In the next few years, Blockchain will disrupt many industries like banking, healthcare to supply chains. So keeping up the pace in the digital currency world, Token Pay has come with an eFIN exchange platform. Here let’s dive deep into the review of the eFIN Exchange – What is eFIN? How to get eFIN coins (Tokenpay)? & What are its features?
eFIN Exchange Review
QUICK NAVIGATION :
- What Is an eFIN
- How to use eFIN DEX exchange?
- Overview of The eFIN Trading
- eFIN Coin
- Features of eFIN
- eFIN Security
What Is an eFIN?
eFIN is a secure, decentralize, private, unhackable, trading hub of the TokenPay ecosystem. In early 2018, TokenPay Swiss AG gained a stake in WEG Bank AG and TokenSuisse. eFIN is developed by BlockSize and powered by TokenPay came into existence in 2018.
This decentralized platform ensures that users digital assets are safe. Built with an intuitive interface, its multi-signature engine makes sure that transactions are as seamless as possible. Also, eFIN supports quick and simple TPAY, XVG, and LTC conversions to mBTC to use on TokenGaming, CryptoBet, and Esports.io.
eFIN DEX views User’s security and privacy very important, which is why eFIN has optional Tor network integration built-in, and it doesn’t have access to users’ private keys. Moreover, users are in their funds. eFIN DEX never has custody of user coins.
How to use eFIN DEX exchange?
Usually, eFIN exchange can only be accessed through a desktop application. Download the application from the official website. Install and start trading.
Overview of The Trading Process
Select which coin you want to trade for, choose an open order in the order book (or create your own order). Then watch as the system automatically executes your trade.
One of the eFIN exchange features is that it doesnot differentiate among Taker and Maker charges. eFIN charges every transaction 0.10% of the order value.
eFIN was designed to be intuitive, while giving users the tools they need to quickly execute their trades. Initial supported pairs are BTC, LTC, XVG, EFIN, TPAY and ETH.
Built on a new codebase eFIN uses the latest technological advancements in privacy, security, and speed. Furthermore, The eFIN coin is the utility backbone of the eFIN decentralized asset trading platform.
It is built on its own secure Bitcoin-based blockchain developed specifically for facilitating private financial transactions.
The Benefits of an eFIN coin :
- Ensure a tight buy/sell spread
- Provide near-instant transaction times
- Pay trading fees
- Functions as bridge coin to enable instant trading between infinitesimal & Lightning Network compatible chains.
Furthermore, users will be able to exchange eFIN Coins for TokenSuisse financial products on the blockchain. In short, the main purpose is to tokenize traditional Swiss financial assets and make them available to everybody on the blockchain.
How to get the eFIN coin?
You can not buy eFIN directly, as it is not for sale. Moreover, The only way to get eFIN token is through Tpay(TokenPay). You will receive eFIN, only if you are holding Tpay and trading on eFIN DEX.
- eFIN reserves 53% of the coins to membership payments.
- 20% of the coin supply is for eFIN staking rewards.
- 15% of the coin supply is for team and founders.
- 12% of the coin is for additional staking.
Features of eFIN coin:
1) Infinitesimal Protocol:
To start, let’s talk about the core protocol behind eFIN — Infinitesimal Protocol. This protocol is new blockchain technology. It uses bidirectional payment channels, smart contracts, and atomic swaps to allow for near-instant transaction confirmation times.
2) Cross – Chain Atomic Swaps:
Atomic swaps allow users to trade cryptocurrencies cross-chain. Atomic swaps allow some amount of one cryptocurrency (such as bitcoin) to trade for some amount of cryptocurrency on another blockchain (such as Ethereum).
3) RSK-Power Smart Contracts:
A smart contract is a special protocol intended to contribute, verify or implement the negotiation or performance of the contract. Smart contracts can perform credible transactions without third parties. Moreover, these transactions are trackable and irreversible. Also, Smart contracts contain all the information about the contract terms and execute all envisaged actions automatically.
4) TOR Privacy Integration:
TOR is an internet networking protocol aiming at anonymizing the data that runs through it. Hence, it makes it very difficult, if not impossible, for someone to track your online activity.
5) SEGREGATE WITNESS (SEGWIT):
eFIN is built with Native Segwit implementation, making it compatible with the Lightning network. This results in better scalability and cheaper transaction fees. SegWit also solves the transaction malleability problem, which was a well-known weakness with Bitcoin.
6) Multi-Signature Transaction Engine:
Multisignature technology ensures that the eFIN network can function in a decentralized capacity without counterparty risk. Basically, multi-sig refers to applying multiple private keys for a transaction.
7) Ring Confidential Transactions(RINGCT) :
Ring Confidential Transactions are an additional privacy feature that obfuscates transaction amounts are transferred between users by incorporating Ring Signatures to Confidential Transactions.
Proof-of-Stake (PoS) is an alternative way for the validation of transactions and to reach a distributed consensus. It works in a totally different way compared to Proof-of-Work.
To summarise the features list, Below is a diagrammatic representation of features:
Stake TPAY For EFIN Coin Rewards
Signup and start staking TPAY. The first 200,0000 accounts will receive 1,000 EFIN coins after executing 10 Easy Trades. There will be 5,000 Partnerships available and a few Platinum accounts, designed for those who will stake a lot of TPAY.
As staking powers the blockchain network, eFIN exchange wants to rewards those who stake the coins. eFIN will reward The stake holders using Proof-of-Stake algorithm.
Basically, one of the the most important eFIN features is additional security. eFIN is a non-custodial decentralized trading platform, where your digital assets are secure as a blockchain. Only you have access to your coins because only you have access to your private key.
Aug 26, 2019: eFin exchange enabled Easy Trade on the platform.
Sep 9, 2019: Efin coin was launched for trading on the exchange.
July 8, 2019: the exchange introduced latest version 0.8.17 with new features.
June 4, 2019: The eFIN DEX announces to be live at BLAST. The users could login through the same credentials from the eFIN exchange dashboard.
May 28, 2019: eFIN announced that 3 pairs are launching on June 3, 2019. $BTC, $LTC, & $ETH all paired with $TPAY as the base. $TPAY proves to be 10 times faster than $BTC.
May 21, 2019: eFIN TokenPay announces to launch trading on eFin Exchange. eFin Trading also launches the roadmap where the DEX starts trading on June 3.
14 May 2019: $TPAY offers low-cost transaction fees, bulletproof reliability and lighting fast – one-minute block confirmation times
10 May 2019: EFIN TRADING LAUNCH ANNOUNCEMENT, Full DEX trading will start from June 3, featuring a blockchain first – Automatic partial order matching across different chains. On June 17, it will launch the one-click Easy Trade platform and Market Orders by July 1.
To summarise the review, eFIN is a product of TokenPay, Which uses blockchain technology and provides the best security system. But to purchase eFIN coins, you need to hold Tpay coins, which is one of the drawbacks for those who want to buy eFIN coin alone.
The offer is good for members of Tpay and it looks very promising for the future considering blockchain technology.
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No, eFin is available only for Windows and MacOS.
You control your private keys. Privacy features, Tor network integration & RingCT can be used to hide transaction amounts and make transactions unlinkable.
eFin exchange uses cross chain Atomic Swap feature that eliminates middlemen fees. As a result, eFin charges only 0.10% of the order value.