INTRODUCTION

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.

POOR UX

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, BNB 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.

SILOED CAPITAL

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, BNB 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.