What is Streamity's StreamDesk?
Streamity is a multi-faceted platform that is designed to continue growing with their users.
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 partnering with CIVIC, EOS and NEM to be compatible and effective it processing transactions.
The problem is that those services are not safe or very inviting to new cryptocurrency users.
This is where the StreamDesk platform comes in. StreamDesk uses smart contracts to ensure safe P2P transactions, even with FIAT. The seller's cryptocurrency is blocked within a smart contract. As the fiat is transferred to the seller's account, the smart contract releases the cryptocurrency to the purchaser. The commissions are greatly reduced in comparison to traditional P2P purchase methods while safety is maximized.
Current P2P Exchange Market
In cryptocurrencies, FIAT based transactions are cumbersome and difficult. Users must either trust a centralized exchange with their money, meet a local to do a cash exchange, or find a website where they find buy and sell orders. All of these create a huge barrier to entry and incur high costs while carrying a high risk.
An example of a competitor in this space is Local Bitcoins. While they connect users, they do not ensure the safety of transactions. There is no level of user reputation or credibility that can beat the trustless attribute of a smart contract powered escrow system.
This is an issue that impacts not only existing cryptousers, but also potential cryptousers who are discouraged by the difficulty of the process. This hurts the entire industry as a whole.
Streamitydesigned StreamDesk with the aim to create trustless P2P transactions. They do so by creating an escrow system powered by smart contracts that eliminate any risk associated with P2P transactions.
So, if a user wishes to purchase a cryptocurrency, they enter a smart contract with the seller.
As an example, let's say Betty want's to buy Bitcoin from Sally. Sally wants Betty to send the cash first, while Betty wants Sally to send the Bitcoin first. A very common dilemma in any exchange. Instead of hiring a trustworthy third-party to escrow their exchange, they can use StreamDeskand enter into a smart contract. The smart contract will be triggered upon receiving bot the cash as well as the Bitcoin. Once triggered, it will swap the assets and release them to the relevant parties. This way Betty gets her Bitcoin and Sally gets her cash without having taken any risks in between.
Streamityhas released the Alpha for StreamDesk
To successfully integrate into the cryptocurrency market, Streamity is pursuing numerous partnerships with blockchains such as EOS and NEM for 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.
The Phase 2 of the crowdsale will start on June 25th. The project has already raised over $4 million to date.
The decentralization of a P2P platform means that users are protected from bad trades and unfair deals. Smart contracts allow for trustless trading. The commissions are completely transparent and prices are based on going rates at major exchanges.
Streamity has a roadmap that outlines its future plans.
With the alpha out, and the second phase of the token sale coming up, they will continue to further develop their offerings as well as polishing the alpha.
Streamity Live YouTube Event
Streamity is going to be doing a live YouTube interview/Q&A!
Streamity is also doing a Steemit exclusive airdrop!
Date: June 24th 2018
The stream can be accessed here (Streamity YouTube Channel)
Feel free to come online and ask questions.
For more information watch this short introduction:
More Information & Resources:
This is work personally done for the summition of the link of the contest held by @originalworks.