Zenfuse AMA with Yuriy Kovalev

Steven Jim

Published in

The AMA Room

14 min readDec 8, 2020

Eric: Thanks for taking the time @nightcoder ! Welcome to the AMA room

Yuriy: Thanks for having me!

Eric: Would like to start with a story of your background and how u came about in the crypto industry. Please tell us that story

Yuriy: I have a web-dev background, was building websites since I was 13 years old, I love to work with code and with UI/UX.

I came to crypto in 2017, bought my first bitcoin at $1200 and sold at $4500 a few months later, thought that I’m a great trader :)

Then I started to read books about technical analysis, tried different ideas, had good moments and bad moments until I found the right strategy for myself.

After all those sleepless nights I decided to create a platform that will make my trading easier, more efficient, and safe, that’s how zenfuse idea was born.

Eric: So some sort of predecessor version of this is existing, right? I’m sure it has given you a great advantage in trading for some time.

Yuriy: Haha yes, some crazy formulas in Google Sheets

Eric: nice. So what exactly is Zenfuse?

Yuriy: Zenfuse is the swiss-knife for every trader.

Features like Analytics, Panic-sell, Drag’n’Drop Rebalancing, OCO Orders, Trailing stops, Portfolio Groups, Shareable Portfolio, Goals & Achievements, News Center, Events Calendar, and others, accessible from one place can significantly boost your efficiency and profits as a trader.

Eric: Can you show us how it looks like? @nightcoder

Yuriy: We’re working on the new version that will make everyone super excited, the current version is not revolutionary and I don’t want to share it 😃

Please wait a little bit, we’ll start showing some cool stuff through our channels very soon.

Eric: alright! So what’s unique about Zenfuse vs other trading terminals/suite?

Yuriy: The majority of must-have features in zenfuse from a get-go

The simplest UI possible

Cross-platform app

Zenfuse ecosystem, extensible by developers

Eric: What exchanges will Zenfuse initially integrate upon launch and what others are in the pipeline for the future?

Yuri: Binance, Poloniex, Bithumb, Huobi, Kucoin, OKEX, Bitstamp, and probably a few more

We’re planning to cover all exchanges that have API’s, so expect 50+ more in a long-term

Eric: Several teams attempted to deploy similar platforms amid the last bull run in cryptocurrencies. How does Zenfuse succeed in a venture that others have failed in?

Yuriy: I’ve personally seen many awesome platforms disappeared, that’s really sad.

Our team is built on a very strong foundation.

We have 7+ years of crypto/blockchain dev experience, our CTO did security audits to major banks, our designers won many important awards, and worked for a Fortune-500 companies.

The easy design of zenfuse + huge marketing support from our partners is a key to success.

Eric: How will the ZEFU token integrate with the Zenfuse platform?

Yuriy: The Zenfuse (ZEFU) token is the unit of exchange within the Zenfuse ecosystem. The primary use case of the ZEFU token is to gain access to the platform and enable all features. There are other use cases which are listed below:

Use Case 1 — Accessing the Zenfuse Platform

The user has to stake a certain amount of token to access the platform for the time period the tokens are staked. To unlock advanced features a certain amount of tokens need to be “settled”, “settled” tokens will be burned once a month and lead to a deflationary token ecosystem.

Here are all possible types of trading actions on the Zenfuse trading platform:

Buy or sell limit orders
Stop loss order, trailing stop loss order, a market order
Panic Sell Button
Portfolio rebalance button
Copy orders from other traders

Use Case 2 — Purchase items from the Zenfuse App Store

Third-party developers can develop Zenfuse and API widgets which can be sold in the Zenfuse App Store. Developers may choose from several pricing models (such as free, one-time fee, subscription fee), set a price for their widgets, and receive payment in the form of ZEFU tokens.

Use Case 3 — Reward other users for their contributions

Zenfuse users can share trading strategies and produce content for other traders and investors. Users can ‘tip’ others by sending an amount of ZEFU tokens to thank them for their work.

Use Case 4 — Zenfuse Secure Gateway API usage

Third-party developers can create standalone cryptocurrency apps with the Zenfuse Secure Gateway public API. Users of these developed apps may be charged ZEFU tokens for premium features, subscriptions, or in-app purchases.

