There are plenty of crypto trading platforms out there, but those are only serving a tiny piece of the total financial markets today. The natural next step is to develop trading platforms that are far bigger and serves more people with a greater purpose. eFiat is currently developing a blockchain-based OTC Trading Platform (aka eFiat’s OTC ATS blockchain). The system is based on private Ethereum Blockchain, while the execution of the trading orders is done by smart contracts written in Solidity and Web3.js. This article describes the methodology and interface protocol of eFiat’s OTC ATS blockchain, the OTC trading platform…


According to FinCEN, the term “money services business” includes any person doing business, whether or not on a regular basis or as an organised business concern, in one or more of the following capacities:

(1) Currency dealer or exchanger.
(2) Check casher.
(3) Issuer of traveler’s checks, money orders or stored value.
(4) Seller or redeemer of traveler’s checks, money orders or stored value.
(5) Money transmitter.
(6) U.S. Postal Service.

eFiat smart contract carries various types of money services such as p2p (peer-to-peer) loan agreement, p2p rental agreement, and p2p forward contract that allow our users to engage in…


Blockchain Oracle

Oracles

The oracles in eFiat blockchain are designed to get third-party, or a combination of third-parties, to connect to a source by signing the data so that a contract can check the signature, or by number of confirmations.

eFiat Smart Contract in Python decides to allow developers to easily create built-in user services: scripts written in Python that run alongside with a smart contract but incorporating a user-decided confirmation in order to verify the result is correct.

For example, in our demo Life Insurance Smart Contract, we have used an oracle function in Python to determine if a policyholder has passed…


Financial Industry Regulatory Authority (FINRA), a self-regulatory organization for brokerage firms and exchange markets, issued this Notice to encourage each firm to promptly notify FINRA if it, or its associated persons or affiliates, currently engages, or intends to engage, in any activities related to digital assets, such as cryptocurrencies and other virtual coins and tokens.

FINRA also encourages each firm to keep its Regulatory Coordinator abreast of changes in the event the firm, or its associated persons or affiliates, determines to engage in activities relating to digital assets not previously disclosed. If a firm recently has provided notice to its…


The use of Blockchain and Financial Institutions

In our previous article, How blockchain startup eFiat solved one of the most promising problems of the Smart Contracts, we mentioned eFiat has developed a blockchain platform that is easy to use for average users and try to maximize and enhance the capabilities of the Ethereum Blockchain. In July, we have opened five demo smart contracts to the public on our official website (https://efiat.io).

You may wonder why three out of five of these smart contracts are finance related. Yes, this is our next goal: to develop an enterprise-focused consortium blockchain and smart contracts platform for financial institutions, which allows…


The Problem of Blockchain and Smart Contracts

The introduction of the smart contracts through the innovation of the Ethereum blockchain has been equally revolutionary as the creation of the Bitcoin, but that does not mean it doesn’t have it’s fair share of growing problems. First of all, driven by its popularities the Ethereum blockchain has slow transaction times compared against centralized systems, relatively expensive transaction fees, and the vastly uneconomical and non-eco-friendly use mining method (POW). The use of smart contracts is not yet popular amongst crypto users because it requires basic programming knowledge to create one. Think DOS before Windows OS.

So we’re working on creating…


Milton Friedman

“We don’t need a Fed. I have, for many years, been in favor of replacing the Fed with a computer, which would print out a specified number of paper dollars… Same number, month after month, week after week, year after year.”

- Milton Friedman

Bitcoin, Ethereum and many other cryptocurrencies all have two major flaws in fulfilling a money’s function in economics: 1) limited money supply, 2) volatile price swings.

  1. We take Bitcoins as an example. Bitcoin’s money stock will be eventually capped at 21m units. The limited supply of Bitcoins and many other cryptocurrencies causing a number of coins…

eFiat

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store