Streamity: A TRUSTED EXCHANGER FOR CRYPTOCURRENCY

davonicera (47)in #crypto • 6 years ago (edited)

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A VIEW INTO THE BRIGHTER FUTURE

INTRODUCTION

When cryptocurrency, in the form of Bitcoin, hit the globe like a huge tsunami, a lot of individuals were more than willing to invest on the blockchain. A lot of investors found it hard to wait for hours or in some cases, days to be able to get ahold of a fair exchanger companies(websites) that would sell at a fair price and with lesser interest.
A few found solace in individual sellers (blackmarket sellers) which have been able to buy loads of Bitcoin coins at first bid. These individual sellers are readily available and are much on the crypto market that bidding was the order of the day.
Bitcoin buyers were going crazy in the market, hassling for sellers to sell the Bitcoins to them.
This method of trading, while effective, had lots and lots of loopholes in which are outlined below.

An unstable selling price

A lot of sellers were more or less concerned about making much more profit than the average price of Bitcoin, which leads to several sellers being unable to agree on a price due to competition in getting buyers to purchase from them. A few sold at a ridiculously exaggerated prices that made it practically overwhelming for buyers to buy, but has no other option but to buy, due to the non uniformity of the pricing system in the blackmarket.
The buyers were at a huge disadvantage as to being in control of the purchase of the crypto.

Lack of trust due to fraud

Another major stumbling block with P2P transactions was the fact that most individual sellers and buyers lack a certain amount of trust for each other, hence a lack of equity in business dealings.
In most cases, there are major disagreements in whom sends their own currencies first, with each person claiming an undue advantage over the other. The business deal thus, fail to materialize or in most cases, leads to one of the parties being defrauded of their money or their payments not being completed.
I myself have been a victim of scam during my early Bitcoin dealing days due to scam artists that pose themselves in the form of legit sellers.

Expensive charges from Escrow payments

Escrow is a means in which two business dealing parties are brought together by transferring their currencies to a third party that brokers the deal and makes sure that both buyer and seller, gets their due deals. The disadvantage of this escrow companies is the high cost of their dealing charges. Buyers find it hard to buy their cryptos and at the same time, pay for expensive escrow charges. The burden became too tasking.

THE SOLUTION

Streamity was created to shoulder that burden for the average crypto dealer on the blockchain.

Streamity is aimed towards creating a decentralized exchanger that will change the face of P2P dealings on the blockchain by making use of a smart contract in escrow transactions, that shields both the buyer and the seller from fraud and mistrust that usually exists in such transactions. Streamity is unique in that it eliminates the problem with a much better and cheaper solution.

HOW DOES STREAMITY WORK?

Streamity executes this operation through the design of Streamdesk which registers buyers in a P2P smart contract used for escrow transactions. The buyers hence, enters into a smart contract with the seller, thereby creating an environment in which the dealers can do their business without being bothered about trust and so many other indemnities.

Smart contracts are also a focus of the Streamity development team, as is anonymity. Interestingly, Streamity has taken an approach that minimizes commissions, with commission fees ranging from 0% to 2%.

Streamity also provides their customers with an entire database of cryptocurrency and hence promoting regulatory principles and also an opportunity for Know-Your-Customer platforms.

WHY STREAMITY? - What makes it so special?

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Users will surely have the question above in mind when Streamity comes to an open discussion. There is no need to worry as Streamity comes with a whole lot of advantages.

ZERO OR MINIMAL TRANSACTION FEES

Unlike other escrow services, Streamitycomes with a minimal fiat money fee. In most cases, the interest are as low as 0% to 2% hence making it money friendly and entirely accessible to the user at anytime without the hassle of contacting third party escrow service.

SMART CONTRACTS

Streamity's Smart contract is the main advantage over other services, as it brings the currencies of both parties to a neutral base for proper exchange at the right time.

FIXED RATE OF CRYPTOCURRENCY EXCHANGE

Streamity offers a uniformity in price for all cryptocurrencies in order to ensure a task free transactions with all the prices of the cryptocurrencies listed on their platform.

AVAILABILITY FOR ALL CRYPTOS

In the blockchain, crypto transactions hugely favors the Bitcoin and Ethereum, making it a difficult task for users to convert their numerous cryptos into these two. This leads to a very long and expensive deal due to the high rate of transaction fees involving these two cryptocurrencies. With Streamity, users can make use of any cryptocurrency for their exchange at any point in time far more easily and without stress.

SAFETY AND EASY USAGE

In as much as people take risks in business, safety is always a priority and Streamity provides that in abundance with a touch of smartness that makes it user friendly. With Streamity, cases of scam or fraudulent ICOs are completely eliminated as the Smart contract comes with a trust less relationship based on value and service.

HOW REASSURING IS THE SMART CONTRACT FOR Safety?

As I mentioned above, the smart contract is entered by the buyer with the seller through Streamdesk and acts as a common dumping ground for both the cash and the cryptocurrency.
The smart contract is triggered once it receives both the cash from the buyer and the cryptocurrency from the seller and immediately delivers the exchange to both parties in a peaceful, security-wise transaction without hassle and without establishing trust, which may take lots of time to build. In the end, both the buyer and the seller gets what's they want.

HOW Streamity WILL INCREASE MASS ADOPTION OF CRYPTOCURRENCY

Since it has been established that Streamity is a multifaceted decentralized exchange platform with every cryptocurrency on the blockchain, more people will adopt numerous other cryptocurrencies without fear of converting them to Bitcoin and Ethereum which are the leading cryptos in the blockchain. Hence porting a stress free and customer convenient transaction with little or no charge. Hence, significant growth in adoption of cryptos will be increased.

FIAT's LOSS IS STREAMITY'S GAIN

Fiat money is currency that a government has declared to be legal tender, but it is not backed by a physical commodity. The value of fiat money is derived from the relationship between supply and demand rather than the value of the material from which the money is made.

FIAT based transactions are effective, but the process involved are cumbersome to say the least. It leads to too many third party(escrow) search and involvements which will sometime lead to delay in time based transactions plus costs in transaction costs. The process involved in FIAT and the necessity for trust , can go on for days without a proper solution and a common ground for agreement. Streamity eliminates all that, with a simple, user friendly transaction. # Partnerships In order to achieve proper integration into the cryptocurrency market, Streamity is pursuing numerous partnerships with blockchains such as EOS and NEM for their smart contracts.

For payment systems, Yandex Money and PayPal has already been integrated!

Streamity will continue pursuing partnerships and collaborations to improve the end user experience and bring compatibility to the platform.

CONCLUSION

Gone are the day of dubious and fraudulent ICOs, gone are the days of greedy local crypto merchants because the future of crypto exchange is here. With Streamity, any user can be sure of a business life without much worry and easily affordable transactions.
Streamity is here to create a new phase in crypto marketing and encourage the growth of new cryptocurrencies by improving seller-buyer relationship. Thanks for reading.