Zenfuse — Revolutionizing cryptocurrency trading
Any person who has ever been introduced to the wonderful world of cryptocurrency, and taken the step of purchasing their first digital currency knows how complex things can get. It starts with a single platform for purchasing your first Bitcoin or Ethereum, but it can quickly turn to margin trading on Bitmex and picking up the latest altcoins through Uniswap, Pancakeswap or alike.
On top of that come the numerous tools and applications to keep an eye on your portfolio, the different exchanges where you can trade and the different wallets where your portfolio is stored.
In short, it can quickly become very complex and easy to lose track. What if you could manage all this in one central place?
The lack of oversight is exactly what the team at Zenfuse has been running into over the past few years in the industry. After a long period of research and development, the project has officially brought their vision to live with the launch of their own ‘ZEFU’ token and their trading platform that goes along with it.
In this article we want to tell you more about Zenfuse; what exactly can you do with the platform, what are the most recent developments, who is behind the project and what is the function of the ZEFU token. We conclude with a look at the obstacles to Zenfuse’s success, but also where the opportunities lie for the project and for you as a reader.
What is Zenfuse?
“The ultimate solution for cryptocurrency trading with built-in connectivity to major exchanges, a next-gen toolset, analytics, portfolio management, news aggregation, set within a developer-expandable ecosystem” according to Zenfuse’s website.
This is quite a mouthful, but by looking at the platform’s products, things become more clear. The various products are presented as widgets within a dashboard. Each user has the ability to arrange his or her own dashboard as desired. The first set of widgets can be divided into three categories;
- Portfolio tracking
- News monitoring
The main goal of the Zenfuse platform is to improve the user experience of traders within the cryptocurrency world. It’s not unusual to have accounts on a dozen different exchanges, which can lead to a lack of overview. On top of this comes the fact that one exchange is more advanced than another and certain features are not available on all exchanges. Having a central environment for all trading activities allows a trader to make major decisions in a clear way.
The overview is one thing, but the overarching features Zenfuse has developed are very impressive. Find a list of these features beneath;
Every investor has a different idea of what his or her portfolio should look like, but often this is done using percentages or fixed amounts. You decide upfront how much exposure you want in a certain coin. Gradually, a particular currency may rise in value, causing a trader to have more exposure in this currency than previously determined.
With the ‘quick rebalancing’ function, it rebalances within a few seconds according to your chosen distribution. Whereas this process can normally be very difficult and time consuming, moreover, emotions can take over when buying or selling certain coins, Zenfuse handles this process in just a few seconds.
Panic Sell Button
The cryptocurrency market is still very volatile. One day you count yourself rich and place the order for your new lamborghini and the next day you find yourself at a loss for words because of a big drop. The big question is, “Should I have done things different?”
The same goes for the moment when Bitcoin or Ethereum are going parabolic. In practice, these are the moments when other altcoins can often drop significantly, which can lead to a big hit in your portfolio. Selling all coins manually to BTC, ETH or even USDT can be tricky and you might be just too late.
Actually, you would like that big button, that one button that allows you to flip everything you sell and only look at your portfolio again in a few months. This is the Panic Sell Button from Zenfuse. With one click you instantly sell all your altcoins for the currency of your choice.
Whole Portfolio Stop Loss
It’s important to have a grip on your entire portfolio. The value can fluctuate every day, but in general the goal is to maintain or increase value over the long term. Suppose you once invested €5,000 which then rose to €10,000 in a year’s time. You then make an agreement with yourself that you will sell immediately when it’s back at €5,000 to avoid any loss. Plus, if the value drops even lower, you can always buy back for a lower amount.
With the Stop Loss for your entire portfolio you can set an exact amount as a limit for a possible drop. The moment your portfolio value reaches the set amount, the platform will automatically sell all your coins to prevent further losses.
One of the largest trading exchanges on the regular market, E-Toro, has become big on this feature; copy trading. Inexperienced traders can take advantage of the knowledge and expertise of seasoned traders and copy their trading moves. For experienced traders it’s a way to build up a following and in this way generate a new form of income. Of course this is a sensitive subject since it is very susceptible to fraud, which is why in the first instance only verified traders can offer their strategies on the Zenfuse platform.
