Developing Cryptocurrency Exchange App: A Project Management Approach

This project management report focuses on developing a cryptocurrency exchange app. It covers the problem domain, purpose, justification, research questions, conceptual framework, methodology, project plan, and risk analysis.

Running head: PROJECT MANAGEMENT
Topic- Cryptocurrency
Name of the Student
Name of the University
Author’s Note

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Table of Contents
1. Title........................................................................................................................................2
2. Rationale................................................................................................................................2
2.1 Problem domain...............................................................................................................2
2.2 Purpose and justification..................................................................................................2
3. Sponsor or Supervisor recommendation................................................................................2
4. Research Questions................................................................................................................2
5. Conceptual or Theoretical Framework...................................................................................3
6. Methodology..........................................................................................................................4
6.1 Research and Systems Development method..................................................................4
6.2 Data collection or systems design methods.....................................................................4
6.3 Ethical Issues....................................................................................................................5
6.4 Compliance Requirements...............................................................................................5
6.5 Analysis of data................................................................................................................5
7. Project Plan............................................................................................................................5
7.1 Deliverables......................................................................................................................5
7.2 Work breakdown structure...............................................................................................6
7.3 Risk Analysis...................................................................................................................6
7.4 Duration............................................................................................................................7
7.5 Gantt chart......................................................................................................................10
References................................................................................................................................11

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1. Title
The tile of the project is to develop Cryptocurrency exchange app.
2. Rationale
2.1 Problem domain
It is identified that earlier when transaction was done by using debit or credit card,
then an individual need to provide access of full credit or debit line as they generally operate
on pull basis where the stores generally initiates the entire payment and then pulls designated
amount from the account. This process of payment that is used is not appropriate as it can
create number of security as well as ethical issues.
2.2 Purpose and justification
The Cryptocurrency Exchange App Development generally resolves the issues and
challenges. It is found that cryptocurrency exchange app utilizes Push mechanism that helps
in allowing the holder of cryptocurrency to send exactly he or she wants with no further
information. In addition to this, it is found that utilization of cryptocurrency helps in identity
theft and immediate settlement.
3. Sponsor or Supervisor recommendation
The supervisor or the sponsor provides recommendation for completing development of
Cryptocurrency within the budget that is approved. It is necessary to finish the project within
the approved budget otherwise the project manager can face issues related to project.
4. Research Questions
The research questions are provided below:
 What are the issues that is faced during the use of cryptocurrency exchange app?

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 What are the benefits of cryptocurrency exchange app?
 How cryptocurrency exchange app provides more security as compared to other
payment methods?
5. Conceptual or Theoretical Framework
According to Narayanan et al. (2016), cryptocurrency is defined as one of the digital
asset that is mainly designed for working as a proper medium of exchange that utilizes strong
cryptography for securing financial transactions, for controlling the development of extra
units as well as for verifying the transfer of assets.
It is stated by Delmolino et al. (2016) that due to data security as well as political
interdependence, the users of cryptocurrency enjoys benefit that is available to the users of
flat currencies. It is found that the government can be able to easily freeze a bank account that
is mainly located within its jurisdiction. It is very much difficult to do the same with the
funds that is held in cryptocurrency.
It is opined by Hayes (2017) that both technical controls as well as source codes helps
in supporting as well as securing the cryptocurrencies that are very much complex.
Functionally it is found that most of the variations of cryptocurrencies are Bitcoin. It is found
that there are number of concept that helps in governing the value, security as well as
integrity of cryptocurrency.
Blockchain: Cryptocurrency blockchain is considered as the master ledger that helps
in recording as well as storing all prior transactions by validating all ownership of the
currencies at a particular time.
Private keys: It is found that every holder of cryptocurrency has a private key that
helps in authenticating their identity and helps in allowing them for exchanging the units (Li
& Wang, 2017).

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Wallets: It is found that the assets of cryptocurrency have wallet that contain unique
information that helps in confirming them as the temporary owners of the units.
Miners: Miners generally serve as record keepers for the cryptocurrency communities
as well as indirect arbiters of the various value of the currencies (Narayanan et al., 2016)
6. Methodology
6.1 Research and Systems Development method
The project utilizes Rapid application design method is mainly used for developing
Cryptocurrency exchange App (Liu et al. 2016) It is identified that the utilization of this
method assists in giving rebuilt programming, advanced tools and object-oriented
technologies.
6.2 Data collection or systems design methods
It is found that secondary data collection method is mainly used for collecting
information about Cryptocurrency and its use. In addition to this, it is identified that primary
data collection method is also used in order to interview the project managers as well as IT
managers who have experience in the development of cryptocurrency exchange app
development.
It is found that detailed system design method is mainly utilized in the project as it is
helpful in giving overview of each of the tasks that needs to be executed in order to develop
the Cryptocurrency exchange app (Yang et al., 2014).
6.3 Ethical Issues
The ethical issues are as follows:
 The staffs do not follow security steps during the development of cryptocurrency
exchange app.

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 The workers are pressurized for working after their schedule shift hour
6.4 Compliance Requirements
It is important to follow safety rules and regulations for the safety of the staffs and for
avoiding accidents as well as injuries. The compliance requirements are quite essential for the
caring about the health and safety of the employees.
6.5 Analysis of data
It is found that due to the development of Cryptocurrency exchange app the chance
of fraud reduces as with the help of this app, identity of an individual can be determined. In
addition to this it is found that this app work of Push mechanism that is quite safe as
compared to the mechanism that is utilized in credit card.
7. Project Plan
7.1 Deliverables
It can be concluded from the entire assignment that development of cryptocurrency
exchange app is quite helpful in resolving the challenges and problems that are associated
with other exchange app. It is identified that this app helps in securing financial transactions,
for controlling the development of extra units as well as for verifying the transfer of assets.

