Ever since there has been a surge in demand for digital assets like BTC, ETH, there have been many online exchanges that have been released to the public for commercial use. Evercoin is one such venture that is based out of Silicon Valley. Form a background standpoint, we can see that this Evercoin is the brainchild of Talip Ozturk, who is also the creator of Hazelcast (a highly popular ‘open source in-memory distributed database’).
According to his bio online, it is mentioned that Talip has been in this domain for over a decade now., and owing to his educational background, has created Evercoin by amalgamating “open systems with distributed governance models”. As a result of this, he has created an online exchange that allows for maximum trading efficiency.
What Is Evercoin?
As mentioned earlier, Evercoin is an ‘instant-access cryptocurrency exchange’ that has been around for over a year now. While this may not be something new in the market, what really makes it stand out is the fact that it supports trading without the use of a “verified account”.
According to their official company vision, they aim to “transform the world's financial infrastructure by making it more inclusive, participatory, democratic and rewarding for all stakeholders.”
Key Features of EverCoin
Evercoin allows all of its customers to execute trades (cryptocurrency exchanges) in a completely easy and hassle free manner.
Wide Array of Assets Supported:
Some of the currencies that can currently be exchanged on the platform include BTC (Bitcoin), ETH (Ethereum), LTC (Litecoin), BCH (Bitcoin Cash), XMR (Monero), ETC (Ethereum Classic), DASH (Dash), XRP (Ripple), ZEC (Zcash) and many more.
Low Transaction Fee:
According to the official company website, all of the fees (miner/blockchain fee) that are traditionally charged by online exchanges and trading platforms have been baked into their intrinsic pricing scheme. This helps eliminate the need of any additional costs or charges.
How Does It All Work?
The entire process is quite straightforward, and can be broken down into three primary steps. They include:
Transaction Set Up:
Users need to first off by typing in the amount of ETH, BTC (or any other currency) that they would like to purchase. Once the amount has been entered, the Evercoin system will automatically compute an exchange rate for the transaction. Once everything is in order, users simply need to click on the ‘Get Started’ button to move to the next step.
In order to execute the trade, users need to input the destination, as well as the refund addresses into the designated areas. As goes without saying, the addresses should be double checked, as once a trade has been executed, it cannot be reversed.
Once all of the details have been correctly entered, all users have to do is click on the ‘exchange’ button to send the required funds across.
Other Important Details To Consider
In order to regulate trade activities within the network, there are “minimum and maximum limits” for each transaction. These thresholds have been clearly shown on the official company website and it is advised that users check them out before executing high volume trades.
In order to protect our assets, Evercoin makes use of a safety feature that allows for a transaction to expire, if the payment is not processed within 10 minutes of initiation.
Since all of the transactions are done entirely through public blockchains, the speed of an individual transaction depends upon the “confirmation speed” of the particular blockchain. For example, a BTC exchange will take approximately about 10 minutes, while ETH takes around 10 seconds.
The coding of this platform has been done by developers who have meticulously worked to create an infallible payment system.
How Do I Sign Up?
As mentioned previously, Evercoin does not require users to create accounts and go through many ID checks. Instead, to make use of this service, all one needs to do is go to the website, and simply follow the steps outlined there. The entire process is quite straightforward, and currency transfer can be done within 15 minutes.
For any additional doubts or clarifications, users are asked to get in touch with the customer support team via email.