Different types of orders
For an ultimate experience of daily trades, there are a number of different types of orders that a trader can place. What is unique is that this is also available to exchanges where these features are not usually available.
- OCO orders: A One-Cancels-the-Other (OCO) order combines a limit order and a stop order in one action. When the price of a coin has reached a minimum, a stop order is executed and the limit order is automatically canceled. When the price of a coin reaches the maximum, a limit order is executed and the stop order is automatically canceled. The minimum and maximum values are set by the user. OCO orders are designed to reduce risk and maximize profits for traders.
- Scaled orders: This powerful tool automatically creates multiple limit orders within a defined price range. Scaled orders are designed to help traders save time.
- Order history: This feature allows the user to analyze all orders from multiple exchanges. Since Zenfuse keeps track of all trading activity for the user, researching your order history is easy and quick.
- Hidden orders: Place an order without it being visible in the orderbook. The hidden orders are there to prevent other traders from being influenced by your order.
Trading is done based on the insight you gain by keeping an eye on your portfolio. The more insight you have, the easier it is to make choices. Zenfuse has come up with a number of solutions to provide optimal insight and clearly map out your goals.
Due to Zenfuse’s direct connection to the various stock exchanges, it automatically transmits what your current balance is on a particular exchange. This saves a considerable amount of time as it is not necessary to collect and enter all balances manually.
This feature allows you to set notifications for important price changes for a specific coin or your entire portfolio. It can be a weekly, daily or even hourly notification.
The coin list feature allows you to divide the different coins in your portfolio into different categories. For example, you can create a list titled “Long Term”, which includes only the coins for the long term and another list called “Short Term”, which consists of short-term speculative coins.
Goals and Achievements
What not many portfolio trackers offer is a feature to set certain goals. For example, if you set a goal to earn a certain amount of money for the next year, the platform helps calculate daily goals and gives you insight into the progress toward achieving your goal.
A good trader cannot do without access to the news. It is Warren Buffet who has been starting his day with the Washington Post for decades in order to stay on top of all developments.
Within the crypto industry, news is a tricky issue though since it’s a very infant market. Fabricated fables can cause a certain currency to drop in value or vise versa. Zenfuse has developed a number of products to help you make a well-founded decision, to keep a close eye on the news and also to check the news on other factors.
Zenfuse’s algorithm creates a news feed based on Bitcointalk, Reddit, Twitter, CoinDesk, CoinTelegraph, Medium, Steemit and similar major sources, among others. The algorithm then filters the sources for relevance and reliability.
One way to find out what the popularity of a certain currency is, is to use Google Trends. This shows how often people search for keywords related to the currency, which gives clear insight into the popularity of the currency and whether there is an extraordinary increase in popularity.
‘Buy the hype, sell the news’, is an important expression in the trading field. The calendar keeps you informed about all major events for different currencies. For example, a listing on a news exchange, the launch of a mainnet, a collaboration with a major party or an airdrop. The more insight you have, the easier it becomes to make good choices as a trader.
GitHub is the social network for coders, a place for open source code. Many of the decentralized projects claim to be busy, but cannot always make it public. Through Github, anyone can get insight into the latest developments of all open source cryptocurrency projects. This shows who is actually working on it, and which projects are merely keeping up with grandstanding.
Social activity tracker
Another nice feature of the Zenfuse platform is its social media monitor. The platform tracks Telegram, Twitter, Reddit and Facebook to find out the growth or decline in followers of a particular project. This can show a trend that is developing, if you are there early this can be very beneficial.
The technical aspect
The big keyword for Zenfuse is API. An API key is described as follows; “a set of definitions based on which a computer program can communicate with another program or component”.
An API key is a series of numbers and letters which serves as a unique code to link certain programs together. In this case, it allows Zenfuse to link with hundreds of exchanges, portfolio trackers and wallets, allowing the platform to function optimally.
