TokenPay CEO Derek Capo Talking About eFIN And It’s Features
I’m really excited about eFin, it’s been a lot of work. Almost 12 developers from the block size team. They’ve been actually working on this one thing. I just want to mention that, there is one caveat I guess one difference between us centralized and decentralized exchanges. Whenever a transaction is made, it takes a little bit longer than what people are expected to.
However there is the pro to that and it’s that, when you get your cryptocurrencies and if you look at the situation like with cryptopia, where the wallet means was down. You know the exchange had those crypto coins, your coins, and you couldn’t take them out. It’s one of those things, where you can panic. When you have those crypto coins and you don’t know when you’re gonna get them back or you don’t know if this exchanges is hacked. It’s really dangerous.
So what’s gonna happen and I want you guys to all mentally be mentally prepared for, crypto coins are really fast for example like tpay, you’ll be able to get your coins. When you see the trading book you’ll be able to kind of see and get your crypto currencies really fast. For coins like Bitcoin, though it’ll be just kind of like when you send somebody Bitcoin and how long it takes the process. So if you see a trade for Bitcoin you execute that trade you’ll see it on your dashboard that you’ve initiated a trade but you will basically get your coins as soon as it is confirmed.
That’s extremely important, especially when you kind of make sure that the network doesn’t have any double spend attacks and stuff like that. So keep that in mind, there is a pro and a con with all of this. Now because of technologies that are coming out for example like lightning network for Bitcoin and eventually stuff that’s coming out for lite coin. There are a lot of side chains and eventually atomic swaps which will allow these transactions to become faster and faster. That is part of the roadmap for the next six months up to literally June, July of next year.
We are going to be improving on eFin, so even when we release it will not be the final version. It will be the the first version and then there will always be continuous updates. We will have for example, a mobile app. It’s just dedicated to eFin and then we will have obviously the backbone of eFin integrated into token pay. So that you can do simple swaps which is basically trading and you’ll be able to do a lot of things. We look at eFin as not just a decentralized trading platform but eventually the ability to be able to add other apps into it. So that you can customize eFin to be able to do different things.
When I spoke to the developers about this, about seven months ago trying to remember it’s been a blur. I said that I wanted eFin to be the bloomberg of crypto and what I mean by that is, I want people to have information. I want people to have tools, so they can see what’s going on. I want to provide as much transparency of the assets they’re going to be trading, so that they understand what it is.
Let’s say, for example you have a portfolio strategy. You can work on a portfolio strategy if you want to analyze or look at some of the stuff that’s happening of a specific project. We’ll be able to have data for you right then and there, that will show you ok this data has this activity. This project has had no press releases or no news in the past six months. The CEO has not, never been on a live stream, you know stuff like that! So that if anybody wants to get involved in a project, they’re able to really look at what it is, that they can make an assessment on!