What is eFLEX
eFLEX allows you to exchange cryptocurrencies without censorship.
Functions are presented based on a protocol to bridge cryptocurrency networks without the exchange of personal information. eFLEX operates as a layer to traffic and handle cryptocurrency exchange propositions Peer to Peer. In a peer to peer connection, peers are equal and their exchange of information is not censored by a central server.
All eFlex transactions are public and visible on individual blockchains. Peer to Peer exchange is just a functional extension of cryptocurrency itself.
How does eFLEX work
eFLEX does not operate like an exchange but as a switch. Traditional exchanges maintain user accounts, operate like banks and additionally offer exchange functions. eFLEX only handles transactions. A transaction consists of the transfer of funds between two peers that have matching exchange propositions. That means that eFLEX transactions have one source and one destination at both ends.
Source and destination are only addressed by public keys. That means that no personal information is transmitted and that transactions are truely Peer to Peer. With eFLEX you just need to prove ownership of a cryptocurrency wallet address to verify that the destination address is existant.
One switch transaction consists of four blockchain transactions. The exchange propositions A and B (see picture below) each are published by eFLEX when transaction 3 and 1 are detected on each blockchain. When transactions 2 and 4 are fulfilled these are added to the exchange volume.
A proposition consists of :
- Source and destination currency
- Amount, expressed in EUR, USD, BTC or LTC to specify the transaction volume with respect to the source valuta. This amount determines the amount of source valuta to be sent after the proposition is submitted.
- Limit, expressed in EUR, USD, BTC or LTC to specify the ultimate price of one unit of the destination valuta. This price is the maximum price for one unit of the destination valuta
- Validity. The duration the offer is valid expressed in days. Exchange propositions can be canceled any time upon which the funds are returned.
- Confirmations. The amount of blocks required before the transaction of the peer is regarded as valid. The proposition is visible on the network after one confirmation
- Peercode. A code to limit the offer to exchange to those that know the code.
Cryptocurrency
If you are new to cryptocurrency we suggest you visit Bitcoin.org
If you want to get hold of cryptocurreny you could consider
- Select carefully which valutas you trust the most.
- Start accepting cryptocurrency for your products and services up to a prudent threshhold
- Be aware of prices on the free market as presentend by congecko or conmarketcap
- Optionaly buy cryptocurrencies on an exchange or through imtermediairies
about eFLEX
eFLEX is still a concept. It challanges other cryptocurrency communities to provide similar gateways to obtain global coverage and cooperation.
eFLEX limits its service to community driven cryptocurrency networks it is familiar with and that comply with Bitcoin Core. Such communitycoins are a special class of cryptocurrency. These are/should be driven by open communities that can be characterised as grassroots organisations. They contrast with centralised ICO's and institutional virtual currency initiatives that are better served by centralised technology.
Conditions of use
eFLEX is experimental, as is the move towards a world based on cryptocurrency. Its succes largely depends on the benevolence of you as a user. If an error occurs we expect you to signal it but we cannot guarantee to solve it or to recover funds. Put your trust in the community of users which we invite to @eflexchange.