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Author Topic: We build 2nd biggest cryptocurrency exchange. Features and ideas.  (Read 330 times)
Valera Vlasyuk
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May 22, 2018, 10:30:43 PM
 #21

Several notes about security:
- While coding service to manage websocket connections for the exchange project i've got some ideas how to protect sensitive servers:
  1. Make connections from secure server to "proxy" server. Simply saying if you have sensitive data on the server it connects to server that interacts with visitors. By using this method you add one more level of inside protection. If your 1st level server was hacked hackers will not get access to the sensitive information because they will not be able to connect to it at all (no open ports).

  2. Write simple protocol between servers. And check the message sizes. Simply saying message type A size can't be more than XXX and less than X if something goes wrong show ALERT about intrusion into the system and disconnect form the 1st level server.

 3. Fill all space on the 1st level servers and leave space only in several places. So it will not be possible to write on the server without deleting files. Change generic apps on the server to fake one so if someone try to use them immediate ALERT about intrusion.  Changes in files - ALERT to about intrusion.

 4. Wallets  will be separate servers that can't be accessed from outside. They will connect to data routing servers, get transaction information from them check total transaction stats if it differs from usual daily transaction pattern they will immediately disconnect and ALERT about intrusion.

Some tech data:
  - How to handle 3 millions of websocket connections using Go:
   https://medium.freecodecamp.org/million-websockets-and-go-cc58418460bb

Marketing/Business model ideas:
My project will work in similar to POF (Plenty Of Fish) way.  I remember when its former owner posted message at forums.digitalpoint.com  about $20k/month revenue. So main idea is a free service for all + advertising fee and premium service.
You can read about it here: https://en.wikipedia.org/wiki/PlentyOfFish


How can ideas form it be used in Exchange2.net service?
- no fees for transactions  
- set withdrawal fees yourself
- use SEO to get traffic

Premium services will be around:
- order matching priority (i was inspired by this article https://www.cmegroup.com/confluence/display/EPICSANDBOX/Matching+Algorithms there is a top priority for some type of members in order matching process)
- collective trading (simply saying you set to repeat what does some best public traders)
- listing new cryptocurrency

and there will be 3 ad blocks in the top of page that anyone can buy for tokens.  1st will be served ads with highest cost per impression/click.

Tokens:

Tokens could be used to pay for premium services, ads, voting or trade on exchange.

Ambassadors:
i want to try is "invitation only" access in the beginning.  I'll create network of ambassadors that will invite people and do promotion of the project. For every invited person that fund account and start trading they will receive tokens.

What do you think about these ideas? Have some suggestions?
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adnoc
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May 23, 2018, 07:24:30 PM
 #22

lol that can be done with few lines of shell code using a vps huge project
Valera Vlasyuk
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June 01, 2018, 08:26:19 PM
 #23

>please explain about what was your comment?
lol that can be done with few lines of shell code using a vps huge project

Please explain about what was your comment?

I did huge research about JS charts. Looks like the most interesting charts are using d3js framework (http://d3js.org)

Two JavaScript charts that i liked:
- http://techanjs.org/ charts that based on d3js (on the main page is exact chart that i want to integrate into my project) and highcharts.com charts.

I've decided do not spend a lot of time and stopped at highcharts JavaScript charts for now.

First project release. What i have now:
- I have now fast matching engine. That can process 320 000+ orders per second. I've added one more stats server and exchange data between them with ZMQ protocol. But after adding messaging system order processing dropped to approx 50 000 orders per second. Matching engine is written in Golang and i can optimize it to become faster but do i need that now? (BTW NASDAQ engine process 90 000 orders per second)
- I've made first interface with trading history and run test with 50 000 trades per second for several hours to see if everything works well. I've added limit orders stats and JS chart with current price updated every second and realized that my web browser can't receive 50 000 messages per second through WebSockets protocol it just hangups... Smiley  


ICO plans:
- looks like easy ICO time already gone...  because it will cost like $500k to launch your own ICO marketing campaign. I had a conversation with one guy from dmarket.io and he shared insights from their ICO campaign. Big team huge budget for media buying. I can afford such amount of money to launch successful ICO campaign. He says that if you don't have $500k - $1000 000 for media buying and paying to advisors you can't launch suceesfull ICO
- scheduled StartEngine.com Call on monday (4th of June). To listen what they can offer to me.
- I did lots of research and looks like SEC think that all ICO tokens are securities and if i plan to make ICO i have to register my token as security Sad
- Nice article  why SAFT is dead and after readin this article i've decided to contact StarEngine https://www.crowdfundinsider.com/2018/03/131044-initial-coin-offerings-why-the-saft-is-dead/
- What if I just do ICO promotion at sites to see what i can get (traffic) and for SEO purposes and limit in USA it only for limited amount of accredited investors?
 
Marketing:
- interesting article-experience about marketing at bitcointalk.com https://hackernoon.com/marketing-on-bitcoin-talk-what-can-go-wrong-d6d5bd6c6174
- I did a post at bitcointak to see is there any no fee cryptoexchanges and got feedback that fees are the main income for cryptoexchanges and no fee cryptoexchanges are scam...looks like fees are not very important factor when you choose crypto exchange
- TraderView got 37M funding for their project form investors. They have interesting community idea based on chart tool they've created, I think i should implement trading community idea into my exchange project too.
- I've mentioned before that i'm doing research about making network of exchanges that connected into one exchange platform in partnership with other people and i've got interesting feedback form this idea.  So now i have two ideas:
     1. Build no fee exchange and offer premium services for some extra fee, but my main problem here is TRUST and marketing.
     2. Build network of exchanges in partnership with other people that will be connected into one platform - this way on my opinion is easier for me but i still continue doing research here.


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June 03, 2018, 06:35:20 PM
 #24

I think your nasdaq numbers are way too low...

Valera Vlasyuk
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June 04, 2018, 10:19:20 AM
 #25

I think your nasdaq numbers are way too low...


Checkout info at this page
http://business.nasdaq.com/market-tech/marketplaces/trading


Their matching engine can process 100 000 orders per second.

Quote
Able to consistently sustain an order rate of over 100,000 orders per second at sub-40 microsecond average latency

Without any connections its easy to have more than 2 million orders processed per second on one server. The bottleneck here is send/receive data from server to server.
arunka71
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June 04, 2018, 09:35:54 PM
 #26

But a pure software based matching engine can process like 6 Mio orders / seconds and nasdaq does it in hardware, which should be much faster?
Valera Vlasyuk
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June 04, 2018, 10:19:23 PM
 #27

But a pure software based matching engine can process like 6 Mio orders / seconds and nasdaq does it in hardware, which should be much faster?

Great! I'm sure that FPGA matching engine can process more than 6mil orders per second. I do not pretend to beat NASDAQ.  In 2008 year they could process up to 250 000 orders https://www.forbes.com/forbes/2009/0112/056.html#6c69fe877cc7

My old Mac can process 50 000 orders per second Smiley  I think even 50 000 orders per second is enough for real order matching engine server that sends and receives data from connected client servers. Am i right?

 So instead of focusing and increasing useless numbers id better spend this time on finishing first MVP and focus on marketing.

Last 3 days i've all my free time on different JS charts and still havn't found any good solution. Maybe you can suggest me some good JavaScript charts? D3fc is buggy. Highcharts freezes if you update data every second. I'm testing techan js now maybe it will work well....
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June 04, 2018, 10:21:51 PM
 #28

Uhm....I'm not really a JS guy...sorry...I do backend in C++ and frontend in java, where I use jfreechart

http://www.jfree.org/jfreechart/
arunka71
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June 13, 2018, 01:20:07 AM
 #29

How do you test your engine/exchange?
Valera Vlasyuk
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June 14, 2018, 07:30:14 PM
 #30

How do you test your engine/exchange?


I wrote unit tests. Or you mean orders per second tests?


BTW: About JS charts i've moved to techan JS charts (based on D3 js) instead of highcharts.

Marketing ideas:

- I've asked at bitcointalk questions about contests and no fee exchange. I've got a negative feedback about no fee exchange so I'd better start from small fees. The most interesting thing is that people do not trust free exchanges.

- The only idea is an invitation. I'm going to ask about this idea at the forum. At the beginning users will be able to register only by invitations. For every invited person they will receive 40% from trading fee of the invited person.

- Ambassadors. I've seen at the Binance Angel program https://support.binance.com/hc/en-us/articles/115000483751--Calling-for-Binance-Angels. I want to do something similar. Ambassadors will help us in different public communities, provide the feedback about existing and new feature ideas, help to organize meetups. In exchange they will get token rewards, be invited at private meetups, got special limited gifts and rewards, get special invitations to events which we will make, will get access to Ambassador and our team private area to discuss new features, meetups, marketing ideas and etc.


ICO ideas:

- Kodak One has interesting ICO model - they offer tokens only for accredited investors and did a hype around Kodak (and it looks like they are not a part of Kodak and use their brand as franchise)


Project status:

- I have made a  prototype with a matching engine, price/volume chart, order the history, buy/sell price levels and buy/sell orders
- things are left to do:

    - add/withdraw funds (BTC/ETH/USDT/....)
    - the user area
    - the user registration
    - the 100% unit test coverage
    - the Ambassador member area (or start from FB group?)
arunka71
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June 14, 2018, 09:01:21 PM
 #31

I thought about the performance tests. I want some user bots putting load on the exchange, so the results are somewhat realistical.
Valera Vlasyuk
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June 15, 2018, 05:50:32 AM
 #32

I've written in golang simple bots that do requests and installed them at DigitalOcean instances.
arunka71
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June 15, 2018, 06:09:50 PM
 #33

Wow! Seems like you have a lot of cool ideas! 
Valera Vlasyuk
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June 15, 2018, 08:54:09 PM
 #34

thank you! I'm slowly but moving to the first public release Wink
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June 15, 2018, 09:42:21 PM
 #35

That is a great idea of you. If you succeed to create the exchange then it will really be the best exchange of all the exchanges which are created for the cryptocurrencies. But I think you have to give importance to provide the USD market pair to each of the coin which you will add to the exchange it will give a new unique feature to the exchange as I not saw an exchange which give USD market for each coin and they rely on BTC for buying that coin.
Valera Vlasyuk
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June 23, 2018, 07:05:59 PM
 #36

Have you seen Fcoin token?

I like the idea of sharing fee between community. So sharing 80% of all transaction fee revenue with community looks good idea for me.

+ transparent wallets of exchange

What do you think?
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June 23, 2018, 11:56:54 PM
 #37

Just read trough entire thread. As a developer myself I can tell this was one of the best threads (well most fun for me at least...) I saw in quite some time. Really good job making all this information open for everyone that might need it in the future.

Anyways not sure what your current application structure is, but I'm a big fan of Go and NodeJS. Try the microservices approach, it will be worth it long term, trust me.

Keep up the good work !
Valera Vlasyuk
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June 24, 2018, 01:16:19 PM
 #38

Just read trough entire thread. As a developer myself I can tell this was one of the best threads (well most fun for me at least...) I saw in quite some time. Really good job making all this information open for everyone that might need it in the future.

I'll share parts of the code. Maybe it will be helpful to someone too.

Anyways not sure what your current application structure is, but I'm a big fan of Go and NodeJS. Try the microservices approach, it will be worth it long term, trust me.

This is exactly what I do. Each part of the system is microservice.


Keep up the good work !

Thank you!
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June 24, 2018, 01:30:11 PM
 #39

Idea is good.
Why do you mix wallet and trading?
I think is two different things.
I think better decentral exchange nowadays.

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Valera Vlasyuk
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June 24, 2018, 01:38:38 PM
 #40

Idea is good.
Why do you mix wallet and trading?
I think is two different things.
I think better decentral exchange nowadays.

It was my first idea, right now i've decided to focus only on exchange.
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