The main exchanges including Binance, Bithumb, Okex and more already offer an API key at present, so there is nothing to stop the possibility of establishing this link.
An API key also comes with a number of risks, more about this in the ‘questions’ section. In terms of technology, the programming language Elixir and Open Telecom Platform are used to ensure that Zenfuse can handle bugs and functions very scalably. For the front-end ReactJS is used to achieve an optimal user experience.
Much of the technical aspect revolves around the ‘ZEFU’ token which is an important part of the ecosystem. This will be highlighted further in a later piece.
The team is very tech-savvy but especially the design appeals a lot. The combination of these two ensures that as a user you can work very intuitively. The wide range of products ensures that there is something for everyone, and makes the product attractive to thousands or even millions of users.
Now let’s look at the current state of the product, and what else lies behind Zenfuse.
What is the current state of the product
Zenfuse has a functioning beta with more and more people entering the platform on a daily basis. It’s still closed, so you have to sign up and be patient to be let in, but the actual release is not too far away. The past couple of months have been filled with exciting news from Zenfuse with partnerships, teasers about the product and community-contest such as airdrops and a bunch of AMA’s. The team has even released a hoodie for the most loyal holders of the token.
When to expect the full release of the product is still a question, but the roadmap offers more insight into Zenfuse’s future plans. It stretches into the end of 2022, but the team has proven their ambitions to reach further and have at it for the long-term.
Zenfuse’s future plan consists of a number of phases that are currently mapped out to 2022. Below is an overview of the roadmap as shared by Zenfuse.
- Transforming concepts and vision into a business plan
- Releasing the first version of the white paper
- Meticulous planning and roadmap preparation.
- Launching Zenfuse.io website
Improving our Back-End and security — Updating the white paper to v1.2 — Closely planning and creating the roadmap — Launching Zenfuse.io website
- First round fundraising
- Release of a public working demo version of the Zenfuse platform (web version)
- Launch of the marketing campaign
- Starting to build community
- Release of a beta version of the trading platform with core functionality (web), integrated with various API exchanges
- Getting started on the mobile apps
- Expanding the team of developers
- Official press release from the platform
- The official release of the fully functioning trading platform and Portfolio Tracker
- The official release of the iOS mobile app
- The official release of the Android mobile app
- Starting to work on the News Center
Q4 2021 Milestone
- Launch a new marketing campaign aimed at educating people about cryptocurrency trading.
- Building a strong community of crypto traders
- Releasing Windows and OSX clients to the platform
- Releasing an open SDK for developers, giving them the ability to develop their own widgets and plugins for the Zenfuse platform.
This means that it will be a while before the platform is fully functional, but there is plenty in store for the next two years. A new roadmap with new goals is expected to be released at the end of this period.
The ZEFU Token
Like any cryptocurrency project, Zenfuse has its own token. This is the ZEFU token which plays a central role in the ecosystem. Its main function is to provide access to the platform. Anyone who wants to use the platform will need to purchase and stake a certain amount of ZEFU tokens to gain access. All tokens used will be burned afterwards, creating deflation. Apart from providing access, there are a number of other functionalities;
- Buying items from the Zenfuse App store — think about the applications offered by third-party vendors
- Rewarding other users for their contributions — think interesting trades or beautiful content that is shared
- Access to the secure Gateway API Usage — external developers can achieve more with access to the secure Gateway API, payment for this is made in ZEFU tokens.
- Strike — About twelve months after the platform launches, users will have the opportunity to strike ZEFU tokens in exchange for rewards.
- Ticker: ZEFU
- Token standard: ERC-20
- Network:Ethereum Network
- Total supply: 200,000,000 ZEFU
- Circulating supply (Currently): 48.894.972 ZEFU
- Current market cap ~$10,000,000 (Subject to change due to price fluctuation)
- Hard cap: $1,418,000
- Token Type: Utility token
- Price in Seed Round: $0.038
- Price in Private Round: $0.04
The distribution of the total number of ZEFU tokens is shown in the pie chart in the figure below.
