In the growth and development rise being experienced by sectors of the industrialization world, the financial sector hasn’t been left behind. Catalysed by various events along the track of time in mankind’s historic walk, trading and financial activities have experienced evolutions of immense degree. In the beginning was the barter system. This was merely a means of assuaging man’s inadequacies. Man had come to the realization that it would always lack something, and had also come to embrace the reality of the uneven distribution of amenities, thus the requirement of a trading system. The barter system thrived on the simplicity of satisfying a want or need with an excess in one’s own possession. As time evolved, man moved away from the barter system and introduced the currency system. These tenders stood as symbolic representations of various values and could instead be exchanged for amenities. It was identified as the FIAT currency. With the fiat came the need to invest as well. The banking system as we know it today was thus introduced to act as a governing third party in the financial system with regulatory functions, all in a bid to boost people’s confidence in the system and assure all of the validity of activities going on.
Problems
With the electronic system of trading came lots of challenges. All these problems bordered on the fact that the trading platforms were built on a centralized system. This implied that all operations were controlled by singular computer units. Thus, centralized systems made it easier and more vulnerable to hacking attacks, as all the hacker needed to do was to get access to the central system.
The speed of transaction is another discouraging challenge associated with the current systems. With a centralized system, a single computer is placed in charge of millions of transactions. This evidently would tell on the overall speed of the system. Trading process would thus be significantly slowed down.
With a revenue-motivated mission, centralized platforms establish modules which incorporate exorbitant fees for various services carried out on the platform. These fees defeat the initial vision of making the financial system transparent and independent of third party monopoly. Users have no control or say over these fees. Due to the platform’s direct and unrestricted access to users’ accounts and authorisation keys, they forcefully take these charges without any form of authorization by the users.
It is also common knowledge that a large majority of crypto trading platforms fail to comply with laid down regulatory policies set out by overseeing institutions. This complete disregard of constituted authority could lead to sanctions being meted out to defaulting platforms. Such sanctions might included but not be limited to restrictions and/or a total shutdown of the platform.
Theft of users’ funds is quite plausible in these centralized systems. The administrators of the platforms take possession of user keys and may choose to do whatever they please with the funds at their disposal. Users find it difficult to impossible to really track what goes on with their wallets. There goes the dream of a thoroughly transparent system.
The Epiphany Solution
The first step at addressing the problem would be an attempt at decentralization. This is where the Blockchain technology would come in. With this technology, all public financial ledgers on the platform could be adequately recorded and protected with the cryptography encryption. Nodes are incorporated into the systems to verify transactions. Specifically, the NEO blockchain technology is what’s implemented. Transaction track record would be made possible due to the continual storage of transactions by the systems. Thus, transparency is introduced. Also to be introduced will be a cooperative approach at doing business. This would be between platforms and users. This would signify an end to the unfair distribution of power tilting towards the advantage of platforms.
Team and Advisors
The team refers to a set of experienced persons that have come together to disrupt the faulty system of trading and financial dealings. They include:
Mark Ren, the CEO, Nero Chen, the Product Director, Nicole Wan, B.D. Director and Erwin Si, the planning Director. The team also constitutes of a legal team of seasoned legal practitioners.
Conclusion
Change is constant. Positive change is imperative for development to be furthered. With constant revolution taking place, essence would only be felt if erstwhile faulty and unstable systems are constantly being replaced with more stable and veritable ones. The Epiphany is a more than suitable decentralized replacement for the shabby centralized system.
For more information, visit;
Website: https://www.epnex.io
Whitepaper: http://epnex.io/static/Epiphany%20Whitepaper.pdf
Telegram: https://t.me/epnex
Facebook: https://www.facebook.com/EPNex.io/
Twitter: https://twitter.com/EPNex
Reddit: https://www.reddit.com/r/EPNex/
LinkedIn: https://www.linkedin.com/company/epnex/
Medium: https://medium.com/@epiphany.blockchain
GitHub: https://github.com/EPNex
Authors bitcointalk profile link: https://bitcointalk.org/index.php?action=profile;u=1820069
Bounty 0x username: Lynkels