STREAMITY - the best approach to peer-to-peer cyrptocurrency exchanges

okipeter (52)in #crypto • 6 years ago (edited)

INTRODUCTION:
Owners of cryptocurrencies know how tedious it is when the time for conversion of cryptocurrency into fiat currency or vice versa comes knocking on the door. Some problems we face include, unfair pricing, lack of security, absence of exchange platform, etc. Even newbies that want to purchase cryptocurrency with fiat currency also face some struggles. However I want to introduce us to a platform that is set to combat those issues and revolutionize the way we exchange our cryptocurrency. That platform is streamity.

STREAMITY:
streamity is the very first platform built on the blockchain technology that allows the peer-to-peer exchange of cryptocurrencies. We all know that, any platform on the blockchain is decentralized and secure, hence streamity is decentralized and secure.

streamity allows the exchange of cryptocurrency for fiat currency and vice-versa without the need for third parties (I bet you must know that this means low cost of exchange).

UNIQUENESS OF STREAMITY:*
Recall, that I made mention that streamity is built on the blockchain, thus giving it a decentralized and secure nature. However, this is not the only characteristics that makes streamity unique. Below are some of the characteristics that streamity possess that makes it unique from other peer-to-peer exchange platform:

Use of Smart Contracts:
Unlike other peer-to-peer exchange platform, streamity makes use of smart contracts to enable the exchange of cryptocurrencies. By doing this, parties involved in the exchange can be confident that they will receive their cryptocurrency/money respectively under the conditions set by the smart contract. This makes streamity secure and I for one would be very confident in this type of exchange backed by a smart contract.

Know your Customer (KYC) policy:
streamity does real identification of respective users to verify the information provided by respective users. This identification is mandatory before any user is allowed to perform operation on the platform. streamity however assures users that their information would be kept confidential and private.

streamity does this identification through a number of ways, this could include, but not limited to; an identification card of your country, invoice for telephone/water/electricity/any other service. streamity would specify the method used for each user.

I know that some of us would not be comfortable with this identification, however, I am very sure that we would want streamity to offer a service that is free from illegal activities. I mean, without this KYC policy, it is unavoidable that some criminal masterminds would begin to launder their money through the streamity platform. However, with the KYC policy, this is avoidable.

Fair Cryptocurrency Pricing:
streamity has a “market” section where the purchase and sales price of cryotocurrencies are set. These prices would be a fixed price as determined by data obtained from cryptocurrency exchange markets, and these prices would be updated automatically at regular intervals. This is in contrast to what is obtainable in other cryptocurrency exchange platform where, the price are set by users of the platform. Hence, you can be sure of a fair cryptocurrency pricing with streamity.

Conversion of cryptocurrency:
streamity allows for the conversion of cryptocurrencies. This means that with streamity, I can convert my bitcoin into litecoin, or I can convert my bitcoin into steem. The streamity platform does this in a secure and fair approach.

STREAMDESK service:
STREAMDESK is the service that enables the exchange of cryptocurrencies for fiat currencies. STREAMDESK also allows the exchange of cryptocurrencies for other cryptocurrencies that exist in the market. The exchange of cryptocurrencies for fiat currencies or exchange of cryptocurrencies for other existing cryptocurrencies would be done without third parties, using smart contracts.

Payment for STREAMDESK service:
There are packages of different benefits, packages are pegged at different prices, and the more the benefits in a package, the more higher the cost of that package. Members pay a fee for a specific packages, and can exchange cryptocurrencies for free on the streamity exchange platform. However, commission would be charged on transactions that exceeds the specified user’s package limit. Check out the image below:

How the STREAMDESK service does the exchange of cryptocurrencies for fiat currencies:
The players involved are as follows:
1 Cryptocurrency, known as the goods
2 Timtulu, this is the user buying the cryptocurrency (the buyer)
3 Kimtoto, this is the user selling the cryptocurrency (say 3BTC) (the seller)
It is pertinent to note that this operation is only for authorized users, and each user can pose both as a buyer and as a seller.

