Development of a cryptocurrency exchange in PHP

The development of a cryptocurrency exchanger is a promising startup, as the popularity of digital currencies is growing, and in parallel, the demand for platforms for their exchange is also increasing. But it should be understood that a crypto exchanger is different from a regular site – it is a full-fledged trading platform in which users can buy and sell their assets.

Therefore, when creating it, it is important to choose the best technologies that can ensure high speed of processing orders and provide a sufficient level of security.

One such technology is the PHP language.

PHP is the most widely used web development language. It is quite fast, functional and able to withstand high traffic, which is extremely important when developing an exchanger. In addition, PHP is highly compatible and can run on most modern servers. Consider the main advantages of the language in a little more detail:

• Performance. With the advent of native JIT in version 8.0, the PHP language has improved significantly in performance, and not only outperformed many competitors such as Python, but even approached the level of Java.
• Versatility. The language can run both on the web and on most operating systems, including Windows, Linux, and MacOS. It also supports a huge number of databases, including MySQL, PostgreSQL and others. Therefore, it can be used to create cross-platform solutions.

• PHP development takes less time. The language has a large number of libraries and plugins that increase its functionality and speed up the development process.

In addition, the PHP language has reliable frameworks – Laravel, Yii2 and Symphony, which optimize the development process by providing ready-made packages of libraries and functions.

Such a number of advantages makes the PHP language one of the most priority technologies for developing the backend part of a cryptocurrency wallet.

The life cycle of a cryptocurrency exchange consists of six main stages, which are most often implemented in short sprints according to the Scrum methodology. Consider what work is performed on each of them.

Stage 1. Gathering information

Project work begins with research. At this stage, the development team needs to study the wishes of the client, analyze the market, the closest competitors, and determine the vector of product development.

Stage 2. Design

Careful design saves budget and streamlines the development process. At this stage, the team tests concepts, tests ideas, and creates a prototype of the future crypto wallet.

The prototype includes:

• UI warframes — we often offer the client several options for a UI concept, which allows us to find the optimal visual solution.
• Block diagrams of functions and smart contracts.
• Functional description table.
• Mathematics of the project – a table with formulas that will be integrated into the code for various calculations.

To present the prototype, our team creates additional demo videos. They help the client to better “feel” the product and understand how it will work even before the technical implementation begins.

Stage 3. Design development

The design of the project is created based on the previously approved UI concept. In simple words, at this stage, specialists impose graphics, fonts, animations and other components on warframes, after which the crypto exchange takes on a natural and attractive look.

Stage 4. Programming

This stage of development of a crypto-exchanger consists of three parts:

• Frontend. This is the client side of the project that users interact with. The frontend includes layout, creation of animations, transitions, event handlers and other elements that make working with the application convenient and enjoyable.

The implementation of the frontend part is carried out using static technologies: HTML / CSS / JavaScript, or reactive – Vue.js / React.js.

• Backend. The backend, or server part of the project, is responsible for storing and processing data. Its implementation can be based on the PHP programming language or its frameworks, such as Laravel or YII2, and includes: writing code for functionality, designing databases, setting up servers, and creating integrations with various external services via API.
• Blockchain development. It involves the creation of smart contracts that are placed on the blockchain network and provide a secure transfer of crypto between clients’ wallets.

Stage 5. Testing

After the development is completed, the cryptocurrency exchanger is thoroughly tested by the QA department. Special attention is paid to smart contracts, since once they are published on the blockchain, they will become immutable.

Stage 6. Technical support and development

In terms of return on investment, it is important that the crypto exchange is constantly improving, and becoming more convenient and useful for users.

Therefore, after the release, the project is transferred to technical support.

It is worth noting that only the functionality of the exchanger can be improved, and the smart contracts responsible for conducting transactions cannot be changed by their nature. However, if necessary, our team will be able to develop and place their new, more up-to-date version on the blockchain.

Cryptocurrency exchange allows users to quickly, safely and with minimal commissions sell and buy crypto or convert it to fiat. This makes exchangers extremely popular on the market, and from a business point of view, attractive for investment.

Our team has extensive experience in the development of crypto exchanges and other complex blockchain solutions. For the implementation of projects, we select a technological stack that is most suitable for solving the tasks. For example, it can be not only the PHP language, but also Python, Java or popular frameworks – it all depends on the specifics of a particular project.