AMA RECAP — CRYPTOSCREEN INDONESEIA with ZENFUSE
On 12 October 2020, ZENFUSE conducted an AMA in the Cryptoscreen Indonesia Community. Our guest is Tn. Yuriy Kovalev, CEO and Founder of Zenfuse.
Lots of questions as usual from the Community about Zenfuse progress. The Zenfuse team took part in a very interesting AMA session which included introductions, questions from twitter, and a live AMA session with the Cryptoscreen Indonesia community. If you missed the AMA in person, read this recap for a deeper insight into Zenfuse.
Let’s take a look at the most interesting points of our conversation.
Segment 1: Introduction
Samuel Yabes: Hello @nightcoder welcome to our Community
Yuriy: Hi guys, pleasure to be invited!
Samuel Yabes: Let’s start this event, before we start the first session. We want to know little about your backgrounds
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 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.
Samuel Yabes: Can you introduce Zenfuse to our community?
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.
Samuel Yabes: How does the Zenfuse trading platform work?
Yuriy: 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.
The platform will be simple and enjoyable to use, with intuitive and user-friendly operation utmost in its design. Experienced and new traders will require no technical skills or coding experience in order to leverage the platform.
Zenfuse will be presented to users in the form of a customizable dashboard with widgets. The user will have the option to create a customized panel, consisting of a unique set of widgets with a broad scope of features, allowing for detailed customization.
The widgets relate to three broad categories: trading, portfolio tracking, and news monitoring. The tight integration and synergy between these key pillars of trading will deliver a convenient, efficient and powerful trading experience
Samuel Yabes: zenfuse is an all-in-one cryptocurrency trading platform. Is the Zenfuse trading platform specifically for Beginners or Professionals? If it can be used for beginners, are there any steps for using it?
Yuriy: Zenfuse will be easy to use for both professionals and beginners, and the functionality will be phenomenal.
Samuel Yabes: What features are available on the Zenfuse trading platform?
Yuriy: We have many of them, full list can be seen on zenfuse.io
Most wanted features are:
•Panic sell button will sell an entire portfolio of altcoins for bitcoin with one click, if markets suddenly take a dive.
•Global 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 an opposite direction
Samuel Yabes: Does Zenfuse have real tokens? If so, can you please explain the use of the token.
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.
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
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, subscription or in-app purchases.
Use Case 5 — Zenfuse Staking
Approximately twelve month 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.
You can read more about our token in our whitepaper
Also, big news!
The native token of the Zenfuse platform will be listed on both the Bibox and Uniswap exchanges on the 13th of October — 09:00PM Singapore Time.
Segment 2: Questions from the Twitter
Question 1: Zenfuse trading platform allows to trade on multiple Exchanges. Currently what trades or how many exchanges are supported on the Zenfus trading Platform?
Yuriy: Binance, Poloniex, Bithumb, Huobi, Kucoin, OKEX, Bitstamp and Bibox and Bitfinex. We’re planning to cover all exchanges that have API’s, so expect 50+ more in a long-term
Question 2: With the software product that you offer involving personal assets, what guarantee do you provide for the safety of the users of your product? are there any details explaining about this regulation?
Yuriy: It is important to emphasize that the Zenfuse platform will never request access to withdraw funds from cryptocurrency exchanges. This particular aspect alone reduces 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.
Question 3: KYC is important. People will not do KYC on any web or platform. How about the Zenfuse Trading Platform, is KYC needed?
Yuriy: No KYC needed to start using Zenfuse since it’s the trading terminal, not the exchange
Question 4: What is the difference between trading on a centralized exchange and trading using the Zenfuse platform?
Yuriy: Zenfuse has some features that no exhange has like Rebalancing, Panic sell button, Drag-n-drop rebalancing, News Center etc ..
Zenfuse is making your trading more efficient.
Btw, I spoke to some major exchanges, they are willing to give a discount on their trading fees for our users if Zenfuse platform will bring a lot of trading volume to them.
So be prepared to pay 30% less on fees on Binance and Huobi.
Question 5: From the explanation on the website. many advantages, features and other things that I love! Im interesting to use Zenfuse platform. When will it be available to use?
Yuriy: Q1 2021 is the deadline, but we’re doing our best to release it even earlier.
Segment 3: Free/Live Questions
Telegram User: I SAW THAT SECURITY & PRIVACY ARE THE MAIN FEATURES OF your platform that’s great. Tell us in details about what programmable technology & security developed by your team to build the platform very secure?
Yuriy: You own your data on zenfuse. Nothing is going to be shared with any third-party without your approval.