Use Case 5 — Zenfuse Staking

Approximately twelve months after the launch of the platform, staking will become possible for users who used the platform at least three months in a row. To reward them for their loyalty, the tokens which they stake to access generate revenue. Staking as a means of loyalty, not for speculation.

Eric: If Zenfuse intends to give users which are unavailable on certain exchanges, is there a risk of time lag or technical difficulties when the platform is communicating these features with the exchange? For example, if a Zenfuse user executes a trailing stop loss order on an exchange that doesn’t provide this order type.

Yuriy: Our goal is to have our servers close to servers of exchanges to reduce the lag up to 90%, this totally doable.

I’ve spoken to a few big exchanges, they gave us a green light already, we can store our servers in the same datacenter with them.

Eric: that’s really cool. I’ll open up the floor for community questions. please start answering them in advance. ill mute the room again after 2–3 minutes

Community AMA

Q: For instance, I want to use my Binance account to trade on Zenfuse, do I need to input my login details to enable me to have access to the platform or how do I go about it? Also, how do you assure me that my login details are safe and secured from a third-party?

A: We will never ask for your login credentials, zenfuse only needs your trading API’s.

It’s 100% secure, we even have a bulletproof security layer on top that protects your account in case if zenfuse will be hacked.

Q: I got fascinated by the PANIC SELL FEATURE, can you explain more about this feature and how it can help me optimize my investment activities and reduce my losses on Zenfuse?

A: Panic sell button sells an entire portfolio (or the coins you selected) to BTC/ETH or a stablecoin.

It’s super useful if you’re using more than one exchange, as you know, it’s impossible to effectively manage all of them manually.

Q: Interaction with other users is a feature highly valued by those of us who use trading platforms. What can you tell us about the social side of zenfuse?

A: zenfuse users will be able to make their portfolio public (if they want to), the amount of money you have will be hidden, only the coin allocation will be visible.

With this feature you’ll be able to follow your friends or popular traders, having a 100% picture of assets they bought or sold.

If you want to copy them just press one button and your portfolio will be instantly re-allocated.

Q: Why is Zenfuse focused solely on the Asia market? Any plans to expand to Europe, Africa region? Do we need to provide an exchange API to be able to trade on Zenfuse platform?

A: zenfuse is focused to cover an entire planet, but it will take us some time to reach all markets eventually.

We started in Asia mostly because we have a lot of contacts that will drive zenfuse to success, also because Asia is a huge potential market.

Our team is growing super fast, so Europe, US, and Africa support is coming shortly 😀

* * *

Yes, zenfuse will need your trading API’s

Q: As a part-time crypto trader who does not have enough time in analyzing trades & market. How can Zenfuse help me make wise & more informed decisions with my trading? I’m tired of losing my hard-earned money.

A: I totally feel you. I lost some money too and I didn’t like it.

It’s hard to sleep well when the market is not behaving well, that’s why we created a completely new feature — global stop loss, and It works like a charm.

For example, you had 5k, made 7k more, now it’s 12k.
You went to sleep, and when you woke up your 12k transformed to 4k.

To avoid that, you’ll need to set a global stop loss for your entire portfolio across all exchanges at, let’s say, 11k.

Once your portfolio will be estimated for 11k or less — zenfuse will sell everything to a stablecoin.

By doing so, you’ll see something around 11k instead of 4k.

Just this simple feature only will allow you to sleep well and live a happier life ;)

Q: Some trading apps have been hacked or turned out to be an exit scam. What security measures does ZenFuse adopt for a safe environment for users?

A: It is important to emphasize that the Zenfuse platform will never request access to withdraw funds from cryptocurrency exchanges. This particular aspect alone reduces the risk of fraud against Zenfuse users to a negligible level. Nevertheless, continuing to meet the highest possible security conditions across all areas remains our top priority.

We devote special attention to the protection of the user’s API keys. Our carefully built team of professionals commands more than the requisite expertise to create and maintain an entirely protected platform. Security features include regular backups and user data encryption (API keys will be encrypted and stored in secret), two-factor authentication (2FA), IP whitelist, instant login notifications, secure SSL, strong DDoS protection, and account/IP lockouts to prevent brute force. With these and other security layers, users can rest assured their data is safe.