Who is behind the project?
The team at Zenfuse consists of a number of talented individuals. They are seasoned entrepreneurs in the cryptocurrency landscape. The small team with only four people does not come from all kinds of big Fortune 500 companies, but mostly from the cryptocurrency landscape. Below is an overview of the employees and advisor supporting the project with his expertise.
Yuriy Kovalev — CEO & Founder — Yuriy Kovalev is the CEO and founder of Zenfuse. He has worked as a creative director for one of China’s first mining pools F2Pool. Kovalev has also gained experience while working for Upwork, Chain Bit and JAM Media Group as a Front-End Developer.
Dima Braven — CPO — Dima Braven is the CPO of Zenfuse. With several years of experience and a number of awards to his name, Dima is the perfect person in charge of Zenfuse’s product. He is also the founder of itmeo.com which has previously been used by Microsoft, Disney and IBM among others.
Mikhail Vorontsov — Designer and 2D Artist — Mihail is Zenfuse’s regular designer. A talented designer who has worked for several large companies in the past including banks and insurance companies. He excels in the field of user experience for the iOS market.
What are the biggest obstacles for Zenfuse?
Zenfuse is a promising project with big ambitions. The goal is to provide millions of traders with their daily needs, but the question is whether it will succeed.
Currently, there are a number of platforms where you can trade on multiple exchanges simultaneously such as LCX Terminal and 3Commas. In addition, there are numerous portfolio trackers such as Blockfolio and Delta that also offer a very good solution for keeping track of your portfolio.
The thing that both products don’t do yet is combine the two, and add news integration to this as well. That said, Zenfuse could be a good combination of this, and make both services obsolete. Another risk is the security aspect.
Since the user can manage API keys of his or her entire portfolio within the platform, this comes with the necessary risk. Within the Zenfuse platform, the wrong person could make nasty decisions and perform certain undesirable actions.
The project has given this a lot of thought and has security as a top priority. For example, two-factor authentication will become standard and for the back-end several layers will be built to protect access to the API keys.
It is also important to note that the platform does not ask for an “all-access” API, only an API that allows the platform to perform operations. At no point can the platform withdraw coins from the exchange. The biggest challenge is living up to expectations and realizing all the plans in the white paper.
If successful, the product could provide a very good solution for a large number of traders. The moment a new stream of retail investors walks in, Zenfuse will be able to provide them with all the comforts.
We’re hosting an AMA on the 1st of April 20:00 CEST with the team which you can attend in our Telegram channel https://t.me/SylantsRoom!
Prepare any questions you may have and get ready for the AMA, we’re very excited and will update this review with the most important questions afterwards! You can submit your questions via Twitter and during the open community round in the channel. There will be $500 in ZEFU tokens available for rewards.
Trading cryptocurrencies is currently very complicated and cumbersome. Soon you will be working as a trader on dozens of exchanges with all the associated security risks. Moreover, as a trader it is very easy to lose the overview of the various exchanges and wallets.
Zenfuse provides the solution with an ecosystem that serves as a central place for all trading movements on hundreds of exchanges, but also as a place where the current value of the entire portfolio can be easily viewed. With some overarching features like a stoploss for your entire portfolio, or a panic sell button, Zenfuse makes itself very distinctive compared to current solutions.
The team behind Zenfuse is not noteworthy, but all parties have a large load of experience and the current presentation of the product does not lie. Plus, we’ve seen in the past couple of months that this team is very dedicated to bringing Zenfuse to success. They’re working round the clock and bringing their A-game to deliver the best product possible.
The ZEFU token is what brings it all together. All the tokens from the private and seed sales are in circulation, so there are only small fractions that will be brought into circulation later on. It is a very interesting project to keep an eye on, both as an investor and a trader.
Whether Zenfuse will be a staple in a trader’s toolbelt a year from now is still hard to say, but the project certainly has the potential. We’re excited to see what the team will deliver!
Check out this interview from one of the early days of Zenfuse with Cryptocito: