(IJCH) STREAMITY - The Solution for the Eight Unacceptable "U's" of Legacy Cryptocurrency Exchanges and Conversion Mechanisms
(IJCH) STREAMITY - The Solution for the Eight Unacceptable "U's" of Legacy Cryptocurrency Exchanges and Conversion Mechanisms
IJCH - Inside JaiChai's Head (Meaning: My Warped, Personal Opinions and Musings)
From the Author:
Salutations.
I am JaiChai.
And if I haven't had the pleasure of meeting you before, I'm delighted to make your acquaintance now.
I invite you to interact with everyone, learn, and have as much fun as possible!
For my returning online friends, "It's always great to see you again!"
The Eight Unacceptable "U's"
There are eight main problems with legacy cryptocurrency exchanges and conversion mechanisms.
They are:
Unsuitable for Mass Adoption
Undistributed architecture (Centralized)
Uneconomical for the average user
Unclear (Arbitrary pricing structures)
Unsecured (History of Major Hacks)
Unreliable (Significant Periods of Downtime)
Untrustworthy (Thefts, Scams and Shutdowns)
Unnecessary (Obsolete)
I call them the Eight Unacceptable "U's".
STREAMITY makes life much easier for all its users by solving each one of the Eight Unacceptable "U's".
One by one, let's see how STREAMITY does it...
Unsuitable for Mass Adoption
The traditional ways of buying, selling, trading, converting and withdrawing cryptocurrency and fiat remains far too complicated for the general public.
This represents a major roadblock towards mass adoption and STREAMITY aims to fix this situation.
STREAMITY is super easy to use.
Anyone who can use a mobile phone already has the skills to use STREAMITY.
With STREAMITY, a user can easily exchange cryptocurrency for different types of money and send it straight to a mobile phone.
Here's what Vladislav Kuznetsov (STREAMITY CEO) says about why STREAMITY was created:
Undistributed Architecture (Centralized)
Legacy exchanges and conversion mechanisms (e.g., CoinBase, Shapeshift, etc.) are centralized networks that represent single points of failure and are extensively targeted for attacks.
Decentralized networks don't suffer from such maladies and offer more flexibility, privacy and responsiveness.
STREAMITY is decentralized.
'Nuff said about that!
Uneconomical for the Average User
Present day methods for cryptocurrency conversion favors only those with deep pockets; meaning, they are simply too expensive for the average user.
STREAMITY uses their aggregator technology called STREAMDESK to leverage blockchain technology (smart contracts) to drastically cut down the cost of conversion by cutting out the expensive middlemen.
See this video:
Unclear (Arbitrary Pricing Structures)
Before STREAMITY, the user was forced to acquiesce to whatever price structure the exchange decided upon.
Furthermore, justification for their pricing is rather opaque, difficult to understand, or out right not provided.
Things like: Maker fees, Taker fees, Deposit fees, Withdrawal fees. etc. have corporate regulations that looked like they were written in Urdu!
(Good luck in trying to decipher that!)
Consequently, unless the user can spend inordinate amounts of time and energy applying to multiple exchanges (a lengthy process in itself) AND researching where the best prices are, the user is forced to accept whatever price is offered by his/her present exchange/conversion venue.
With STREAMITY, all operations are transparent and saves the user countless hours of searching and hunting for a fair price among the myriad of cryptocurrency exchanges.
Unsecured (History of Major Hacks)
The list of major hacks of cryptocurrency exchanges is a long one.
Here's just a few of the most well known and expensive ones:
The Coincheck hack: $534 million
The Mt.Gox. debacle: $487 million
The Bitfinex hack: $72 million
NiceHash hack: $63 million
As stated previously, centralized networks are always targeted by hackers first because it's much easier to attack single entities.
In contrast, hacking a decentralized network is far more difficult because no one entity is considered the focal point of control.
To reiterate, STREAMITY is decentralized and enjoys all the advantages that comes with being a decentralized platform.
Unreliable (Significant Periods of Downtime)
I can remember several times last year when most of the exchanges I used were "down for maintenance".
And they always occurred during the same time I wanted to capitalize on current market conditions that change at a moment's notice!
The STREAMDESK technology of STREAMITY is robust and agile enough to implement changes with minuscule performance degradation.
Most users won't even know when an upgrade is being installed.
Untrustworthy (Thefts, Scams and Shutdowns)
Sadly, there have been many instances when someone in a position where exploitation is easy decides to "Take the money and Run" (a la Mt.Gox and BTC-e).
