“This is still the very early days and there are no full blown experts in this space yet,” said Yuri Zamostin, CEO of Coinifide, an educational platform and peer-to-peer decentralized exchange for cryptocurrencies that will launch this summer. Hehmeyer Trading + Investments sat down with Mr. Zamostin to learn more about Coinifide’s goals to educate the market, certify experts via a third party accreditation company and provide a way for market participants to trade hard-to-find cryptocurrencies.
The Educational Component
“We have found that many enterprise companies and businesses come across cryptocurrency experts with no way to validate their authenticity,” Mr. Zamostin said. “Students and market participants that take our courses will become certified and stand out in the crowd.”
This month Coinifide will launch their educational platform at four large Universities around Chicago. Students will be presented textual, visual and video content in a dynamic 16-week learning experience. Curriculum includes how to acquire, manage and liquidate cryptocurrencies as well as information about the technology behind crypto, the regulatory environment and trends in the market.
Participants will need to take a certain amount of courses, various assessments and meet the exchange simulator objectives to complete Coinifide’s certification process.
“We are working with a third party content provider that has over 100 years of experience working with national universities and enterprises,” said Mr. Zamostin. “We will co-author the exam but the certification will come from them lending credibility while creating real value for the user that is certified.”
Mr. Zamostin noted that users that do not want to complete certification but that meet the simulator objectives and course requirements will receive $100 equivalent of various cryptocurrencies to trade on the exchange.
“We started out with the retail traders in mind but quickly realized there was opportunity on the enterprise side as well,” said Mr. Zamostin. “Many businesses are looking for solutions they can white label for their employees.”
The enterprise level courses will be focused on specific industries and verticals such as Real Estate, Legal, Smart Contracts, Supply Chain, Social Responsibility, FinTech, and Trading. The goal of the enterprise level courses is to educate employees of subscribing companies to be more competent in this emerging area as well as be able to leverage cryptocurrencies and blockchain technologies to conduct transactions, create efficiencies and reduce costs.
A Peer-to-Peer Network
Mr. Zamostin believes there are many gaps when it comes to education and knowledge in this space, including how much of a coin people can trade.
“There is also limited awareness about the ability to purchase a fraction of a coin,” he said. “Most people believe that you have to buy a whole coin to invest in this market but there is a subset of cryptocurrencies too. For example, a satoshi is to bitcoin the way cents are to a dollar.”
Coinifide notes that market users will be able to trade satoshis as well as fractions of other cryptocurrencies, and hard-to-find coins on its exchange.
“People are hesitant to buy or trade coins that aren’t in the top 20, which makes it difficult for people holding these currencies to transact in the market,” said Mr. Zamostin. “Coinifide will be a robust platform and provide liquidity to the top 50 cryptocurrencies to solve this issue.”
While Coinifide users will be able to bid and trade, unlike other exchanges, Coinifide will not store cryptocurrencies. They will offer the option of hot and cold wallets for storage.
“Some investors prefer a “hot wallet” or online storage while others like “cold storage” options, which enable users to download the cryptocurrency on to a connected device,” said Mr. Zamostin. “It is believed that cold wallets are safer because they can only be hacked when plugged into the Internet.”
Mr. Zamostin explained that having these options for market users is important.
“The wallets that exist right now don’t support all the types of cryptocurrencies available on our platform so it’s important to provide different storage options,” said Mr. Zamostin. “Also, having a wallet ready is crucial when you are trying to take advantage of certain market movements and timely pricing.”
Finally, safety is also a big concern for Coinifide.
“There is an inherent lack of trust between individuals when trading coins online,” said Mr. Zamostin. “We have partnered with various firms to address this challenge. We are working with a system that will verify user identity profiles and provide rating systems to give users a better idea of who they are doing business with.”
According to Mr. Zamostin, Coinifide has partnered with providers that will validate social media profiles, wallets and protect against ponzi schemes or spoof wallets.
With multi-level educational courses, the ability to transact in a variety of digital assets as well as a platform built with safety and security in mind; Coinifide aims to be the standard for cryptocurrency knowledge and peer-to-peer exchange trading.
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