Skip to main content

Developing an Updated Security structure for Cryptocurrency Exchange Platform


Newly developed exchanges has to hold on to different strategies to provide a secured service for their exchange platform. Recently, we can see the updates of Local bitcoins for enhancing the security of the exchange based of the active engagement of the users in the platform.

The verification process introduces 4 different account tiers differentiated based on the trade and transaction volume and a progressive verification system, where users gradually verify their accounts as their activity in the platform increases.

In order to insure that the a reliable and efficient verification process, LocalBitcoins has teamed up with Onfido, a leading identity verification technology provider.

The new Account Tier structure is described in the table below, with each Tier’s verification requirements and their respective volume limit. The ID verification and Tier status of each user will be available in the Verification tab of the “Account settings” page, where up-to-date incoming trade and transaction volume will also be displayed. Incoming trade and transaction volume is calculated according to the account’s data on buy trades and received Bitcoin transactions from the past 12 months. The next Tier verification is required when incoming trade and transaction volume reaches the current Tier limit.

T1, T2 and T3 accounts will be able to send and receive transactions, create advertisements and complete buy and sell trades normally. To accounts, i.e. users who have only onboarding verification, can complete buy and sell trades but will not have a LocalBitcoins receiving wallet address neither be able to post ads.

This is like a four way shield for any security breaches on an exchange platform, these kind of features can be very well added while developing crypto exchange platforms. If you are into developing an exchange like Localbitcoins then reach out to us. Localbitcoins clone script can help you to launch an exchange like Localbitoins easily.
Labels:

Comments

Post a Comment

Popular posts from this blog

Develop Your Own DeFi DEX Aggregator like ParaSwap - Pulsehyip

Why   t o   Build   DEX Aggregator   l ike Paraswap? Paraswap is an Ethereum based DEX aggregator launched to sort out liquidity issues in decentralized exchanges. This Paraswap is a popular and fastest liquidity aggregator. As it is very quick and won’t hold any swapping fee charges, most of the people seek towards this Paraswap to start a DEX aggregator like ParaSwap.  Due to the best price range offered by Paraswap for the assigned Ethereum or ERC-20 tokens, this Paraswap DEX aggregator is more admirable than other DEX.  What   i s Paraswap? Paraswap is a decentralized finance based DEX aggregator that solves difficult liquidity problems along with the elimination of gas fees with high secured decentralized exchanges. While coming to the main functional roles of this Paraswap DEX aggregator, it acts as the pool in which liquidity from different DEXs to improve the  gas efficiency with speed enhancement.  While comparing to other DEX platforms like Uniswap, Paraswap is less affordabl
Post a Comment
Read more

BEP-20 Token Development on Binance Smart Chain

    BEP-20 Token Development on Binance Smart Chain BEP-20 like token creation on binance smart chain is something that will be welcomed by every crypto enthusiast who would like to start their own project in the newly launched Binance Smart Chain. We, all know Binance as the leading Crypto Exchange in the world and presently the Binance has Launched BNB Smart Chain. This Blockchain is run in a parallel manner to the existing Binance chain without altering the current ecosystem. Like any other tokens, creation of BEP-20 tokens on Binance smart chain is useful for the business startup. The main reason is the it plays a vital role in crowdfunding processes of the platform based businesses and this has been widely adopted by the startups that seeks to bypass the complicated and burdensome traditional funding models. The token now acts as a source to raise funds from both platform users and investors. Than an IPO (Inital public offering), the ICO (Inital coin offering) is of three distinct
Post a Comment
Read more

Launch DeFi DEX like Pantherswap on Binance Smart Chain - Pulsehyip

PantherSwap Clone has some of the prime, progressed, creative and unique security features to make your DeFi exchange platform run on automated yield farming and market producers device that yield more profits and  has benefit for both the traders and platform dealers. Components of PantherSwap Clone Script Automated Market Maker (AMM) PantherSwap Clone Script is developed with AMM (Automated Market Maker) in DeFi controlled Decentralized Exchange  PantherSwap Clone is AMM trade v1 which is a refined fork of PancakeSwap clone, the production line and the smart contracts switch that are equivalent to PancakeSwap. It involves the agreements that store liquidity like cash in such a way as protected as PancakeSwap. Initial Panther Offering  ( IPO ) Initial Panther Offering implemented in PantherSwap clone script which is an imminent feature in decentralized exchange platform development.  Lottery Pantherswap Clone Script runs exactly same as Pantherswap. It has lottery ticket fee per ticke
Post a Comment
Read more