Today June 29th most of my post got deleted, I don’t know how that is even possible . Below is what I had saved though it is not the entire post.
Let me tell you a short story just to put things into perspective. When I first got involved in crypto just before summer 2017, the first exchange I joined was Coincheck. The reason it was my first exchange is because it is based in Japan where I'm currently located, they accepted Fiat for crypto-currency, I could easily sell my crypto and send the Fiat to my bank account and I also had a safe place to store my crypto, or so I thought. Once I started using the exchange I quickly realised how different the rates were compared to coinmarket cap. If a BTC cost $10,000 USD, it was trading on Coincheck for $11,250 ( ¥1,237,500). Then there were the fees associated with trading the currencies. I was slowly realising that this convenience came at a hefty price. Then a crypto holders' worst nightmare happened, Coincheck got hacked. All my crypto got stuck on the exchange ( Except for Bitcoin). I could not withdraw my own currency for almost 2 months. It is then I realised the importance of a hardware wallet and decentralized exchanges.
Today we shall talk about a very promising Decentralised P2P currency Exchange called Streamity. But to call this project simply an exchange is an understatement as it is much more than that.
What is Streamity?
Streamity is a P2P Decentralized Exchange and platform in which individuals can:
- Exchange fiat for cryptocurrency.
- Exchange cryptocurrecny for fiat.
When trading crypto for fiat and visa versa, a smart contract is used. There is also no need and no way to store crypto on the exchange. - Trade crypto for other crypto.
- Learn about crypto trading
- Get signals for good trades on crypto and stocks.
- Learn about new ICOs and existing blockchain based projects.
- Get Market news and analysis.
- Contribute to the platform by translating and creating content while earning.
- Get the latest rates for cryptocurrencies
The main feature of Streamity is the exchange is called streamdesk and it will go live on June 25th. The decentralized exchange will allow individuals to trade a number of cryptocurrencies in the long run and the wonderful thing is, unlike centralised exchanges that charge extra for the price of their crypto to hedge against possible hacks, streamdesk ensures and sets fair rates based on true market value. They need not charge a premium to hedge against hacks as no crypto is stored vulnerably on the exchange. StreamDesk uses an ERC20 token called Streamity (STM) which is used for its membership fee and to reward content creators and translators. Not to worry, the fees aren't bad.
Remember, from June 25th - July 25th it is free, so sign up NOW!
Watch This Intro Video
At the heart of StreamDesk are Smart Contracts which enable completely trust less transactions between parties wanting to buy or sell crypto for fiat or trade crypto for crypto.
How it works
Lets say Jane wants to sell 3 Bitcoins, she simply goes on the StreamDesk platform inputs her sales request. If she is not registered on the platform, it will ask her to do so. Once the request is created it is posted to the platform for others to see. If someone, lets say Tom, wants to purchase those 3 Bitcoins, he accepts the request and chooses his payment method ( which could be Paypal or other such services that streamity has and will partner with).If Tom is not on the platform, it will ask him to register. After Tom accepts the request, the status becomes "Pending Confirmation" and Jane receives a notice and she must confirm the request again. After Jane does this, the status of the transaction then becomes Pending Smart Contract and the system will then check the availability of founds in Jane's wallet and then the contractual amount is taken form Jane's account and locked to the Smart Contract awaiting for the contractual conditions to be met. At this stage the transaction is now Pending payment. Tom will then receive a payment link, once he pays it and it is verified by being credited to Jane's account, the smart contract executes. Tom's Bitcoins are in his wallet, and Jane's Fait via Paypal is released to her because of a one time payment request made by Tom through his paypal account via the streamdesk platform through an OAuth2 secure protocol.
More about Payments.
Smart Contracts provide safety for buyers and sellers by acting as a conductor of affairs ( a third party) that is software and has no bias or way to be corrupted by human emotion. Some of the burdening elements with trying to sell anything especially online are:
- Who shall send what first?
- Where to meet if its physical exchange? ( can a physical exchange be trusted?)
- What happens if a party doesn't live up to their promise?
- Trusting a third party can be expensive, possibly corrupt and worst case scenario the possibility is there for them to run off with everything.
How Streamity will change the P2P exchange industry
Many have talked about decentralized exchanges but few exist ( 1 of every 50 exchanges). Most are not marketed effectively and the others lack the proper infrastructure. Streamity will change the P2P exchange industry by providing a high quality decentralised exchange and putting the right amount of founds toward marketing it ( 25% of founds raised).
The fact that Streamity has partnered and is partnering with payment providers in order to integrate these gateways into the platform will make fiat to crypto trading seamless. This will create ease in the purchase and sales of crypto and will increase liquidity astronomically. The first question people ask once they are going through the mental process of buying crypto is unfortunately, "How can I change it back to fiat when I'm ready?". Once they hear the technical process, most shy away. Streamity provides an easy to use platform that eliminates the cumbersome steps that have deterred the masses from entering the market. This ease of the platform will induce the masses to enter the market.
Once the next crypto frenzy begins Streamity will already be in place and the current individuals in the market will be using it and other decentralized exchanges because the idea of being in control of your own founds is what it is all about, that fact is becoming clearer one hack at a time. Currently, many are basically storing their crypto in a crypto bank, Streamity is paving the future of how we interact with our crypto currency and making it possible for us to interact in a truly decnetralized manner where mart contracts are the third party.
The Edge over the competition
- Low fees because no crypto is stored on the exchange so there is no need to hedge incase of a hack.
- Full crypto to Fiat exchange and back ( some decentralized exchanges don't allow you to sell crypto for fiat like changelly.)
- Smart contracts are used so trust issues are eliminated and no need for face to face exchange liken on Local Bitcoin.
- Quality content and resources to go along with the exchange. Other exchanges are just an exchange.
- Rates are set by the system to give true market value, rates aren't set by individuals.
- The exchange is very simple to operate compared to other decentralized exchanges.
- Partnerships with leading blockchain companies ( Civic, EOS, NEM, IT Test).
The Team
The team is pretty extensive. Led by Vladislav Kuznetsov a business man and professional trader who understands the market sentiment. Here is what he had to say:
I decided to create StreamDesk in response to the huge market problem that exists in the global crypto-currency market. In most countries of the world, people have no opportunity to convert crypto-currencies into traditional money quickly and conveniently. Although platforms for currency exchange exist, most of them are not large-scaled enough, they offer simplified technical solutions that lack security, and they are difficult to use. I’ve been in business for more than 10 years and I realize that my hour has come.I selected the best people for the Streamity team. These guys worked in well-known companies and everyone has succeeded in their business. Such people will only follow a real leader, and I do not doubt our success!
Road Map
Final thoughts
Streamity is giving the people what they want and need, not what will make them profits in the short run.
The fact that they are based in Singapore shows that they are in it for the long haul as the country is fertile ground for any blockchain startup. The system for the exchange works great, looks good and the fees are quite reasonable. Check out the exchange for yourself as well as phase 2 of the ICO and the bounty program going on.
For more information, see the links below.
Streamity OnePager
Streamity WhitePaper
Streamity YouTube
Streamity Facebook
Streamity Medium
Streamity Twitter
Streamity Telegram
Streamity BitcoinTalk
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