History of Finom
The European debt crisis, which almost led to the default of the Republic of Cyprus in 2013, showed investors around the world that no offshore jurisdiction is a safe place to store their assets. It becomes obvious that the current financial system is far from ideal as long as states have control over capital. Frightened investors begin to look for new sheltered harbors. Some of the investors chose Bitcoin.
Only in the second half of 2013 does Bitcoin’s growth began in earnest. At the beginning of the year its price was under $100, but by the end of the year the price has reached $1000. The rise in prices attracts not only investors but also miners to the market.
Early in the life of the Bitcoin network. Bitcoin could be mined on a home PC. However, profitability of such operations quickly attracts the entry of professional miners with powerful expensive equipment. This causes small miners to merge their capacity into so-called pools to compete with professional miners.
In Russia, professional farms are also being established that are engaged in industrial mining of cryptocurrencies. One of these farms is created by the serial entrepreneur and investor Rustam Kutuev.
Every day there are new cryptocurrencies being created with the goal of repeating market’s benchmarks success, such as Bitcoin and Ethereum. The variety of coins gives the miners an opportunity to choose the coin that is profitable to mine at any given moment. The situation begins to resemble a gold rush.
During this period that the Russian trio of programmers Anton Trusov, Vladislav Alushkin and Alexander Barkovsky acquired their first graphic cards and began to mine Ethereum. In a few days, the only pool for mining Ethereum closed registration for new users.
To continue mining, three programmers decided to start developing their own pool. The team rolls out their own pool within a month, called Nanopool. Within a year they connect new currencies and the pool becomes their main project.
With an effective mining solution, cryptocurrency could be obtained, but how and where could it be sold? And what those people who are not miners, but just want to invest? In response to market requests, exchanges, exchangers and other intermediaries begin to appear, offering to buy or sell cryptocurrencies. A pair of Bitcoin enthusiasts, Konstantin Karatov and Andrei Yanukovich, created a cryptocurrency exchange called Cryptonit, which allows users to buy cryptocurrencies for fiat money and freely trade them with other participants.
The number of cryptocurrency exchanges is increasing every year, so that it becomes difficult for investors to keep track of constantly changing quotes. Kirill Suslov, a financier by education, created a platform to track and trade cryptocurrencies on different exchanges through one convenient service. Kirill and a team of talented programmers launched TabTrader, an application for mobile devices that allows users to trade cryptocurrency directly from their phone. The team connects almost all existing exchanges, which delivers a combined trading volume comparable to the volume of the world’s fifth-largest crypto exchange.
The cryptocurrency market is still very small. The creators of Nanopool, Cryptonit, TabTrader and Cryptal begin to collaborate and share their thoughts on development and the problems facing the Blockchain technology market. The difficulties they see for ordinary users are identical: high commission, difficulty accessing tools and the general inefficiency of the financial system. And although each of the businesses has its own role, the future vision of the founders is the same: financial freedom for every member of society. A system that guarantees low fees, no intermediaries, fast payments around the world and full control over personal finances.
To learn more about Finom and its plans of implementation of new applications to the ecosystem, read our Whitepaper: http://bit.ly/2kikqIq