PREAMBLE
The world is changing so rapidly, technology is taking a new dimension and the world is gaining a digital shape. The digital market is growing exponentially and is projected to meet up with the FOREX market in the next few years.
The growth in the market is fueled by the increasing number of online transaction which tend to tentupled every year. As such, cryptocurrency becomes the undeniable solution to meet the requirements of the digital economy.
However, the issue of security breach and the unacceptable disadvantages of centralized exchanges has limit the global adoption or cryptocurrency as the primary monetary unit for trade.
How can this problem before solved?
Streamity is the answer!!
INTRODUCTION TO CRYPTOCURRENCY AND CRYPTO MARKET
Cryptocurrencies are digital monetary units whose transaction information is store and monitored in a general ledger called the BLOCKCHAIN. The blockchain records and store every cryptocurrency transaction and it is not controlled or regulated by any central authority such as the judicial system, tax authority or any financial institution.
The irreversible transactions that occur on the blockchain are regulated by consensus rules and encryption techniques such that no third-party entities or any individual can manipulate, defraud, block, dispute or carry out a transaction unilaterally.
How can Cryptocurrencies be owned?
Cryptocurrencies are obtained from their owners or any individual that has these currencies in his/her possession. These trades are usually done through exchange sites which allow the buyer to purchase the cryptocurrency for fiat or other cryptocurrencies.
The price of every cryptocurrency is determined by the total amount of money invested in the currency(usually called the market capitalization) to the total number of the cryptocurrency coin in supply. However these prices vary based on the exchange platform used.
PROSPECT OF THE CRYPTO MARKET
As written in Streamity white paper page 8,
According to CoinMarketCap, the average daily trading volume of cryptocurrencies in September 2017 exceeded $4 billion (USD). Furthermore, the market capitalization of cryptocurrencies exceeded $130 billion.
The increase in trading volume of cryptocurrencies has attracted centralized government authorities. Governments of several countries who see the future of cryptocurrency are developing regulatory and legal framework for its adoption.
Studies organized by these governments through financial agencies have discovered that the blockchain technology and smart contracts will soon tilt the market from the traditional currency to cryptocurrency as there is an increasing trend to utilize cryptocurrencies over fiat currencies as payment instrument.
Thus, the world will soon experience a moment where cryptocurrency will dominate the market.
CHALLENGES IN THE CRYPTOCURRENCY MARKET
Despite the huge potentials in the cryptocurrency market, there still exist challenges that makes the global adoption of cryptocurrency difficult. These are;
1. Vulnerable Centralized Exchanges :
Most cryptocurrency exchanges are centralized which are prone to hackers as there is just a single point of failure. This means the users are trusting their money which run in hundreds of millions of dollars to a third party in a vulnerable site prone to hacking.
2. Complicated Process of Buying/Selling Cryptocurrencies :
The process of buying cryptocurrencies from exchanges are very complicated because they offer few trading pair which is usually BTC, ETH and other few coins, thus, there is no flexibility in converting from one coin to another. For example, a buyer wants to convert from coin A to coin B but both coins do not have a unique trading pair. The trader in this case will have to convert to ETH or btc first before converting to coin B. These steps are not only complicated, they also charge high transaction fee and it's not suitable for low capital traders.
3. High Volatility
The prices of cryptocurrencies on exchange platforms rise and fall dramatically over a short period of time. This makes the market volatility very high as there is no assurance or tangible market profit that will drive in huge investors.
4. Cyber Criminal :
The activities of cyber criminals on centralized exchange sites has limit the global adaptation of currency as the primary unit of trade. In the bid to counter the activities of Cyber criminal, centralized platform administrator try by all means possible to set up a formidable security measures which in turn reduce the efficiency of the site.
WHAT IS STREAMITY?
Streamity is a crytocurrency platform that is designed to provide a powerful trustless cryptocurrency exchange between individuals.
This exchanger also offer broad range of services which include news,market analysis, educational and investment resources. These services embedded in Streamity is ran independently adding value to investors in terms of management and accumulation of cryptocurrency funds.
Streamity exchange is a decentralized platform where transaction is made directly between interested parties without the use of intermediates or third parties.
