ICO

Epiphany Exchange (EPN) Token Review – NEO Based Exchange Token

Epiphany is the name of a US-based cryptocurrency exchange. The exchange sets to become a unique exchange platform by providing users with a user-friendly, transparent, compliant and secure platform.

The exchange is going to consist of four main components:
1. Fiat exchange
2. Digital asset trading platform
3. Clearing settlement service system
4. Service provider access system

The exchange is currently testing their trading platform, and it’s set to launch in August this year.

Epiphany Exchange Features

Research has shown that centralized crypto exchanges cannot be trusted. We have seen this happen time after time, with Mt.Gox in 2013 where hackers stole approximately 5% of the total Bitcoin supply, and more recently the Bitgrail exchange, where a security flaw led to millions of Nano tokens being stolen.
This is part of the reason why Epiphany has laid the groundwork for a decentralized exchange that functions through smart contracts, making the exchange transparent and eliminates the chance of hacking.

By doing this, some of the most critical security flaws can be avoided:

Epiphany sets a high standard for regulatory compliance and aims to enable licensed institutions to list their digital assets on the Epiphany exchange. The exchange is decentralized, but the management is allowing regulatory agencies to monitor the operations within the platform to ensure all regulations are being followed. The exchange is being developed in the US, and it has licenses to operate as a Money transmitter in California, Texas, North Carolina, Illinois, Arizona, Montana, and Washington. They expect to get a license in the whole country eventually.

One of the main features the platform is implementing is a brokerage service. On this service, verified brokers can register, and traders can choose to invest their money with them.

The traders will be ranked in real time for transparency, so the investors can easily track the most successful traders.

The illustration below explains the basic concept of the brokerage service:

There is a lot of companies that want to enter the crypto space, but they don’t have the resources to create a platform for distribution and more. Epiphany exchange will give companies the ability to release their tokens through their platform.

EPN Token

The exchange has created their own token, EPN, which will be used as a utility token on the platform. EPN is going to be issued as an NEP-5 token on the Neo blockchain. Holders of the Epiphany token (EPN) will gain benefits such as:

  • 50% of all trading fees will be used to buy back EPN tokens. A certain amount of EPN tokens will be brought back and destroyed each month.
  • 50% discount on trading, withdrawal, and deductions

Team

The Epiphany team consists of 9 members and no advisors. Most of the team members are young, and recently graduated, with little-to-none experience. Most of the team members seem to have gone to the same school, and The CEO himself states Ephiphany as his only experience on Linkedin.

Nicole Wan, Director of Business Development, has experience with another cryptocurrency exchange “Pacific Rim Digital Asset Exchange.” There is not a lot of info to be found about this, other than it’s launch in 2016/2017. There is close to no information to be found about the exchange, and the exchange is currently not operating.

An entire team with close to none experience with business and blockchain project is a bad sign, and the lack of support from advisors strengthens this.

Token Distribution

What’s unique about this project is that the project is NOT doing a public ICO, which usually would be the case with similar projects.

Ephiphany have done several investor rounds, where, up to 70% of the total EPN supply will be allocated to investors.

The tokens will not be available for the public before the platform is online (US: Mid-August 2018 EUROPE and ASIA-PACIFIC region: December 2018).

Social Media Statistics

Facebook – 1016 followers – Low
Twitter – 2087 followers  – Low
Telegram – 13281 members – Good
Alexa site rank – 110,770 – Very good

Conclusion

The negatives do not necessarily outweigh the positive aspects though. Even though the team is lacking experience, they have shown good progress so far (check out their weekly updates here), and the team seems capable of fulfilling their goals. The project has a lot of positive aspects as well, the exchange is designed with useful technology and will feature unique components that have the potential to attract a lot of customers.

Because the project is not doing an ICO and tokens will not be available before the platform is live, makes it easier to decide at the time, as potential investors can test out the platform with its functions for themselves before investing.

Useful Resources

Website
Whitepaper
Medium Blog
Github

Social media: FacebookTwitterTelegramReddit – Linkedin