In the context of Cryptocurrency exchanges, other than bitcoin all coins are referred to as altcoins.
Meaning that the second most used cryptocoin ‘Ethereum’ is also an altcoin including other cryptocurrencies like Litecoin, Dogecoin, Ripple, and more.
Each cryptocurrency has a dedicated application or web interface that prompts crypto users to fulfill the crypto trading needs and others.
Whether its altcoin application like Ethereum or Dogecoin compared to Bitcoin development services works similarly.
Additionally, Ethereum is a bit different and offers more features than any other altcoin application or bitcoin app.
So, if you are looking to develop an altcoin app for your business.
Read this blog because you’ll learn;
- Benefits of developing altcoin application
- Features to be present in the altcoin mobile app
- Cost to develop altcoin application
But before let’s take a look at the altcoin generations.
Types of Altcoin In The Market
The altcoin is sometimes referred to as bitcoin alternatives, and since the inception of bitcoin, the world has many altcoins.
Following are some bitcoin alternatives to eye on:
1) Ethereum (ETH)
The first bitcoin alternative as it developed after bitcoin, Ethereum (ETH) is free from centralized authority, meaning run without control and interference from a third party. The platform is highly popular for smart contracts and decentralized applications (dApps) run without any fraud.
2) Tether (USDT)
Launched in 2014, Tether describes itself as “a blockchain-enabled platform that makes it less complicated to apply fiat forex digitally.
3) USD Coin (USDC)
Another stablecoin, USD Coin additionally pegs its rate to the U.S. Dollar using fiat-collateralized reserves, which means that it holds a quantity of fiat forex the same as the quantity of USD Coin in circulation.
4) Binance Coin (BNB)
It is the third-largest cryptocurrency by market capitalization, based on the Investopedia research. It is utility cryptocurrency that acts as a payment for the fees associated when users trading on the Binance Exchange.
5) Binance USD (BUSD)
Binance USD was created through the cryptocurrency change Binance as a stablecoin pegged to the U.S. Dollar.
6) Solana (SOL)
Incepted in 2017, Solana is similar to Ethereum and no doubt it’s major competitor in the market, is a blockchain platform designed to support decentralized applications (dApps). The Main thing about this altcoin is that it can perform more transactions per second than Ethereum.
Pros and Cons Of Altcoin App Development
Altcoins pros:
- Altcoins are “progressed versions” of the cryptocurrency they derived from due to the fact they purpose to plug perceived shortcomings.
- Altcoins with greater software have a higher risk of surviving due to the fact they have got used, together with Ethereum’s ether.
- Investors can pick out from a huge sort of altcoins that carry out different features inside the crypto economic system.
Altcoins cons:
- Not all altcoins are popular like Ethereum and Altcoins have a smaller investment market compared to Bitcoin too.
- Compared to bitcoin, the altcoin market is observed as fewer investors interest and activity.
- There are numerous “lifeless” altcoins that ended up sinking investor greenbacks.
Features of Altcoin App Development
The first step in the development of crypto exchange applications like Bitcoin, you need to give immense consideration on the features.
Here are some suggestions that you can incorporate into your altcoin app development.
1. User authorization and verification
Provide your users with an easy and interactive onboarding experience. Also, observe that verification is a critical part of crypto apps to reduce the possibilities of fraud.
2. Trading Engine
Trading engine means the core components that smoothen the process of trading. And those are – Balances calculator, Transaction execution, calling functions to manage order books, and more. Also, it is the most challenging part to design and develop.
3. User Interface
When developing an app like Coinbase, you want to build a consumer-friendly interface that is simple to apprehend and interactive.
In the context of user interface, designing a friendly and crucial dashboard is important. You can think of incorporating these one:
- Market monitoring
- View order history
- Withdraw funds
- Creating and canceling orders
- Connect with support
4. Wallet
The wallet lets in users to ship, store and obtain digital currency. For a cryptocurrency exchange app like Coinbase, the pockets should have the following functions:
- Multi-wallet functionality
- Integration with leading banks and payment gateways
- Withdraw or deposit amounts through email, QR code, etc
5. Analytics
Analytics is a feature which could appeal to superior crypto investors to use your gadget. Analytical tools permit investors to recognize the market decision and design their techniques.
6. Notifications and Alerts
Push notifications are beneficial for you in addition to your customers as this option will help you preserve communication with customers. With the help of push notifications and indicators, you can notify customers about special offers, news and promotions.
7. Security Features
Tightening security is a must in altcoin app development. Many altcoin app development company provide the following security features.
- Registry lock
- Web protocol security
- Cold wallet
- Domain name security
- Anti-DDoS modules
Cost To Develop A Cryptocurrency Exchange App (Altcoin App Development Cost)
With the capabilities cited above, the price of designing a cryptocurrency app, the MVP app with primary capabilities, can range from around $15000 – $50000. If you wish to increase an app that has superior capabilities and is more up to date, then the fee can lie around fifty thousand dollar to one hundred thousand dollars.
Tech stack for developing a cryptocurrency exchange app:
- Tool – Xcode (iOS) and Android Studio (Android)
- Language – Swift and Kotlin
- Web Service – JSON, Alamofire, Rest APIs
- Database – Mysql and room local database
- Design – MVC, MVVM (iOS), and material design (Android)
- General Functions – Firebase notification and others
Also read: * Complete Guide: Difference Between Crypto Coins and Crypto Tokens * How Much Does it Cost to Create Crypto MLM Software with Smart Contract?
Conclusion
In this weblog, you could get know-how approximately the features and expenses of developing a cryptocurrency app.
We hope that everyone with your doubts can get clean by means of going through this article.
You can also hire an altcoin app development company that can guide you to broaden your cryptocurrency alternate utility and provide you with a mobile app, ready to launch.
In case, want more suggestions or helpful tips related to Blockchain Development, contact us.
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