~~Breaking The Barriers Of Intermediaries In The Cryptocurrency Market - The Streamity Project~~

in #contest2 years ago (edited)

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The cryptocurrency market is growing incredibly and it has a lot of future potential to keep this trend.
Everyday, more institutions and individuals embrace cryptocurrencies, but not all of them know how to buy cryptocurrencies or how to properly convert them into fiat in an easy, fast and secure way.
Cryptocurrency exchanges have highly ovrvalued fees. They lack the security that individuals are searching for, pushing them to buy hardware wallets, and these exchanges are struggling to scale. Some cryptocurrency exchanges couldn't keep accepting more users due to lack of a serious scaling project.

Exchanging cryptocurrencies
The cryptocurrency market is currently one of the markets with the highest growth trend (Since early 2017, active users with digital wallets increased from 5 million to 20 million in the first months of 2018). However, nowadays it is difficult to exchange cryptocurrencies to "real" money or fiat. The same happens in the opposite direction, try to buy cryptocurrencies with fiat. There are applications in the market that allow the exchange. However, they have many drawbacks when it comes to doing work.

The problem is that most of these platforms, besides being centralized schemes; which brings problems since they are a unique point for the attacks of malicious entities and even more, when they present a connection problem, they stop working. But that is not the main problem of these platforms; the most critical is the little security they offer, that is, transactions are usually made at the risk of the seller and buyer. In a nutshell, there is no means to secure your transaction.

Coupled with this problem, there is the problem of the price of the cryptocurrency. These platforms contact you with users who will decide the price of the cryptocurrency in fiat and also how much you can buy. It means that you must deliver a specific amount of cryptocurrencies (example: 100 ETH) to perform the operation (neither less nor more) and check if the buyer or seller is safe.

Platforms like LocalBitcoins only allow exchanging in Bitcoins (BTC). That is another obstacle. So, if you want to exchange the litecoins (LTC) to fiat, you should look for another platform that will exchange LTC to BTC, firstly; and then proceed with the change from the BTC to the fiat currency.

Other platforms like Changelly, do not allow you to buy cryptocurrencies by fiat.

This is where Streamity emerges as a solution to these problems.
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How do exchanges work?

Once you have identified yourself in the StreamDesk and selected the buyer you want, the system will create a smart contract to guarantee the security of the transaction.

The buyer's cryptocurrencies (BTC) will be blocked by the smart contract and will wait for the signal of the payment service selected for the operation.

Once the payment system has confirmed its operation and the buyer has received his money, it will send a signal to the smart contract to transfer the cryptocurrencies (BTC) to the seller.

Conclusion
In my opinion, Streamity offers the best solution to make p2p exchanges from cryptocurrencies to fiat money, since it is developed in a decentralized environment and supported by blockchain technology, an incorruptible and transparent system as well as secure and private.

In a simple way, we can convert (sell/buy) our cryptocurrencies (LTC, ETH, BTC) into dollars that will be deposited in our PayPal account or any other payment system. And also, we can acquire cryptocurrencies with our PayPal money.

This June 25th (2018), is the release of betta version of StreamDesk and start of the 2nd phase of ICO

My video presentation

Team Streamity

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More Information & Resources:
https://streamity.org/

streamity2018

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