain(BC), and really recently, it announced the Binance Smart Contract chain (BSC) very recently. Binance has added Ethereum Virtual machine to the Binance Chain. The corporation announced that they’re designing the Blockchain, which is more efficient and faster than the Ethereum platform.
Okex Blockchain
Okex and one chain foundation together build the Blockchain network named OKchain. It’s a 100% open source independent public Blockchain. Okchain primarily focused on Defi. Okchain offers functions like fee handling, matchmaking, and voting. Okex announced that it’d act as a platform that connects different chains by using Cross-Chain Technology.
Huobi Blockchain
Huobi, in Partnership with Nervous, built their own Blockchain, named Huobi chain. They have launched Huobi Chain under the beta version. This Blockchain supports financial sectors that employ Defi-related projects. This is often designed to support delegated Proof of stacks Algorithm for a versatile and friendly network.
Explore more here: forbes.com
What Experts Say?
Binance CEO, CZ, said that the longer-term is Decentralized. He believes there’ll be thousands of Blockchain applications and many digital tokens within the future.
Raghuram Rajan, former governor of RBI, said that soon central banks would create their own Cryptocurrencies.
Kin Misuma, CMO of queries, said that By using a separate blockchain, customers and website owners have the facility to line the privacy level.
Hugo Renaudin, CEO LGO, said that Blockchain has the facility to extend the general efficiency of the Crypto Exchange.
Conclusion
Cryptocurrency Exchanges need a separate blockchain to position themselves because of the lead within the market. Thus popular Exchanges have started building their own blockchain network. Even many popular brands like Microsoft, Oracle, SAP have their own Blockchain network.
Who are we?
Brugu Software Solutions — Blockchain Development Company.
With our solid experience and Potential Skills, we offer A to Z Blockchain Solutions to enterprises by developing private also as a public blockchain. We also develop Cryptocurrency Exchange Script supported Client requirements to launch their own crypto exchanges.
What is your business requirement?
Need a Separate Blockchain? Want to create your own Cryptocurrency Exchange or Both?
No worries! We’ll assist you!
