Blockchain technology has disrupted the functioning of several industries and is poised for huge growth in the years to come. Its application is hugely seen in cryptocurrency which has witnessed an increased adoption over the past decade. Let us understand how to develop a cryptocurrency exchange, the features to implement, and the obstacles to face.

Figuring out how blockchain works
It is a publicly accessible database that gives priority to decentralization. Immutability is ensured as no one can erase information once it has been added. It ensures top-notch security as the records of users are distributed all over the world. Anyone can create their own blockchain network as it is open-source software.

A huge requirement of computing power would be needed. Security is highly important in the blockchain network as it can lead to a loss in the value of the cryptocurrency if it is compromised.

While Bitcoin gained a huge advantage of being the first-mover, other cryptocurrencies have kept up the pace by being quickly developed. Though their popularity has increased, cryptocurrencies are deemed to be illegal in many countries.

Though many exchanges have emerged, they have significant differences in the number of currencies supported, commission charged, and other features offered.

continue to read about Analyzing the rise of Binance