TokenPay CEO Derek Capo About eFin
In this interview, TokenPay CEO Derek Capo is talking about eFin decentralized crypto exchange. If you enjoy it, remember to check out our cryptocurrency wallets and decentralized exchange over at TokenPay.com.
Why did we decide to go with the decentralized crypto exchange instead of a centralized exchange? Well, we noticed that, we kept on seeing all these hacks. We realized that there was obviously a demand for having a decentralized crypto currency exchange. But there was no big one out there, that was actually doing a really good job! So what we decided to do was build a decentralized exchange. Build a specific coin that would work within that crypto dex, apart from other coins that you can have in exchange.
But why did we do that? Why did we create another coin? why didn’t we just integrate TPAY? That’s a very good question. The main reason why we did it is, we realized that one of the failures of a lot of the decentralized crypto exchanges was speed! Really no motivation for people to use it. So if the motivation for people is just speed, then they’ll go to a centralized exchange. But when you do that, you are exchanging safety and security and ownership, right. With the decentralized crypto exchange, it may be a little bit slower especially in the beginning. But as we improve the technology, the exchange could get faster. Just as fast as centralized cryptocurrency exchange.
Then you have ownership of your actual crypto coins. It’s unhackable! In order for it to be hacked, you would have to hack every single users personal computers! It’s a lot harder to hack on million computers than it is to hack in exchange. Because it’s only one, right. So what we realized was, that we needed an incentive and a motivation for people to start to use the actual exchange. We realized that people really like owning crypto coins.
They like the fact that they can use it for different things. People like that they can have 5 6 10 different types of coins. Who realized that, that was an asset. So we said you know what, let’s build a specific coin with some of the same features that TokenPay has. Because we obviously realized that people were attracted to that. But at the same time we wanted people to have an incentive to use it. Every day we want the exchange to survive. So we created this incentive based system. So the incentives are if you own Tpay you will be able to receive free eFIN coins!