Telegram User: Volatile markets can delay executions of trades. With so many exchange integration how does Zenfuse ensure that there will be no delay in execution of trades?
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.
Telegram User: DEX exchanges are difficult to use, the decentralized technologies that underpin these markets make DEXs difficult to use and discourage most market participants. How does Zenfuse get rid of this difficulty?
Yuriy: Our simple UI is the key to make DEX easy to use
Telegram User: can you explain about the types of trades at Zenfuse ?? explain to all of us so we can move to the exchange at Zenfuse .Thank you!
Yuriy: zenfuse will have the same types of orders as the exchange + a few more like OCO Orders, Scaled Orders, and even Ping-Pong orders
Telegram User: how do you avoid market manipulation??
Yuriy: We are partnering with the Chainlink for that, that’s the oracle proving us the true data
Telegram User: 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?
Yuriy: This functionality will allow users to replicate the trading actions of professional traders. Copy Trading will be a huge support for newbie users, while simultaneously providing an opportunity for experienced traders to gain a following and earn. As entrusting funds in this manner is risky, only verified traders will be able to share their strategies.
Telegram User: Can you explain the procedure on how do you choose exchanges that will be listed in the platform? What are your criterias?
Yuriy: If the exchange has enough users and they have an API — they will be integrated to zenfuse
Telegram User: Zenfuse is like an aggregator, if any exchange on this platform hacked, will it affect Zenfuse uses or start any kind of chain reaction or will it impact the functionality of Zenfuse or access denial to our account ?
Yuriy: 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 orders history and portfolio states.
Users will get one place for storing and controlling all their cryptocurrency exchange API keys and trading data. This will allow for easy control of API keys access. For example, users will be able to instantly limit access to a particular third-party app, in case the app is under suspicion, or give temporary access to API keys for a new trading app, only for the period of working with it.
Telegram User: Security is always one of the biggest concerns as an investors. What kind of forms of security do you offer for the Zenfuse platform and how do you ensure the customers’ assets safety?
Yuriy: 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.
Telegram User: Many new projects made a good impression at first but were suddenly abandoned. How will you manage Your project to gain a place in the market and become a best token in the blockchain world?
Yuriy: I’ve personally seen many awesome platforms to disappear, 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.
Easy design of Zenfuse + huge marketing support from our partners is a key to success.
Telegram User: What do you think about Indonesia as a crypto market? Do you have a future plan to develop your ecosystem, especially for the Indonesian people?
Yuriy: Indonesia is a big crypto market, and also a country that I personally love. I’ve been in your country few times and absolutely loved it 🙂
We will definitely have an Indonesian support in a near future
Telegram User: Where does the project name come from? What does it mean for you and why did you choose that name for your project?
Yuriy: We choose Zenfuse name because it sounds easier to remember (compared to our first name Trader0x) and has an interesting meaning as well:
zenfuse — make (something) less complex or easy to understand
That’s what we’re doing! We’re making complex things easy 🙂
Telegram User: How does panic buying and selling work? Also, could it be activated automatically without one’s consent?
Yuriy: Panic sell button sells an entire portfolio (or the coins you selected) to BTC/ETH or to a stablecoin and Panic Buy is doing the opposite.
This functionality is 100% manual, but can be potentially automated by you, and it will be a different feature, we call it “Global stop-loss”.
The idea behind it is very simple — once your portfolio is less than “x” = sell everything to USDT. It may protect you from a market crash when you’re sleeping.
Telegram User: What are your plans on GLOBAL adoption? Which country is Zenfuse presently focused on ?
Yuriy: 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 speak 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.
Telegram User: Will Zenfuse be available in mobile?
Yuriy: Yes, our mobile app is under development
Telegram User: What is the background of the Zenfuse team? Do you think it is competent enough to run Zenfuse for long-term? Among different blockchains and cryptocurrency projects, what are some key features that set Zenfuse aside? What does Zenfuse have that other projects don’t?
Yuriy: The core Zenfuse team is led by a former director of a leading cryptocurrency mining pool, a serial SaaS entrepreneur, and a designer who has worked with professionals from blue-chip enterprises.
Moreover, Zenfuse will be advised by a Forbes 30 under 30 professional who has already experienced success building a multi-million dollar enterprise in the cryptocurrency industry. With decades of collective experience in the fields of development, design, and management — the Zenfuse team is poised to change the way crypto traders analyse and interact with the market.
Read more on Medium
Samuel Yabes: Thank you so much for giving us your valuable time for answering our community questions .
Yuriy: Thank you for having me guys!