Development of a Custom Binary Options Trading Platform

Customer

A Japanese company wanted to develop a platform for binary options based on cryptocurrency. The Сustomer approached us on the advice of one of our previous clients.

Challenge

The essence of the platform was that all bets on a currency pair were made using cryptocurrency: you make a prediction and, if your guess is right, you get a cashback with a certain multiplier (depending on the time and date of the bet).

Our task consisted of two parts:
1) Creation of cryptocurrency exchange;
2) If the cryptocurrency exchange shows its liquidity, the Customer wanted us to create his own cryptocurrency based on Ethereum.

Solution and Outcome

We broke the task according to the standard procedure: we received the technical task and the workframes from the Customer. Then we created a design-architecture and started the development process.

In our solution, the blockchain was used to store information about user rates, that is, the end user could fully see the transaction hash. With the help of the hash, the user could see the full information about the bet:

  • time of the transaction;
  • date of the transaction;
  • what multiplier was used in case of winning.

To make the application more open to the user and increase transaction security, we have integrated the third-party Metamask browser extension.

It is used by everyone who works with Ethereum and conducts transactions. This extension stores all accounts and with its help, it is convenient to “communicate” with the blockchain.

After the solution was ready, we launched a demo version of the stock exchange in the Ethereum test network according to the request of the Customer. As a result, the exchange was released in production and the Customer was satisfied.

At the moment, he is seeking funding for the implementation of the second phase of the project (creating his own cryptocurrency).

Technology Stack

Angular, Java, PostgreSQL Server, Ethereum

Timeframe

1,5 months

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