It’s been 10 years since Bitcoin came out － and since then we’ve been witnessing an explosion of new “money” projects, each competing and experimenting with different value propositions. Some focus on privacy, some on transparency, others aim for decentralization, on-chain governance, scalability, sustainability etc. Each blockchain design choice comes with its own set of trade-offs.
This plethora of ventures can seem confusing and hard to keep up with. But from the dawn of history to modern times, the concept and role of “money” have been constantly evolving with the needs and conditions of users. From exchanging cowries because they were shiny and rare to the creation of government-mandated fiat currencies that we widely adopt today, monetary experiments have influenced and shaped human history.
We now have access to cryptocurrencies in a free market that makes room for an unparalleled level of experimentation and exploration of new ideas when it comes to redefining what we know as “money.” Unlike government-enforced currencies, participation in cryptocurrencies is completely voluntary and non-violent. The path is wide open for permissionless innovation, so the projects that achieve important goals and attract support win, and the ones that fail to do so lose value. The crypto world is an embodiment of meritocracy.
So where does ChainRift fit in?
To solve the problem of price discovery, ChainRift firmly believes that we need a marketplace that caters to the new face of cryptocurrency adopters. Maybe you joined back in 2013, and are now fluent in crypto memes. Maybe you feel like you still have so much to learn. But it makes no difference: we all need a platform that focuses on the users. One that grows and innovates as cryptocurrency adoption grows.
Most cryptocurrency enthusiasts are not professional traders. To cater to this demographic, we need to rethink how we design a currency marketplace. We focused on 4 key elements:
We vet each coin prior to listing through a rigorous process that takes into account technical innovation, network security, use case, and compliance. We were the first exchange to list EOS, Worbli, and Telos when their respective main nets launched. More recently, we were amongst the first few exchanges to list Beam and Grin.
2) UX-first approach
Our team focused on building a simplified user interface for superior user experience. This meant routinely discarding the conventional practices and terminologies used in the trading world in favor of more intuitive and minimalist approaches.
3) Superior customer support
Fast (all support queries are answered within 24h), professional and human-friendly! ChainRift users are not dealing with chatbots and other meaningless scripted messages. See what our users say about us here.
We fully acknowledge that a lot of the regulatory burdens that currently exist in the fiat world will likely not be relevant in the world of cryptocurrencies in the future. That being said, we took a progressive stance and embraced the regulatory framework that currently exists in order to best protect our users and investors, and simultaneously we started working towards proactively engaging the regulatory bodies to bring changes to the archaic regulations that are no longer relevant in today’s environment. One step at a time. In the long run, we are committed to adopting the best practices and technological solutions to protect our customers’ security and privacy, instead of relying heavily on regulation.
And there you have it! This is why ChainRift was created, and the goal toward which ChainRift continues to evolve. Easy, right? Of course not. But for a team of experienced, knowledgeable people who have a deep understanding of cryptocurrency design, security, and market dynamics, trying to make the cryptosphere a better place has been a thrilling experience.
A Trust-minimized Exchange
The long term vision of ChainRift is to offer a trust-minimized exchange platform, removing the need for our users to trust us with their coins. In addition, we will be rolling out tools to increase transparency and auditability of our order books and trades.