Streamity Aims To Create A Trusted Decentralised Exchange

If you've purchased Bitcoin or wanted to buy an Altcoin you'll probably be very familiar with the painful and complex act that it can be. It really isn't for the average joe or average investor with plenty of ways to go wrong, lose your money, get hacked or having your currency lost in the blockchain due to incompatible wallets.

These pitfalls are common, especially when using multiple exchanges to do your trading.

Types of exchanges

There are various exchanges that all provide single users that are needed in cryptocurrency. These exchange types are namely:

• Fiat to cryptocurrency exchanges - Which allow you to exchange fiat currency like dollars for Cryptocurrency based on the current market price
• Centralised exchanges - Allow for the exchange of funds between various cryptocurrencies and make money on transaction costs. Transactions are done server side before being pushed back to the blockchain while the exchange does not provide private key access to its users.
• Decentralised exchanges - These exchanges use smart contracts or a combination of smart contracts and payment channels to facilitate the trade of cryptocurrencies. There is no middleman or single trusted entity involved and you trust the immutable and decentralized aspect of a smart contract
• Peer to peer exchanges - These allow buyers and sellers to meet on a platform and agree to buy and sell orders between each other.

Now that you can see the current state of cryptocurrency exchanges you can see there is definite room for improvement. An issue Streamity aims to tackle with its take on a decentralised exchange.

How is this better than existing solutions

Streamity is a multi-faceted cryptocurrency exchange platform that will appeal to a wider audience by offering a range of cryptocurrency, fiat and digital financial services. This versatile platform will allow users to buy and sell cryptocurrency for fiat, trade cryptocurrency with peer to peer trades and buying orders and reduce fees in the process.

Safety for both buyer and seller

Streamity's core component is StreamDesk - a P2P exchange that protects both buyer and seller from fraud by utilizing smart contracts to escrow transactions. Streamity is not looking to reinvent the wheel and has partnered with Identity token CIVIC, and dApp and Smart contract platforms EOS and NEM to be compatible and effective it processing transactions.

Lowering barrier to entry & driving adoption

Allowing users to directly exchange fiat for cryptocurrency or cryptocurrency for fiat allows users to be more agile in making trades and benefiting from the volitility of crypto. It also shows the real world value of crypto and makes the platform far more attractive for the first time buyer.

A brief intro

For a quick summary of Streamity check out this video

Conclusion

The cryptocurrency exchange market is in need of a reliable multi-facet platform with many exchanges providing below par offerings and are happy to do so as they still make a decent amount of money as crypto keeps gaining in popularity.

I think Streamity has a great shot in disrupting the market with an exchange that can provide more than just your basic offerings. I look forward to its launch and expect big things from Streamity as other exchanges lag behind with their offerings with the alpha out, and the second phase of the token sale steadily on its way we should see a more polished product in the near future.

For more information

• Website
• One Pager
• Whitepaper

This post is written as a submission for the @orginalworks writing contest found here

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