If you are looking to start a cryptocurrency exchange business, then you should understand the life cycle of cryptocurrency exchange development and its phases. So that you can easily coordinate with the cryptocurrency exchange developers or the company you are dealing with.
First of all, starting a cryptocurrency exchange is not just like the usual web development process, it would require some additional efforts and technical knowledge both from the entrepreneur and the developer side. So, I hope this article will explore the cryptocurrency exchange development lifecycle by listing out the 13 phases of cryptocurrency exchange development.
When you choose to deal with a cryptocurrency exchange development company, then the life cycle of your cryptocurrency exchange will be spread into 13 in depth stages. Let’s have a look out what they are.
If you are the client/ or entrepreneur, then you will be fall in the following 13 stages.
Stage 1: Market Research & Analysis Stage
This is the first stage of entering into cryptocurrency exchange development. In this stage you should go through a deep research & analysis about the current market of the cryptocurrency trading industry. After the research he/she should find out the loop holes, and failure points that are not focused by the leading player in the cryptocurrency market.
Stage 2: Ideology Stage
In this stage you should make an idea based on the research, and should enlarge it with several business modules to stand out from the competitive market place. To beat the competition the idea should be unique.
Stage 3: Plan Deriving Stage
Here you should derive a rough cryptocurrency exchange business plan by connecting all the business modules that are listed out during the ideology stage.
Stage 4: Finding The Technical Resources Online
After deriving the business plan, you should browse for online resources, technical resources, companies, software services providers, and technology service providers.
Stage 5: Outreach a Cryptocurrency Exchange Development Company
Extract the top three cryptocurrency exchange development companies and contact all the chosen companies via direct call, message or email. Analyze how they are responding and choose one company who could meet your requirements both financially and technically. Check out their portfolio, and their growth graph in the cryptocurrency industry.
Stage 6: Escalating The Business Requirements
After reaching your desired company, escalate your business requirements, and make a friendly contact with their team & representatives to discuss in detail about your project.
Stage 7: Scope Discussion & Finalizing the project
Discuss the scope, technical resources, and confirm the project.
So, until the 7th stage you are not going to make any investment, and when you confirmed the project the other following process will be fully handed over to the cryptocurrency exchange development company you have reached.
Stage 8: Business Plan Presentation & Project Team Allocation
In this stage the company would bring you a business plan as a road map presentation & let you know the resource allocations.
Stage 9: Storyboard Preparation based on the modules
After allocating the resources, the escalated business plan will be prototyped as a wire frame. And then all the below process will be done through the waterfall model.
The full fledged development process will be done, each design stage will be proceeded into the next stage after the proper confirmation from both client side and the technical team side.
Stage 11: Development Stage
Converting the website design into the development process. Proper testing will be proceeded after the completion of each module.
Stage 12 : Testing Stage
After the completion of the entire website it will be loaded into the local server, to check whether all the functionalities are working properly. If there is any bug occurring, the phase 10 and 11 will be proceed again until solving the bugs.
Stage 13 : Deployment Phase & additional Changes
After testing the developed cryptocurrency exchange website and its functionalities it will be hosted with the support of DevOps Team. Continuous monitoring will be done until there are no additional changes needed from the design and development side.
Note : The stage 8 to 13 will not be proceeded, if you are not agreed with the company’s proposal, and you don’t have to pay money. But, If you agree with them, you would sign an agreement and you must pay an initial amount.
The above 13 stages are essential in the development of cryptocurrency exchange.
Originally published at The 13 Stages Of Cryptocurrency Exchange Development Process