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BLOCKCHAIN
TetherX
An OTC trading platform designed for Mongolia
Client
Confidential
Duration
2 months
Category
Blockchain
Year
2024
Technology
NextJS, NodeJS, Python, Flutter, Fireblock, IPFS, Polygon
Introduction
TetherX is an innovative OTC (Over-The-Counter) trading platform specifically developed for the Mongolian market, aiming to provide a stable and accessible cryptocurrency trading environment. TetherX leverages Mongolia Stable (MGStable), a Mongolian Tugrik-backed stablecoin, to facilitate seamless peer-to-peer cryptocurrency transactions, enabling users to trade digital assets without intermediaries while ensuring local currency stability.
Challenges
TetherX aims to be a leading OTC trading platform in Mongolia, facilitating seamless peer-to-peer cryptocurrency transactions. However, several challenges stood in the way of achieving this goal:
– Security and compliance in a peer-to-peer environment: Facilitating peer-to-peer OTC transactions without intermediaries introduces unique security challenges, particularly in preventing fraud and ensuring the integrity of exchanges. Additionally, operating a financial platform, even an OTC one, necessitates adherence to evolving regulatory requirements in Mongolia, including KYC/AML procedures, to prevent illicit activities and protect users.
– Scalability and real-time transaction processing: A trading platform, especially one designed for high-volume peer-to-peer transactions, demands exceptional scalability and real-time processing capabilities. Managing the concurrent negotiation and execution of trades, coupled with the need for immediate updates on the Polygon blockchain and across the platform’s user interfaces, poses a significant technical challenge to ensure a smooth and responsive user experience.
– Cross-platform consistency and user adoption: Developing a robust platform with consistent user experience across multiple interfaces while integrating complex blockchain interactions on Polygon and secure digital asset management is challenging. Ensuring ease of use for a diverse user base in Mongolia, many of whom might be new to cryptocurrencies, is crucial for widespread adoption.
Solutions
To overcome the challenges, Hola Tech adhered to the best practices. Key components of the solution included:
– Enhanced security and robust compliance framework: Fireblock is integrated to provide institutional-grade custody and settlement solutions for digital assets, minimizing counterparty risk in peer-to-peer transactions. A sophisticated NodeJS and Python backend implements stringent KYC/AML procedures, leveraging advanced data analytics to detect and prevent fraudulent activities. All sensitive data is secured using encryption, and IPFS is utilized for immutable storage of crucial non-sensitive transaction records, enhancing transparency and auditability.
– Highly scalable and real-time transaction processing: NextJS and Flutter provide dynamic and responsive user interfaces that deliver real-time updates for trade negotiations and order book movements. The core transaction engine, powered by NodeJS and Python, is optimized for concurrent trade matching and settlement. The use of the Polygon blockchain ensures low-cost, high-speed on-chain settlements, while AWS Lambda functions are utilized for efficient, serverless processing of off-chain data and background tasks, ensuring the platform scales seamlessly with increasing user demand without compromising speed.
– Seamless cross-platform consistency and intuitive user experience: TetherX offers a consistent and user-friendly experience across all devices. Flutter enables the development of a single codebase for high-fidelity mobile applications, ensuring identical functionality and design across iOS and Android. The web platform, built with NextJS, provides a equally intuitive interface, synchronized in real-time with the mobile experience. The NodeJS backend centralizes all business logic and blockchain interactions with Polygon, abstracting complexities from the user. Simplified onboarding flows and clear transactional steps are implemented to ensure ease of use for users, including those new to cryptocurrency, fostering rapid adoption within the Mongolian market.
Featured numbers
– Onboarded over 20,000 active users across web and mobile platforms in Mongolia
– Achieved a 99.9% uptime for trading services, ensuring continuous accessibility
Results
The implemented system successfully met TetherX’s requirements for security, scalability, and user-centric functionality. The platform has significantly lowered the barrier to entry for cryptocurrency trading in Mongolia, attracting over 20,000 active users who can now engage in peer-to-peer digital asset transactions with confidence. This demonstrates TetherX’s success in providing a seamless, stable, and accessible OTC trading solution for the burgeoning digital economy in Mongolia.
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