And unless things change, the temptation will always be too irresistible for the dishonest ones to ignore.
In terms of trustworthiness, not only is STREAMITY's decentralization naturally theft-averse, STREAMITY has been rated by ICO pundits as one of the top new ICOs for its innovation, execution, and integrity.
Additionally, since STREAMITY's smart contracts support NEM, NEO, EOS, ADA, and QTUM, STREAMITY's team and partners are negotiating with all of them for partnerships.
Unnecessary (Obsolete)
By now, you must agree that STREAMITY renders legacy exchanges and other conversion mechanisms obsolete.
Summarizing the STREAMITY Solution for the Eight Unacceptable "U's" of Legacy Cryptocurrency Exchanges and Conversion Mechanisms
Unlike present day cryptocurrency exchange/conversion options...
STREAMITY is easy to use.
STREAMITY is decentralized.
STREAMITY is economical.
STREAMITY is transparent in its operations.
STREAMITY is secure.
STREAMITY is reliable.
STREAMITY is tried-and-true.
STREAMITY is the future of decentralized exchange platforms and no-hassle cryptocurrency conversion.
Learn more about STREAMITY and its ICO, token, ecosystem, roadmap, excellent team and advisers, technical details, bounty and bonus programs, social media - and much more at: https://streamity.org/en.
This is an entry for @originalworks "605 STEEM + 60 Bonuses ~ Sponsored Writing Contest: Streamity"
If you wish to submit your entry, visit:
https://steemit.com/crypto/@originalworks/605-steem-60-bonuses-sponsored-writing-contest-streamity
By JaiChai
Thanks for stopping by.
Truly hope to see you again!
About the Author
Believing that school was too boring, he dropped out of High School early; only to earn an AA, BS and MBA in less than 4 years much later in life – while working full-time as a Navy/Marine Corps Medic.
In spite of a fear of heights and deep water, he performed high altitude, free-fall parachute jumps and hazardous diving ops in deep, open ocean water.
After 24 years of active duty, he retired in Asia.
Since then, he's been a full-time, single papa and actively pursuing his varied passions (Writing, Disruptive Technology, Computer Science and Cryptocurrency - plus more hobbies too boring or bizarre for most folk).
He lives on an island paradise with his teenage daughter, longtime girlfriend and three dogs.
yep I was right
I submitted your post to C-2 for curation
why are you not part of the military discord. just curious
I will look into steemity. thanks for that info
Just a little OBE (Overcome By Events) right now (long stupid story). In fact,
I've had to break into my stash of emergency posts lately to keep the daily submissions going.
But, no lie. Finding a usable old photo for vet verification is definitely on my short list.
I really prefer to go with the image submission for posting as my tags.
In the past, I've learned the hard way what carelessness with personal credentials can do to a person.
With me, I've had to recover from identity theft three times in my life. And let me tell you, it really sucks!
Needless to say, now I vehemently avoid transmitting any copies of official documents like the plague!
Namaste, my friend.
JaiChai
it took my son over a year to recover from identity theft. So I get that, but three times can't imagine
Once by a random group of hackers in China. Once by some Russians. And once by a bitter, ex-friend. (As an aside, I kinda feel sorry for him now 'cause the universe can dish out some brutal karma!)
It took me several years to get functional and I still have business issues yet to be resolved.
The good part is that I learned a Hell of a lot about myself - not to mention all the legal and cyber stuff that entered my brain through osmosis.
Knowledge gained from the experience(s) have enabled me to flourish in many other areas of my life that I never could've imagined beforehand.
Identity theft sucks and I wouldn't wish it on anyone. And given the choose, I'd rather not to go down that path again...
Namste, Jaichai
I attempted to contact the POC months ago, never got a reply, and quite simply forgot about it.
Are you on that channel?
Namaste, Jaichai
Yes I am
good thing going there
Leave a comment on the link below that you wish to join the military discord and I will work it on my end
https://steemit.com/steemsilvergold/@guiltyparties/steemsilvergold-daily-highlights---24-jun-2018
Done.
Thanks a lot.
Namaste, Jaichai
Upvote this: https://steemit.com/free/@bible.com/4qcr2i
What an entry! You hit it all - I love the 8 U's, very succinct presentation, there is practically nothing left to talk about! ;p
Thanks a lot for the generous praise.
Namaste, Jaichai
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