While users can trust their credentials and sensitive data to Zenfuse, no system can ever be 100% secure. We will strive to make our platform as safe and secure as possible. In particular, important information will not be stored on our servers, ensuring that no data can ever be stolen from them. Instead, users will employ a disposable password to manually authorize the platform to perform actions on their behalf.

Q: Do you have any security threats, how do you solve and protect users from security threats problems of interplay across multiple blockchains?

A: The Zenfuse system will be additionally secured on a hardware layer. Hardware Security Module (HSM) is a physical or cloud device that manages keys. HSM provides secure storage and generation of master keys. It provides both logical and physical protection of the data by keeping it inaccessible to destructive forces and unauthorized users.

This layer depreciates social engineering attacks by requiring physical access to HSM. The master key will be managed by the Zenfuse team and stored in the HSM.

While we are confident in our team’s talents, part of our budget is assigned to performing prudent additional security audits before each major release.

Q: How can I become an early tester? What benefits can I have? What features are available for now in the early tester?

A: Please leave your email at zenfuse.io, we’ll announce early access through our email campaign, also, please join our community and join the news channel in Telegram.

Early users will have a big lifetime discount, prioritized support from our team, and even custom UI themes. More benefits will be announced later.

Q: How does Zenfuse platform prevent users from having problems with market delays and overload problems during high volatility movement?

A: Our servers will be stored in the same datacenter as the exchange

Q: In Zenfuse our data will be protected against foreign data analytics? Additionally, will I need to fulfill any identity verification?

A: You will control the data, nothing will be shared with any third party without your approval.

No KYC needed to start using zenfuse.

Q: Can you list 1–3 killer features of zenfuse that makes it ahead of its competitors? What is the competitive advantage your platform has that you feel most confident about?

A: Most-wanted features are:
Panic sell, Global stop-loss, Drag-n-drop rebalancing, and Shareable Portfolio

I guess that our competitive advantage is the team full of super experienced people, we’re well connected, we work very hard and we always listen to the community.

Q: DeFi is one of the hottest topics in the blockchain field. Can you share your opinion about DeFi with us? Do you think DeFi will destroy the existing financial system? What’s your project Approach towards DeFi?

A: We address as well DEXs as I see them growing only bigger from here. Later on, the maintenance of all DEXs will be available through zenfuse.

I think DEXs / DeFi and the traditional financial system will co-exist, it is still a long way for decentralized finance to replace traditional finance. Currently, the average person is not addressed by DeFi in its current stage, at zenfuse we try to bring ease crypto and onboard average people.

Q: To use Zenfuse platform do users need to provide a Private key or API?
How does Zenfuse ensure the security of user assets?

A: Yes, Zenfuse is a cryptocurrency ecosystem that uses API key technology to safely connect the user with their cryptocurrency exchanges of choice. The user can use the Zenfuse platform to execute advanced trading, holistically manage their portfolio, and keep up to date with the latest cryptocurrency news and analytics — all from a single platform that can be used on any device.

Secure Gateway is an independent part of the Zenfuse ecosystem. It will be a safe place for storing users’ cryptocurrency exchange API keys. Secure Gateway will also store all user trading data, such as order history and portfolio states.

Q: A use case for Zenfuse is to let third-party developers build features for use via API and Zenfuse to be used as rewards for use of the features. Is there any security in place to avoid misuse?

A: Secure Gateway serves as a bridge between cryptocurrency exchanges and the user, and it is a significant part of Zenfuse. Additionally, however, we have plans to share the power of Secure Gateway with the world. In particular, we will provide public API to allow third-party developers to create powerful applications, using the Secure Gateway data and functions.

For example, the creation of trading bots will be possible using our API. A user of this bot will be able to “Sign Up via Zenfuse Secure Gateway”, and instantly be able to start trading on multiple exchanges, which they previously added to the Secure Gateway storage. After signing up to the new app, and consenting to its accessing of trading data, users will be able to view their current portfolio state and trading history there.

Thus, Secure Gateway will become a single entry point to all cryptocurrency trading apps, providing a better user experience for all. No more need to manually input data or generate new API keys. The only step to using a new cryptocurrency app will be the click of a single button.

Q: You are implementing new decision-making mechanisms such as “stop loss” and “take profit”, “sell panic” button. Where possible, what different strategies will their use provide for trading?