MISSION STATEMENT
- To make the users the top priority
- To contribute to the development of the cryptocurrency community's security
- To develop a fair and transparent STREAMDESK service that allows for the exchange of cryptocurrencies for fiat currencies without intermediates which will help users save money and protect them against fraud through the use of the smart contracts.
STREAMDESK
This is the motive behind the creation of Streamdesk
STREAMDESK is a p2p platform for smart contract cryptocurrency exchange. In STREAMDESK, fiat currencies can be exchanged to cryptocurrencies without intermediates with assurance of efficiency, security and speed in carrying out such transaction.
Unique Advantages of Streamdesk
- Very low and afford exchange fee of 2% with no hidden charges
- Efficient, Secured and high-performance portal
- Availability of analytical, educational and investment resources which include important sections like market review, news, ideas, blogs and articles prepared by the authoritative traders and analytics of the community, knowledge base, investment statistics with analysis, details of transactions, ICO calendar with recommendation etc...
WORKING PRINCIPLE OF STREAMDESK
STREAMITY UNIQUENESS AND PROJECT ROADMAP
Every project is known by the problems it is created to solve and the relevance of its use case. For Streamity, the uniqueness stem from
- Being the first peer-to-peer (p2p) creating a secured and independent transaction using the smart contract to protect the buyer and seller fund from third party or any party's fraudulent activity. It eliminates the disadvantages present in the present dominant centralized exchange market opening door for global adoption of cryptocurrencies as a means of payment of goods and services.
- Streamity sets a high standard in terms of on-line payment and market transparency by integrating a fair cryptocurrency pricing system where rates of interest are calculated in real time. These rates and pricing are average weighted price from major trusted cryptocurrency exchange thereby gaining global acceptance.
Project Plan
According to Streamity white paper page 16
The development of a global p2p platform includes; acquiring state permission and licenses to exchange cryptocurrencies, engaging with unions and coorporating with traditional payment system.
Our step by step plan is illustrated below. Our plan details major milestone following the ico campaign. Each milestone will be hard as a framework for the next, ensuring STREAMITY remains reactive and responsive to market conditions. The capital raised from our ICO will predominantly used to acquire licenses, develop and maintain services, expand our terms and market STREAMITY
In order to meet requirements of the financial sector, Streamity will collaborate with credit and payment system, develop identification systems required under relevant regulations and provide any necessary technical requirements.
ADVANTAGES OF STREAMITY AND ITS SOLUTIONS TO CRYPTO CHALLENGES
1. Minimum Fees
The transaction fee is as low as 0 - 2% and the user choose the transfer method himself and in most cases, there will be no fees in fiat mode
2. Fixed Rates of cryptocurrency
Streamity enables the user to make transactions at a fixed price. Information about the rates is automatically collected from the major exchange markets
3. Freedom of CryptoCommunity
Fiat money and cryptocurrencies are not blocked within the platform. Exchange is conducted directly between the seller and the buyer.
4. Easier Transaction Process
A trader can sell/buy cryptocurrencies within the Streamity platform in just few clicks due to the simplicity in design and the super interface of the exchange platform. A user will be able to avoid intermediaries and conduct transactions directly with the seller/buyer via smart contracts.
5. User Privilege
Each user holding more than 1250 STM will receive a set of privilege including lower commission on the Streamdesk platform.
6. Market Analysis Tool
Streamity contains all necessary cryptocurrency, blockchain and decentralized information on it platform. Investors no longer need to navigate numerous websites to identify their required investment project, as Streamity has it all.
CONCLUSION
It is a well known fact that the blockchain technology and cryptocurrency has come to replace the traditional method of trading. But however more is expected from cryptocurrencies to be the novel replacement.
However, at this stage, the blockchain is not perfect, but every new project is aimed at improving a particular facet or solving an existing problem.
Streamity has to solve core problems that have been hindering the global adoption of cryptocurrencies as a means of payment for goods and services. With time, more improvements will be carried out on the project leading to a faultless system that will enable the actualization the global adoption dream.
This articles is an entry to a contest by @originalworks, check out the contest here
Do you want to know more about Streamity?
You can get more information at
Streamity website
Streamity White paper
Streamity One-Page
Streamity YouTube
Streamity Telegram
Streamity2018