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Spanish cryptocurrency startup Coinffeine, which has been testing its latest decentralized exchange for about seven months, finally demonstrated their new creation in front of a crowd last Friday.
The new P2P (peer-to-peer) transfer platform is allowing buyers and sellers of bitcoin to exchange the currency anonymously without having to depend on a centralized entity.
Company CEO Albert Gomez confidently states:
“The event is not a here it is, but a hello world, soon our protocol will be ready. [We are] sure that the software supposes a before and an after in the international Bitcoin ecosystem. Coinffeine is a technology that serves as a perfect framework where banks can meet the future world of finance brought on by the crypto currencies.”
Coinffeine works through the integration of a “zero-trust operating system,” to which Gomez additionally explains:
“We have the extraordinary example of the Bitcoin network that set up a series of incentives in a way that you either follow the protocol rules and benefit or it does not make sense taking part in the game. In the same line of thought, we have used this technique in Coinffeine to guarantee that there is no incentive to modify our client, for example, to try to blackmail the counterparty and redistribute the deposits in an unfair way.”
The company has been in existence for less than a year, but has already received funding and support from major financial institutions such as Spanish bank Bankinter. An exclusive group of testers will have access to the application during a trial period before it is released to the general public in 2015.