A: Panic sell button will sell an entire portfolio of altcoins for bitcoin with one click if markets suddenly take a dive.

Whole portfolio stop-loss — sells the user’s coins to BTC/ETH or USDT when specific conditions are met.

Take profit — works similarly to stop-loss, but in the opposite direction

Q: Many projects only issue tokens but there is no specific use in real-world cases for these tokens, projects must have an utility to prove it can be used in real-world cases. So, what are the uses and functions of the $Zenfuse token, and what role will it play in the #Zenfuse Network Ecosystem?

A: The Zenfuse (ZEFU) token is the unit of exchange within the Zenfuse ecosystem. The primary use case of the ZEFU token is to gain access to the platform and enable all features. There are other use cases which are listed below:

Use Case 1 — Accessing the Zenfuse Platform

Here are all possible types of trading actions on the Zenfuse trading platform:

Buy or sell limit orders
Stop loss order, trailing stop loss order, market order
Panic Sell Button
Portfolio rebalance button
Copy orders from other traders

Use Case 2 — Purchase items from the Zenfuse App Store

Third-party developers can develop Zenfuse and API widgets which can be sold in the Zenfuse App Store. Developers may choose from a number of pricing models (such as free, one-time fee, subscription fee), set a price for their widgets, and receive payment in the form of ZEFU tokens.

Use Case 3 — Reward other users for their contributions

Zenfuse users can share trading strategies and produce content for other traders and investors. Users can ‘tip’ others by sending an amount of ZEFU tokens to thank them for their work.

Use Case 4 — Zenfuse Secure Gateway API usage

Use Case 5 — Zenfuse Staking

More use cases coming soon!

Q: How do you offer solutions in areas such as built-in connectivity to major exchanges, next-generation toolkit, analytics, portfolio management, and news gathering?

A: The solution will be offered through our platform, accessible from any device.

Q: What are your plans to place for global adoption and expansion? Are you focusing only on the market of focusing on developing the concept of the project?

A: Zenfuse is the product needed for everyone involved in crypto and it’s very viral. We got a lot of attention from all countries around the world at once!

Our team is growing very fast, we’re speaking 7 languages already, the website and the platform will be translated to major languages like Chinese, Japanese, Thai, Vietnamese, Korean, Spanish, Italian, German, and French. It takes a lot of effort to translate everything and to create a local community, but we’re definitely looking forward to it. Our goal is to make Zenfuse a #1 trading platform worldwide.

Q: What kind of unique features does Zenfuse have over its competitors on the market? How do you plan to increase the demand for Zenfuse tokens in the future?

A: Panic sell, Global stop-loss, Drag-n-drop rebalancing, Shareable Portfolio, and Github Tracker, I guess.

The demand of Zenfuse tokens is growing with the number of people using it. We have a limited amount of tokens so the demand for a token is growing organically.

Q: Is a Zenfuse platform for professional traders? What is the effect that ordinary investors who are not trading experts can feel from using the Zenfuse platform?

A: Zenfuse will be easy to use for absolutely anyone, but the functionality will be phenomenal.

Imagine Bloomberg Terminal, but in your pocket.

Q: Hello, Security is always one of the biggest concerns as an investor. What kind of forms of security do you offer for i.e. the #Zenfuse Network platform and how do you ensure the customers’ assets safety?

A: The secure storage of API keys is very important for those who employ third-party tools for cryptocurrency trading and portfolio management. There have been cases where the misuse of API keys has lead to manipulation, which is detrimental for the API key owners and the entire cryptocurrency community.

User data will never be stored in raw format as we will employ the Digital Envelope encryption technique. This is a practice of encrypting user data with a unique key, combined with additional encryption of the key with a master key.

This approach allows user data to be safely stored within Zenfuse, as both the data and its data key are protected by encryption. Furthermore, the Digital Envelope encryption method combines multiple encryption algorithms. For public-key encryption, a specific algorithm will be used to meet specific requirements. For example, public key algorithms will have to provide a separation of roles, whereas, in other cases, symmetric key algorithms may be used to achieve the best performance.

Q: Is your platform suitable for beginners with little experience?

A: Yes, even your grandma will be able to use zenfuse!