Posts Tagged Under: Efforts Estimation

How Much Does It Cost to Build a Binance-Like Crypto Exchange?

Just as the name suggests, a cryptocurrency exchange is a business, online or otherwise, allowing its customers to trade digital as well as traditional fiat currencies. In recent months, starting up this type of company has increasingly become more enticing, as despite the market’s volatility, companies such as Binance have been making good profit, and prominent exchanges like the Tokyo-based Binance are publicly benefiting from extraordinary amounts of success.

Yet replicating such an achievement is not without its challenges, as important security issues must always be borne in mind.

Nevertheless, by understanding the right components and developing a thorough game plan, you can build a successful crypto exchange both iteratively and inexpensively.

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What to Expect from Our Estimates

If you are reading this article, our trusted business analysts have likely agreed to impart upon your project some much-needed estimates; and well, you’ve come to the right place!

After all, for today’s blog post, we would like to spell out our meticulous process for preparing estimations, the different sorts of artefacts you should be ready to receive and how this all will play out in the end — on that note, by the by, if you find that any or all your expectations have not been adequately lived up to, please do not hesitate to contact us at any time. This will help SPG to continue improving our company’s services for you as well as our future customers.

So, with this in mind and without further ado, let us dive right in!

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Pitfalls of the Estimation Process

No estimation process can ever be foolproof, and the same is true when dealing with user stories. For this reason, in this article, Software Planet would like to lay out a few of the most common pitfalls that stand dangerously in the way of preparing reliable — and achievable — estimates.

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The Fallacy of #NoEstimates

Like most controversies these days, it seems, it all began with a simple tweet. An avid programmer by the name of Woody Zuill decided to publish his views on estimation, and just as he had predicted, stirred up an online firestorm. Since then, the battle between #Estimates and #NoEstimates has created a rift in the Agile community that rivals Brexit Britain, and is still yet to have abated.

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How We Estimate

Just as with any other service, software companies are rightly expected to estimate the time and costs associated with completing a project. Without estimations, it quickly becomes very difficult for customers to compare providers, as they all tend to look the same on the surface. A good estimate can also validate or discredit a customer’s expectations, empowering them to give developers the go-ahead on their projects with much more confidence.

For many companies, however, the estimation process is fraught with complications. Striking the balance of cautious optimism can be an arduous chore for software engineers, as evidenced by those who enthusiastically reflect their quick-thinking skills in short-sighted estimates, and those who bleakly tally up every possible risk the project could introduce in the long run.

This, however, is not unlike two individuals trying to determine how long it will take to travel from Brighton to London by train. While the first one may decide to only take factors such as speed and distance into consideration, thus arriving at an estimate of one hour and 45 minutes, the second person may be a lot more concerned with cancellations, delays and strikes and conclude that his journey will probably take four and a half hours — A huge difference.

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