STREAMITY; A Decentralized Cryptocurrency Exchange Platform
INTRODUCTION
The world of e-commerce is gradually evolving with improvements on a daily basis. This rapid growth is the resulted in cryptocurrencies being developed as a solution to meet the demand of online payments of a Digital Economy. This is because cryptocurrencies are digital monetary units that operates independently of a central bank and is permission-less to use. They are usually obtained by purchasing it from cryptocurrency vendors for fiat currency utilizing a digital currency exchange platform.
Here's where it gets rough.Many of these cryptocurrency exchange platforms are associated with unfair pricing, abused trust, scammers and other unregulated practices.
What can be done about this? This question prompted the development of the Streamity Project.
What is STREAMITY?
Streamity is a platform focused on developing a powerful cryptocurrency exchange system that has a wide range of services with the goal of ensuring that the users benefit maximally from the developments in the cryptocurrency market, at the same time mitigating risks associated with cryptocurrency ownership, transfer and exchange.
Streamity allows peer-to-peer exchange of cryptocurrency on Blockchain hence making it secure and decentralized at the same time. To ensure this, Streamity utilizes a key tool otherwise known as the STREAMDESK Aggregator.
STREAMDESK
STREAMDESK is the service which allows for exchange of cryptocurrencies for fiat currencies with the use of smart contracts. It aggregates market capitalization and price data from major cryptocurrency exchanges hereby keeping price rates in check and not overly exorbitant to the user. Thus, malicious tactics of exchangers manipulations at overpricing is made impossible thus a transparent, honest and secure system is developed.
Aside from providing a secure exchange platform, the Streamity Project will also render services in news, analysis, educational and investment resources; all in return providing value-added assistance to investors regarding their management and cryptocurrency tokens accumulation.
The current use of Blockchain technology and smart contracts simplifies procedures of traditional markets hence we see a resulting shift from traditional markets to cryptocurrency markets. This yields a significant increase in development of the cryptocurrency markets and more of cypto-tokens as payment instruments over fiat currency. Although existing structures are centralized, making them prone to hacking, Streamity comes to decentralize this bottleneck by decentralizing such exchanges thereby removing the need to entrust users money to a third party.
Peer-to-peer (P2P) services alleviates such risks of exchange vulnerability but it does not solve the underlying security problems despite bringing users together. Streamity exterminates these risks and provides a platform where users are matched to carry out secure transactions through smart contracts.
How will Streamity change the P2P Exchange Industry?
In difference to other exchange services, Streamity is the first to protect transactions with smart-contracts. Smart-contracts provide additional security to the cryptocurrency exchange process. Not only will they offer verification of users, they would also ensure fair pricing by calculating rates in real time and aggregating the average weighted price from major cryptocurrency exchanges.
How does smart-contract system assure safety for both buyer and seller?
They provide additional security. Streamity does real identification of users which is mandatory before such users can be granted permission to perform exchange operation on the platform. This information is kept private and confidential. This is possible through their KYC policy.Streamity would specify the method of idententification to be used per user.
Fair cryptocurrency pricing is also another service which Streamity offers. There would be a market section where the prices of cryptocurrency both for buyers and sellers are set. These prices are updated with real time data as they change hence a fair exchange system.
How will Streamity help mass adoption of cryptocurrency?
By promoting the exchange of cryptocurrencies through smart-tokens, it becomes easier for users to trade and exchange cryptocurrencies of all sorts. Shola can decide to pay Steem for Dodge coins to use as means of trading in his online flower sales business.
Use case
Tunde has 1000 Ethereum that he wants to convert to bitcoins. Using the STREAMDESK, he goes through the following steps:
- 1 Tunde selects Bitcoin in the order “to buy” and then selects Ethereum in the order “to sell”
- 2 Tunde enters the address of his Bitcoin wallet in the line payment destination.
- 3 Tunde enters the address of his Ethereum wallet in the line initial address.
- 4 He then clicks “I agree to the terms” and “start transaction”
- 5 STREAMDESK automatically generates an Ether address. This is the address where the 1000 Ethereum would be transferred to.
- 6 The corresponding amount of bitcoins is then transferred to the wallet address entered by Tunde.
Conclusion
With the use of smart-contracts and Blockchain technology the best of transactions; be it from one cryptocurrency to another, crytocurrency to fiat currency, can be achieved in a secure and regulated manner thereby offering the best in peer-to-peer exchanges of cryptocurrencies.
Roadmap
Token Distribution
The Team
Partners & Advisors
Project Developers
More Information and Resources
Streamity OnePager
Streamity WhitePaper
Streamity YouTube
Streamity Facebook
Streamity Medium
Streamity Twitter
Streamity Telegram
Streamity BitcoinTalk
Here is a Youtube video explaining more about the Streamity project
A little graphical design I made
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