Introduction
Over the years, the financial industry has witnessed series of transformations from the crudest form where trading was done by barter to the evolution of fiat currencies where money was the means of exchange.
Later on the banking system came up and introduced more credibility into the financial industry. People could trust the financial system and exchanges could be done with much more ease. However, the banking system later on started to frustrate the users as they get to know the delay associated with funds transfer and tendency for banks to go bankrupt.
This led to the internet system which leaves banking to the control of the fund owner. Users can now transfer money directly to their beneficiaries. It was this internet that ushered in digital currencies and cryptocurrencies which is fast gaining momentum recently.
Challenges Confronting the Digital World
The trading platforms are rather vital to the digital world that cryptocurrency-based companies have overwhelmed the financial market. Several coins keep springing up and they need to be used if they will be of value.
The challenge here is that most centralized exchange platforms don’t give the control of their currencies to their users. This stops the investors from doing big transactions on such platform.
Openness is another thing lacking in these centralized trading platforms. There is no mechanism for checking the manner in which transaction flows in the ecosystem, such that users can only rely on the system completely. Besides, as the technicalities of the system is unclear to the users such that they might be trading in error.
Again, it is not impossible that a funds go missing from a users wallet because centralized platform take control of users wallet and encrypt it with a private key. These makes it prone to internet fraud as dubious platforms can leverage on this and steal users’ fund.
High cost of transaction and slow processing speed are another bunch of headache for users on the centralized cryptoexchange platforms. It costs a fortune to successfully trade in cryptocurrency both financially and time-wise.
Solution Offered by Epiphany
Epiphany is a cryptocurrency trading platform that is built to bring back the relevance and essence of digital currencies and to afford convenient and easy trading by introducing the blockchain technology in a properly-organized trading platform.
The blockchain technology is a welcome solution for cryptocurrency exchanges because it uses a public ledger that saves every detail of the transaction. Every record is saved after proper verification process, one after the other.
Epiphany intends to resolve the challenges of centralized trading platforms by using NEO blockchain technology.
Epiphany uses a decentralized blockchain system to better the present social credit system. Using this decentralized method, every transactions is documented, processed and saved to create proper auditing. Consequently, users will now have a clear and credible credit score that’s borne out of their previous transaction which can be verified by the public.
Epiphany Tokens
The token for Epiphany platform is EPN, an ERC20 standard type token which is a means if exchange on the platform and can be circulated on blockchain. Epiphany and its token uses the NEO ecosystem. It is KYC compliant and uses Smart Contracts system.
The total volume of EPN tokens is 500,000,000 EPN and the reward will be shared among community development and technical support, operation, technological, business, and management team and the platform’s experts.
Conclusion
Cryptocurrency transactions on the centralized platform are not efficient because they are slow, prone to cyber attacks, and cost the user. Epiphany uses blockchain technology and Smart Contracts to resolve this issues and came up with a decentralized platform that eases cryptocurrency transaction for users with guaranteed safety and transparency.
For more information visit :
Website : https://epnex.io
Whitepaper : https://epnex.io/static/Epiphany%20Whitepaper.pdf
Reddit: https://www.reddit.com/r/EPNex/
YouTube : https://www.youtube.com/channel/UCmyi3GvcNJwr_sSvCTg3eBA?view_as=subscriber
Twitter : https://twitter.com/@EPNex
Facebook : https://www.facebook.com/EPNex.io/
LinkedIn : https://www.linkedin.com/company/epnex/
Github : https://github.com/nerodeveloper/EPN
Medium : https://medium.com/@epiphany.blockchain