The steps involved are as follows:

Kimtoto creates a sale request on STREAMDESK. Kimtoto’s request gets a BUY status and it is displayed on the STREAMDESK main page.
Timtulu sees the request and accepts the request as a buyer. The request then gets a PENDING CONFIRMATION status, and then Kimtoto receives a notification that she is on the verge of selling her 3btc.
Kimtoto confirms the request again, and then the request gets a PENDING SMART CONTRACT status.
The system automatically checks if the bitcoins in Kimtoto’s account is up to 3btc and then, the system creates a smart contract. The 3btc for sale is then attached to the smart contract, hence Kimtoto’s account reads (x-3)btc, where “X” is the initial fund in Kimtoto’s account. Thus, the request gets a PENDING PAYMENT status.
The 3btc for sale is locked in the smart contract until the notice that TImtulu has transferred the fiat currency to Kimtoto.
Once the request has a PENDING PAYMENT status, Timtulu receives a notice with a payment link. Payment may be made via Yandex.Money, PayPal, Qiwi or any other services (depending on what Timtulu selects).
Timtulu then authorizes the one-time payment of the amount specified in the request by logging into the payment service server through OAuth2 secure protocol (OAuth stands for open protocol of authorization. With OAuth, third parties have access to users’ protected resources without users transferring their login and password to the third parties).
Once STREAMDESK obtains payment authorization from Timtulu, STREAMDESK tries to make the payment to Kimtoto. If the payment service impedes payment, Timtulu receives a notice to authorize payment again. If the payment service continues to impede payment, the transaction is cancelled, and the 3btc is returned to Kimtoto’s account.
Once the payment is successful, the request gets a FULFILLED status, and the 3btc is transferred to Timtulu’s account.
The smart contract has a lifetime of 3 hours, and once the three hours elapses, the transaction is cancelled and the 3btc is returned back to Kimtoto’s account.

How the STREAMDESK service does the conversion of cryptocurrencies to other cryptocurrencies:
Recall, that I made mention that one of the advantage which streamity have over other exchange platform is the conversion of cryptocurrencies to other cryptocurrencies. Let us see how STREAMDESK does this:

Idowest has 300litecoins and he wants to convert them to bitcoins. Using the STREAMDESK, he goes through the following steps:
1 Idowest selects Bitcoin in the order “to buy” and then selects Litecoin in the order “to sell”
2 Idowest enters the address of his Bitcoin wallet in the line payment destination.
3 Idowest enters the addres of his Litecoin wallet in the line initial address.
4 He then clicks “I agree to the terms” and “start transaction”
5 STREAMDESK automically generates a Litecoin address. This is the address where the 300litecoins would be transferred to.
6 The corresponding amount of bitcoins is then transferred to the wallet address entered by Idowest.

Advantages of streamity:
streamity has some sections, and these sections poise some advantages for streamity users. Lets take a look at them.

The News Section:
streamity’s user can be rest assured of getting important information from streamity, since this section collects important information from crypto news portals and social media account’s of crypto companies and developers while filtering away unnecessary information. The advantage of this section is that this important information comes in handy when users want to make investments.

The Ideas Section:
This section is concerned with giving the best recommendation for users that want to buy and/or sell tokens. This section also sheds light on ICO project and the risks involved. The advantage of this section is that the user is guided when they want to buy and/or sell tokens.

Knowledge Database:
As the name implies, this section is loaded with information concerning blockchain technologies, cryptocurrencies, etc. Users can then check up this section to be updated on latest information. This is a big advantage to users of streamity. Also, under this section, users can write articles and be rewarded with STM tokens.

streamity Training Center:
This is a section that educates users of streamity. It is basically an educational section, where experts of financial market, cryptocurrency market, blockchain technology dish out knowledge for users of streamity. This is a big advantage, as users of streamity receives high end training for free.

CONCLUSION:
It is glaring that the streamity platform is offering the best approach to make peer-to-peer exchanges of cryptocurrencies into fiat currencies. This can be attributed to the fact that streamity is built on the blockchain and also the fact that streamity makes use of smart contracts.

With streamity, It is possible to convert cryptocurrencies into other currencies, and it is also possible to convert cryptocurrencies into fiat currencies, then these fiat currencies can be deposited into any payment system of our choice. In this same way, fiat currencies can also be converted to cryptocurrencies. Hence, it is convenient to say that “STREAMITY IS THE BEST APPROACH TO PEER-TO-PEER CRYPTOCURRENCY EXCHANGES”

Check out the roadmap of the project: