A little over a decade ago, Satoshi Matamori created Bitcoin and the very first blockchain. Ever since, cryptocurrencies and the technology making them possible as a concept, have been in the spotlight. In fact, cryptos gained so much popularity, that today there are over 4900 decentralized currencies available. Naturally, there are also dozens of trading platforms where traders exchange billions of dollars daily.
The crypto market benefits from one of the fastest growth rates in recent years. Think about it, eleven years ago, the crypto market did not even exist. Today, this market is evaluated at $186,997,884,613, with a 24h volume of $74,268,293,936. If this does not show the potential of crypto exchange, nothing will.
Numbers aside, these kinds of platforms seem to attract a specific kind of user. They are a niche type of users, tech-savvy, with a good understanding of both trading and blockchain technologies.
Moreover, judging by the general design and functionality patterns observed on most of these platforms, it’s clear why beginner users shy away. The combination of dark colors, a multitude of charts and tables as well as ever-changing numbers are not a pretty sight for most people.
In fact, for experienced traders, these colors are the norm. But for beginners, they only add more confusion, instead of inviting them into this booming market.
As a response to this trend, Martin Rømer, and his sister and partner, Nanna Rømer decided enough is enough. It’s about time a platform for everyone existed. A place where even the most non-technical users could find their way around and learn crypto trading. It is time to make a decentralized exchange easy!
So together, they created NORDDEX, the first Nordic Decentralized Exchange platform. As a true nordic exchange concept, the platform focuses on simplistic functionality, good user experience and a fast learning curve. In other words, NORDDEX is for everyone, even your eighty-year-old grandma. In order to bring this vision to reality, NORDDEX reached out to Wiredelta®.
Normally, when it comes to building “traditional” platforms, the Wiredelta team is ready for anything. But NORDDEX is not a traditional website. So, for the backend development of this particular case, we partnered up with our friends at Blockbasis.
API and Gateway
The main reason behind this partnership is the fact that Blockbasis already had the API. So, why reinvent the wheel? Instead, we took the Bockbasis API, which is built using Python, and adjusted it to fit NORDDEX’s requirements. In turn, the API communicates with the blockchain through a specialized gateway that makes all the wheels turn.
Designs and Frontend
The concept behind this nordic exchange platform is different from existing ones. So naturally, we moved away from the black and grey colors, towards a clean, white and blue theme.
Good user experience does not stop at looks though. We also needed speed and good functionality. So, we built the front end in Angular 6. Well, most of it. The core of the platforms that include the trading view, the balance, deposits and withdraw pages are built in Angular.
This means that without building a custom CMS, Martin could never update any content on the platform. Needless to say, this is a problem as the landing page and the FAQ pages need updating quite often. So, who you gonna call? WordPress!
Our go-to CMS saved the day one again. The content pages use WordPress, over which we simply applied an Angular “filter”. They keep the pretty designs of our custom build and are easily customizable whenever NORDDEX feels like it.
Another important part of the nordic exchange platform is the multilingual function, but, NORDDEX is using both WordPress and Angular. So, for the landing page and FAQ, we needed a solution that would integrate with WordPress. Every plugin does, so that was easy. But we also needed a customizable tool where we create our own strings for the fixed text in Angular. Therefore, we decided on POEditor, a solution that meets both of our requirements and more.
There are many benefits to using this specific solution. Aside from allowing us to create our own strings, POEditor is also a team player. The plugin transforms any project into a team project, where contributors pitch in. This way they help with new translations and proofread existing ones for better results. What’s more impressive, POEditor supports almost 200 languages, making it the perfect translation tool.
Transparency and access to information is the core of NORDDEX. So, visitors have all the information they need about the platform right on the landing page. If they want to learn more, however, they can access the FAQ page, where they can find a step-by-step explanation of what NORDDEX is and how to use it.
Apart from that, they can also get a quick preview of how the trading page looks like by clicking on “see live tradings” on the home page.
NORDDEX is “A Semi-Decentralized Platform For Secure & Transparent Digital Assets Trading”. The reason behind this is, of course, GDPR. Regulations in Europe make it impossible for a trading platform to be fully decentralized.
Due to the way it creates users, NORDDEX stores emails and phone numbers. But, for a company to be GDPR compliant this type of data must be stored in a way that it can be deleted if needed. However, information stored on the blockchain is encrypted and anonymized, but cannot be deleted in any way. Therefore, trading platforms like NORDDEX cannot be fully decentralized and GDPR compliant at the same time.
So, in order for NORDDEX to meet these requirements, all personal user information is instead stored on a Firebase secure server.
Signing up on NORDDEX is as simple as the ABCs, even though registering to this semi-decentralized trading platform requires you to go through a 2FA verification system.
All you need to start is add your email, phone number and a password of your choosing. After clicking on register, an email is sent to your inbox to verify your email address. Final step, a One Time Password (OTP) of 6 digits is sent to you via SMS that you need to verify your mobile phone number.
You will only need to verify your email upon registration. But for your own security, your phone will be checked every time you log in or make a withdraw.
Trading on the NORDDEX Platform
In the Place Order panel, you can choose from the most popular coins on the market. The pairs you use most, you can mark as favorites for future use.
We simplified the trading panel as well, leaving only the most important widgets. This way users can see the information they need and they decide the order of the widgets or if they want to see the widgets in the first place. No worries, if you hide a widget by mistake simply bring it back from the Customization dropdown.
Also, if the information you see in your widget is not enough, simply expand the widget for a full view. Simple, right?
Balance and Transaction History
In the balance panel, users have an overview of all their wallets, available balance or in order balance. Also, the Transaction history provides every detail from the account’s history. This means what trades were placed, what withdrawals or deposits were made and what service fees were taken.
But be careful! As it’s customary with blockchain, NORDDEX only shows the last 100 transactions. So if you want to keep an annual record, for example, you should remember to back up your data regularly by downloading a CSV file.
Deposit and Withdraw
Deposits and withdrawals on blockchain-based trading platforms are in fact a sort of transfer. Since there are digital coins and not physical ones, users can only move them from one account to the other. More precisely, from one wallet to another.
Users depositing or withdrawing crypto have to pay attention to two things. One, the address they use for the transfer is correct. Two, they only deposit or withdraw from a wallet belonging to one coin, to another belonging to the same coin. If a user tries to transfer BTC to an EOS wallet, their coins will be forever lost on the network. Moreover, as we mentioned in our other blockchain-related posts, with this technology there is no customer support. Once you made that mistake, your crypto is gone.
NORDDEX has been an amazing journey for Wiredelta. So, in this case, we are applauding our amazing friends at Blockbasis for the awesome job they did on the backend. For frontend, we thank our wonderful developers Athira, Kowsika, Maheswari, and Senthil for their part in bringing this project to life. Finally, let’s not forget Mark and Alina as project managers.
Thank you, everyone, for a great project and even greater learning experience in the exciting world of blockchain and cryptocurrency trading.
Blockchain and cryptocurrencies are only growing in popularity. NORDDEX saw the potential of this technology and took the stand as the first nordic decentralized exchange, fully GDPR and KYC compliant. It is always a pleasure to work alongside visionaries such as Martin and Nanna.
The First Nordic Exchange Platform, NORDDEX, is a prime example of entrepreneurship, where you don’t have to reinvent the wheel. Instead, find your own way of making it better. So, if you have an idea of how to make your wheel better, come and have a chat with us. Together we can create the hoovering car or time travel! More realistically, together we can help the world become a little more digital. For more inspiration don’t forget to read our other cases, and we hope to hear from you soon.