Epiphany
At a time when cryptocurrencies are becoming more and more established, one of the main problems is the lack of reliable safe and high-quality exchange . Especially decentralized exchanges have a bright future because of their advantages. One of the most popular exchange offices coming into the market is Epiphany. It is a decentralized exchange on the NEO platform, which will make the exchange easier and more reliable in the future.
There have been more and more problems with centralized exchanges, and soon they will be completely replaced by decentralized. The main problems that arise in centralized exchanges are:
Transparency Investors cannot track the way activities are done in the network but only rely on the trust placed on the site.
Stolen tokens/coins: centralized exchange platforms take ownership of the private key of users. Private keys are basically used to authenticate all information relating to a wallet. Hence, a wallet is susceptible to any internet fraud.
Problems with regulatory policies: Regulatory framework are established by countries in order to control the actions of exchange owners and investors towards how cryptocurrencies are used for the different transaction. Many countries have banned crypto trading on centralized exchanges.
Leakage of Private information: With exchanges being centralized, it is easy for an expert to hack the database and get hold of wallet holders information
The price of fees: Well we all know this and no one can’t do anything about it. The fee prices of the well-known exchanges are growing almost every year.
Slow transaction Process and Centralized control: Centralized platforms are operated by a single computer. On a single directive system, all trading in the platform is managed by the single operating system. With the single computer in charge of millions of transactions, the network gets stuffy and causes a slow trading process.
Epiphany plans to solve these problems in three steps in the development of a new exchange: blockchain technology, decentralization and smart contract network
BLOCKCHAIN TECHNOLOGY
EPIPHANY will be working on NEO blockchain. NEO is currently one of the most popular blockchains with a lot of supporters and great projects build on it. Also, to start the project on this blockchain, you need to invest initial capital, which leads us to conclude that this is not another week project.
The blockchain technology, in general, is a decentralized growing public ledger that records all financial transactions. All records are linked and protected by cryptography. No transaction can be recorded in the blockchain technology without the nodes verifying the transaction process.
DECENTRALIZATION
Decentralization is an important improvement in the described exchange. It is decentralization that ensures greater data security (the user owns a password and personal information). At the same time, all transactions are recorded and analyzed. As a result, individuals will be given a transparent and trustworthy credit score based on their past transaction history which will be of public access.
CONTRACT NETWORK
The smart contract is a programmed operating system that serves as the guide to execute a term of the agreement.EPIPHANY trading platform will incorporate the smart contract feature in order to enhance a fair and transparent trading platform. Investors will be able to trade in the platform without a third party controlling the transaction process. The smart contract will execute all transactions as programmed by the investors involved in the trade.
FINAL THOUGHT
In my opinion, this is an exceptional project, which will continue to be a success in the future. Especially in the phase when people start moving from centralized to decentralized exchange offices, they would already know a well-designed and functioning exchange with a lot of visibility, quickly gain on the number of users and hence on performance.
if you want to know more about Epiphany you can visit their website: https://www.epnex.io/
or read their whitepaper: https://www.epnex.io/static/Epiphany%20Whitepaper.pdf