What follows describes issues that the blockchain industry is currently facing, why eFIN solves them and the value that the protocol accrues as a solution to these problems.
The blockchain industry has had exponential growth with the recent influx of investment capital and development of diversity of protocols but despite hitting over $1 Trillion market capitalization, the experience in the decentralized applications (DApps) is challenging to say the least. Most of the issues revolve around the fact that you need different web apps for each feature that you want to use in blockchain, as well as integrating and porting your wallet over for each website. Users are expected to apply different network configurations depending if they're interacting with ETHEREUM, BINANCE SMART CHAIN or any other similar protocol. This is simply overwhelming, even for tech savvy users who struggle to understand what the difference is between BTC, sBTC, wBTC, BTCB, etc. These are all BITCOIN but they live in different protocols like ETHEREUM and BINANCE. The specifics of what a blockchain is and what it entails are leaked to the user without proper guidance or documentation.
When you have an image on the internet, you can easily send it to Facebook, Instagram, Twitter and many other websites. If you are using emails it doesn't matter if the sender is using Gmail and you are using Outlook. The many stacks of protocols of the internet used to move content are abstracted from the user in the form of a browser or a client application. In cryptocurrency, moving from BTC to a staking pool in sBTC on curve.fi can be a daunting task for the average internet user. USDT lives in ETHEREUM, BINANCE SMART CHAIN and TRON so if you think it's easy to jump from one to the other in a single command you are wrong! It takes multiple steps and checks to be able to transfer using bridges and wallets connected through the browser and client applications. The capital is separated in silos.
FIAT RAMP FRICTION
So, let's say our users have aced every test and are ready to take the 10x ROI they've earned through blockchain services. How do they pay the rent? How do they buy at the store? What if they just earned a lot in fiat and want to further increase their crypto holdings? In most countries they're in for an adventure. Users might need to open accounts with new banks, share their private information with multiple parties and have to make multiple manual trades to get from their current crypto holdings, to BITCOIN and then to fiat. This isn't an appealing way to spend your time.
BITCOIN, ETHEREUM, BSC, LITECOIN and eFIN's native protocol wallet generated from a single seed phrase that allows you to use a diversity of blockchain features without extra steps. Manage your assets, create a multisig, make a trade or use the latest DAPP in 1 minute not 1 hour. The wallet also supports blue chip ERC20 from ETHEREUM and BEP20 from BSC.
Use a two-click solution to take your capital from its native chain like eFIN or BITCOIN into a smart contract platform like BSC and ETHEREUM. You can also go from representation in these chains back to their native protocols. So, if you've been earning rewards for providing liquidity on eFIN DEX or other exchanges, you can then withdraw your BITCOIN and custody directly in your native wallet on the eFIN Mobile Wallet thanks to the eFIN BRIDGE. This is the internet of value.
Built using the turing complete smart contracts on BSC, the eFIN DEX allows users to access the multi-billion dollar liquidity and DeFi ecosystem on BSC. The DEX is the cornerstone of a set of financial services that will facilitate the generation of yield from users’ cryptocurrency capital.
Through NIMIQ’S partnership with TEN31 BANK, we are getting a part of the NIMIQ OASIS PROTOCOL inside the eFIN Mobile Wallet that will feature a fiat on and off ramp for cryptocurrencies. This means that you can go from EUROS, to BITCOIN, to trading on eFIN DEX with one click. All the complexity of rates, trades and jumping from one platform to another are automated and hidden under a smooth user experience for the user.