Design and Implementation of a Cloud Based  Decentralized Cryptocurrency Transaction Platform

BENJAMIN KOMMEY; ERIC TUTU TCHAO; EMMANUEL OSAE-ADDO; ASIEDU BINEY KOFI YEBOAH; DERICK BINEY

doi:10.34010/injiiscom.v3i1.8359

BENJAMIN KOMMEY Kwame Nkrumah University of Science and Technology, Kumasi, Ghana
ERIC TUTU TCHAO Kwame Nkrumah University of Science and Technology, Kumasi, Ghana
EMMANUEL OSAE-ADDO Kwame Nkrumah University of Science and Technology, Kumasi, Ghana
ASIEDU BINEY KOFI YEBOAH Kwame Nkrumah University of Science and Technology, Kumasi, Ghana
DERICK BINEY Kwame Nkrumah University of Science and Technology, Kumasi, Ghana

DOI: https://doi.org/10.34010/injiiscom.v3i1.8359

Keywords: Trading, Crypto-Currency, DeFi, Finance, Technology, Applications

Abstract

Trading in the crypto-currency market has seen rapid
growth and adoption, as well as the interest in crypto
related technologies like blockchain and smart
contracts. Smart contracts have gained popularity in
building so called Decentralized Applications (dApps)
and Decentralized Finance (DeFi) apps, mainly because
they are more secure, trustworthy, and largely
distributed (removes centralized control). DeFi
applications run on the blockchain technology and are
secured by blocks (nodes) connected by cryptographical
hash links. DeFi applications have a great potential in
the crypto-currency trading domain, providing more
secure and reliable means of trading, and performing
transactions with crypto-currencies. Only verified
transactions are added to the blockchain after being
approved by miners through a consensus mechanism
and then it is replicated (distributed) among the nodes
on the blockchain network. This research paper
proposes a DeFi Crypto Exchange by integrating a
numerous-signature stamp with a crypto API. A
numerous-signature stamp solves the issue of
transaction verifiability and authenticity. A crypto API
provides the data about each crypto currency with
which trades and transactions will be performed. This
paper also discusses the technical background of the
technology and a few related works. Decentralization of
transactions through smart contracts on the blockchain
will improve trust, security and reliability of
transactions and trades.

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