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7.2 Work breakdown structure
The work breakdown structure is provided below:
Figure 1: WBS
(Source: Created by Author)
7.3 Risk Analysis
Risk Description Impact Probability Mitigation
Inappropriate
budget
It is necessary
to estimate the
budget that is
needed
properly.
Proper
estimation of
budget will be
quite helpful.
Inexperience Due to lack of Medium High Hiring

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team members experienced
staff, it is quite
difficult to
manage the
project.
experienced
staff will be
helpful.
Schedule
slippage
If the schedule
of the project is
not followed
then the project
will not get
completed
within the
estimated time.
High High It is necessary
to follow the
steps of the
project
schedule.
7.4 Duration
The table that is provided below reflects on the duration of the project.
Task Name Duration Start Finish
Cryptocurrency Exchange App Development 113 days
Mon 13-08-
18
Wed 16-01-
19
Initiation phase 12 days
Mon 13-08-
18
Tue 28-08-
18
Development of business case 2 days
Mon 13-08-
18
Tue 14-08-
18
Undertaking feasibility study 3 days Wed 15-08- Fri 17-08-18

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18
Establishing project charter 3 days
Mon 20-08-
18
Wed 22-08-
18
Appointing team members 4 days
Thu 23-08-
18
Tue 28-08-
18
Milestone 1: Completion of project initiation
phase
0 days
Tue 28-08-
18
Tue 28-08-
18
Planning phase 25 days
Wed 29-08-
18
Tue 02-10-
18
Development of project plan 4 days
Wed 29-08-
18
Mon 03-09-
18
Development of resource plan 5 days
Tue 04-09-
18
Mon 10-09-
18
Development of financial plan 4 days
Tue 11-09-
18
Fri 14-09-18
Development of quality plan 3 days
Mon 17-09-
18
Wed 19-09-
18
Development of risk management plan 5 days
Thu 20-09-
18
Wed 26-09-
18
Development of communication plan 4 days
Thu 27-09-
18
Tue 02-10-
18
Milestone 2: Completion of project planning
phase
0 days
Tue 02-10-
18
Tue 02-10-
18
Execution phase 63 days Wed 03-10- Fri 28-12-18

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18
Development of new blockchain 8 days
Wed 03-10-
18
Fri 12-10-18
Creating bitcoin fork 7 days
Mon 15-10-
18
Tue 23-10-
18
Launching crypto coin 7 days
Wed 24-10-
18
Thu 01-11-
18
Accessing features for built-in decentralized
exchanges
9 days Fri 02-11-18
Wed 14-11-
18
Utilization of community 8 days
Thu 15-11-
18
Mon 26-11-
18
Development of prototype 9 days
Tue 27-11-
18
Fri 07-12-18
Building trust 7 days
Mon 10-12-
18
Tue 18-12-
18
Searching investors 8 days
Wed 19-12-
18
Fri 28-12-18
Milestone 3: Completion of execution phase 0 days Fri 28-12-18 Fri 28-12-18
Closure phase 13 days
Mon 31-12-
18
Wed 16-01-
19
Post project review 4 days
Mon 31-12-
18
Thu 03-01-
19
Stakeholders sign off 5 days Fri 04-01-19
Thu 10-01-
19

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Documentation 4 days Fri 11-01-19
Wed 16-01-
19
7.5 Gantt chart
Figure 2: Gantt chart
(Source: Created by Author)

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References
Delmolino, K., Arnett, M., Kosba, A., Miller, A., & Shi, E. (2016, February). Step by step
towards creating a safe smart contract: Lessons and insights from a cryptocurrency
lab. In International Conference on Financial Cryptography and Data Security (pp.
79-94). Springer, Berlin, Heidelberg.
Hayes, A. S. (2017). Cryptocurrency value formation: An empirical study leading to a cost of
production model for valuing bitcoin. Telematics and Informatics, 34(7), 1308-1321.
Joslin, R., & Müller, R. (2015). Relationships between a project management methodology
and project success in different project governance contexts. International Journal of
Project Management, 33(6), 1377-1392.
Kerzner, H. (2017). Project management metrics, KPIs, and dashboards: a guide to
measuring and monitoring project performance. John Wiley & Sons.
Li, X., & Wang, C. A. (2017). The technology and economic determinants of cryptocurrency
exchange rates: The case of Bitcoin. Decision Support Systems, 95, 49-60.
Liu, Y., Zhan, L., Zhang, Y., Markham, P. N., Zhou, D., Guo, J., ... & Liu, Y. (2016). Wide-
area-measurement system development at the distribution level: An FNET/GridEye
example. IEEE Trans. Power Del, 31(2), 721-731.
Narayanan, A., Bonneau, J., Felten, E., Miller, A., & Goldfeder, S. (2016). Bitcoin and
cryptocurrency technologies: a comprehensive introduction. Princeton University
Press.
Yang, T., Zhu, J., Hou, W., & Jin, G. (2014). Design method of freeform off-axis reflective
imaging systems with a direct construction process. Optics express, 22(8), 9193-9205.

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