While cryptocurrencies were developed with the core ideology of being a decentralized financial ecosystem, Bitcoin, the first cryptocurrency, became somewhat centralized along with its growth. This centralization was caused due to large holding by Bitcoin whales who could manipulate the market according to their desire.
A new method of governance, on-chain, aims to address this problem and help the crypto ecosystem stay true to its principles. On-chain governance does this by allowing all the nodes (miners) to participate in the decision-making process.
Similarly, On-chain transactions require to be validated by all the nodes before they are registered on the blockchain. Once they are recorded on the ledger, they are immutable, making them even more secure and transparent.
While cryptocurrency continues to develop and improve its scalability, an on-chain model will ensure decentralization and transparency in blockchain technology. One of the best examples of a transparent platform is the eFIN ecosystem that offers a wide range of products while ensuring decentralization.
What is eFIN?
eFIN is a decentralized ecosystem that aims to merge centralized and decentralized finance. While traditional finance operates using outdated technology, it offers several critical financial services that eFIN brings to the DeFi world while ensuring decentralization, scalability, and security.
eFIN aims to achieve true interoperability for the DeFi world, where cryptocurrencies can be used for daily payments without any hefty transaction fees. eFIN ecosystem was recently revamped and now offer optimized products such as:
The eFIN coin acts as a cross-protocol currency for all products within the eFIN ecosystem and has cross-chain compatibility. It can be used in Atomic Swaps such as BITCOIN, LITECOIN, and ETHEREUM. Also, eFIN operates on Binance Smart Chain and Ethereum mainnet simultaneously and is connected to its native chain through the eFIN Bridge offering next-gen interoperability.
eFIN DEX is a non-custodial, decentralized, and secure wallet that ensures the safety of digital assets by storing them on-chain. Only the users with the private key can access the wallet, making them highly safe. The new eFIN Dex is built with a Binance Smart Chain bridge and is a decentralized exchange integrated into the $4.6 B worth DeFi ecosystem with the 5-second swap. As eFIN lives on its native blockchain, eFIN Bridge helps in connecting the two blockchain networks and equips the token with multi-chain capabilities.
eFIN Swap automatically scrolls different exchanges to find the best price for a cryptocurrency and saves users the manual effort. It is a one-stop solution that directly connects to the eFIN DEX and offers unparalleled services, including a fiat to crypto aggregator finding the best price when exchanging your fiat direct to available cryptocurrencies. Also, eFIN Swap is likely to be powered by eFIN as a Fee Reducer that can provide up to 50% savings on transactions.
eFIN Mobile Wallet
eFIN Mobile Wallet has direct access to eFIN Dex and eFIN Swap by using a QR code. It acts as a cross-platform link making users’ lives easier and allowing them to buy, trade, sell and store their digital assets on the go.
eFIN ecosystem exists on the on-chain blockchain and provides interoperability between Binance Smart Chain, Ethereum Network, and its own native blockchain. It is one of the most promising projects in the entire DeFI space, and the company behind it, DexTech AG, has many more products in the pipeline.