-1

I wanted to create a cryptocurrency trading platform where people can deposit cryptocurrency and trade them with other altcoins and finally withdraw it.

Tell me do I need to run full crypto node to write transactions on blockchain while deposit and withdrawal?

  • 2
    If you need to ask strangers on the internet how to run a business that deals with customer funds, I hope customers are smart enough to stay away. – Pieter Wuille Feb 7 at 23:44
2

When dealing with a centralised exchange, there are only two points of interaction with the blockchain: Deposits and Withdrawals. In order to process deposits you will need to monitor transactions to certain addresses. A withdrawal can be processed offline with only the signed transaction being broadcast to the network. For safety reasons it is best that exchanges run their own nodes, as they can ensure their own data integrity particularly for deposits. It is less important for withdrawals as signing a transaction does not actually require a node, however accurate balance checking is obviously required in order to ensure that the expected amount of funds are held within an account.

0

do I need to run full crypto node to write transactions on blockchain while deposit and withdrawal?

No.

I wanted to create a cryptocurrency trading platform

Run a full node if you want to avoid relying on continuity and integrity of service from a third party.

  • 1
    "Not your keys, not your coins" also applies to exchanges. – Jannes Feb 8 at 0:57
0

Its not necessary for you to run node but its always recommended to have one running in your server if you are planning to run a exchange platform. There are several advantages of it. Few like

  • No need to rely on third party
  • complete control over your addresses, pvt key and transactions
  • Faster processing of your transactions
  • big aid for services like watchers and crawlers
  • Why "Faster processing of your transactions"? Unless it's a mining node and you're prioritizing your own transactions, it shouldn't make a difference whether you're running a full node or not, as long as you broadcast your transactions one way or another, right? – Vecna Feb 8 at 20:45
  • You are completely right, having a full node has nothing to do with transaction, but here by faster processing i men the backend server processing, it will be faster during fetching and broadcasting transactions then relying on third party – cryptoKTM Feb 8 at 21:03

Your Answer

By clicking “Post Your Answer”, you agree to our terms of service, privacy policy and cookie policy

Not the answer you're looking for? Browse other questions tagged or ask your own question.