eFIN – The Secured and Privacy Coin that bridges the Decentralized Exchange eFIN

Project Reviews / 11.08.2020

There are masses of new and existing crypto enthusiasts all searching for the next DeFi (Decentralised Finance) project or the new DeFi coin to be the next big thing. While a lot of the newer projects have no real use case or even a strong project backing them, we present to the cryptocurrency world eFIN, a truly DeFi coin and exchange.

eFIN isn’t new, it just hasn’t been ready for mass exposure until now. The blockchain technology community was born out of the need for a secure and private way of owning and executing transactions. However, it is quite unfortunate that centralized exchanges (CEX) deployed in the crypto industry have gone contrary to these fundamentals at the cost of their users. It is not a deliberate intention nor of any benefit to remind crypto enthusiasts of the loss of information and funds that hackers have absconded with, by breaching the backend of several exchanges. To compound this, major coins like Bitcoin, Ethereum, etc. do not provide maximum financial privacy and are less scalable.

Decentralized Exchanges (DEX) sprout forth with the focus on privacy neglecting high transaction fees, simple and fast execution of transactions. While eFIN solves all these shortcomings of existing exchanges with a non-custodial, yet very secured decentralized platform that was just released, eFIN Coin has been developed to allow users to make transactions very fast, with full privacy and security.

 How eFIN Coin makes transactions Secured, Private and Scalable

The mass use of cryptocurrencies can be achieved only if we have currencies that go with the basics of blockchain technology which are: security, privacy, and scalability. It’s of no news that Ethereum wants to adopt the feasible proof-of-stake protocol to improve its level of scalability. For your information, eFIN Coin has been on this development for over a year and has created a highly advanced blockchain network based on this protocol and coupled with extra features to make it easy and fast to use as a payment method.

Its development based on proof of stake makes it less resource-demanding, as compared to securing proof-of-work networks. This feature also makes it highly resistant to any attempts of 51% attacks on the network, as it occurred on some major coins some years back, putting its members in the stress to hardfork the chain. On this consensus mechanism, everyone can contribute to securing the network by having a collateral amount of coins.

Furthermore, there is the integration of Segregated Witness within its blockchain, when broadcasting transactions. This makes the confirmation of transactions very fast and also comes with cheap fees. Everyone can attest to the high cost of fees when making transactions currently in the crypto industry, but eFIN amidst all these adjustments on many blockchains, charge low fees and transactions are confirmed near instant.

Multi-signature is one of the security measures put in place to keep institutional or corporate funds very secured, to prevent an individual among the team from absconding with the funds, should there be any misunderstanding breaking the solidarity among them. This security system is in-built into the eFIN wallet so that any group of people can still keep their funds safe under a mutual understanding.

The eFIN network is also built on TOR Privacy systems, which is one of the highly private servers in this industry. This goes to increase the privacy of the network as well as transactions that are made on it. Privacy of funds is a priority with the eFIN network, and it has put in pairs of features just to be double sure. It also plans to incorporate into its network Ring Confidential Transactions, to hide the exact amount of funds that are sent from one user to another, for the ultimate in transaction privacy.

In the near future, it is also developing systems like the Infinitesimal Protocol, RSK Powered Smart Contracts that will further boost the speed of transactions and allow smart contracts that are developed based on the security of proof-of-work systems. These will ensure high security of smart contracts deployed on its network. We have witnessed on many occasions where smart contracts got breached and users under the agreement lost their funds to a third-party, who exploited this flaw in security. This can be avoided by the robust security that proof-of-work systems provide and that is exactly what eFIN is developing with its RSK Smart Contracts. 

Features that make eFIN exchange stand out among other Decentralized Exchanges

Decentralized exchanges are the main way of going forward, and eFIN endeavors to be one of the secured exchanges that you can always use in the crypto space. It goes beyond what other Dex will do, by not requiring information to sign up but also by not keeping transaction details that are executed. They use advanced forms of technology to keep the data of their users very secured and private. Users are in full control of their funds when trading on eFIN, hence there is no way anyone can steal your funds without a compromise from the user’s end.

Atomic Swap Technology is widely adopted by many multi-currency wallets out there for the simplicity that they bring, when trading between two different cryptocurrencies. This form of trading makes it simple for the non-experienced crypto users to purchase cryptocurrencies very easily. This technology has been integrated into eFIN to ensure the easy trade of cryptocurrencies across multiple blockchains. Currently, the platform supports over 40 cryptocurrencies and that number will grow to over 100 and include most of the major coins, including its ecosystem partner TokenPay.

Trading on eFIN is executed in high liquidity with the best of trading prices, as it has been integrated with worldwide top exchanges. When a user places an order, the trading engine picks it up and searches across all integrated exchanges, picks up the cheapest rate and executes the trade with it. The completion of the transaction is done within 5-30 minutes, with no further delays. Through its partnership with Litecoin, Verge and TokenPay they are able to execute transactions faster, as compared to other swapping platforms.

On the average, fees charged across the platform are very low. However, members who received eFIN coin – which is the bridge coin on eFIN trading platform – or better still, who were able to purchase any of the 250,000 partnerships that were offered by the team during its inception, can trade at even lower fees. Such members get to enjoy the lowest trading fees on the platform and in addition, when finalized, will also get portions of trading fees charged on the platform at the end of every month. Membership ranks are split in three groups, namely: Standard, Partner, and Premium, and each comes with a number of benefits of an increase in block reward and also a percentage of trading fees.

Conclusion

“Not your keys, not your Coins” is a common adage in this industry, advising fellow members about the security flaws of most centralized exchanges. eFIN is a decentralized swapping platform that allows you to conduct any form of a trade, in a secured manner, yet at a very fast rate. Fees charged are very cheap and members of eFIN Coin enjoy the lowest fees, in addition to a percentage of fees that are distributed to all its hodlers. eFIN Coin on the other hand has been developed based on an advanced form of technology, to perform transactions at lightning speed, yet secured and private. eFIN just got listed on Hotbit as a step to increase its liquidity on exchanges.  Check out the new web version of eFIN, there is development ongoing to release other additional features.

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Holds a degree in BSc. Nursing from the University of Cape Coast, Ghana yet an addict to the blockchain technology and the cryptosphere. He combines the promotion of crypto projects and also the making of professional contents all to get innovative projects to the real world. He is a passionate Community manager and a Marketing Advisor for blockchain startups.