Streamity: New Era of Digital assets exchange.

solcross (52)in #crypto • 6 years ago

A few months ago, there was an incident where Polinex shutdown accounts of individuals without any prior notice. As recently as May, 2018, without users being informed, they were shut out again. Many of these individuals had sent queries that were left unanswered.

If there was a central authority many exchanges could answer to, and they were susceptible to fines, this would not have occurred.

On the other hand, rather than whine about the problem, we could go one better, by creating a solution where users can transact directly with one another-a peer-to-peer platform where the middle man is cut off.

This has numerous benefits, which we will look at in detail soon enough. But first of all, lets take a closer look at the proposed solution.

**STREAMITY: CUTTING OFF THE PROBLEM AT THE HEAD**

On face value, Streamity doesn’t seem any different than your average exchange. Yes, the goal of any business is to make a profit, but many of these have one primary goal, and one goal only-how to milk the users.

Streamity has identified this problem: Exchanges having a laissez-faire attitude, where they aren’t held accountable, seeing many countries are just coming to terms with the blockchain revolution. As a result of this, there aren’t any legislative laws to keep these companies in check.

Streamity is a peer-to-peer decentralised cryptocurrency exchange for the blockchain that hopes to create an honest enabling environment, where users can trade without incurring huge transaction fees, or have fear of incurring losses as is the case sometimes, in regular exchanges.

A key tool of Streamity is the StreamDesk Aggregator. This ensures that users are able to exchange cryptocurrencies for fiat, and vice versa with the help of smart contracts.

Smart contracts add a layer of security to the blockchain, and they ensure that instructions programmed into them are followed to fulfill such set parameters automatically and efficiently, leaving no room for error. These will also ensure that users are protected against fraud.

**THE CRYPTOCURRENCY SPACE WILL BE THE BETTER FOR IT**

Many individuals are turned off by transaction fees and time. On the other hand, there is the fear that they could be locked out of their accounts, without prior notice-which is a scary thought for me, and why I do not use exchanges frequently.

Most exchanges are centralised, and they have a single point of failure, hence they are prone to hacks. In the unfortunate situation that this happens, users will lose funds, leading to them feeling less secure. Then discouragement sets in and they exit. Thus, hampering the growth of the crypto space.

Seeing cryptocurrencies are volatile, they come with enormous risks. Exchanges want to exempt themselves from such risks, so they charge high commissions. With Streamity matching users to other users, they are able to charge less in a more secure environment.

Having a platform they can trust and being in charge will appeal to a lot of users, and the ease of converting fiat to crypto and vice versa will assist greatly in getting tons of users on board.

**EASY ENTRY/EXIT POINTS INTO CRYPTOCURRENCIES**

Being in control and having the power in your hands, to decide if a deal is good enough for you or not is another plus. For some users in some parts of the world, PayPal isn’t available. Having multiple channels by which requests can be funded- most especially Visa/Master cards, will ensure that more people around the world will be able to get on the cryptocurrency bandwagon seeing most of these individuals do not have access to cryptocurrencies to effect purchases, and the process of accessing them can be cumbersome/complex. Personally, this was the major factor why it took me so long to get involved with cryptocurrencies, and why I find steemit appealing-ease.

It also offers users a route to liquidate assets quickly, in the case of emergencies when access to fiat is needed urgently.

The blockchain was created as a result of innovation, and it’s only natural that innovative solutions continue to drive all blockchain ecosystems.

With existing solutions, the terms aren’t very clear at times, transaction fees are so huge that it takes away a lot from the value the user receives. Also, as in the case mentioned above, users had their funds frozen, and some lost them without any prior notice. This is because in traditional settings, exchanges put themselves first before users; In a P2P platforms, the users are the focus, and they can carry out transactions, knowing that without them, the platform will not exist. Hence, they know they will always be valued and treated importantly, irrespective of how large the platform grows. This doesn’t hold true, with respect to traditional exchanges.

The importance of Streamity’s value proposition cannot be overemphasised. This will not only lead to the growth of P2P industry, but cryptocurrencies/blockchains, more importantly.

**ADVANTAGES OF STREAMITY OVER OTHER SOLUTIONS**

As is the case in many exchanges, rates are set by the users, and matching can only be done with users in a specific country. On Streamity , the average prices on major exchanges are taken into consideration, offering users fair value on transactions.
Before now, users can buy crypto with fiat, however they can’t sell crypto for fiat. But on Streamity, users are spoilt for choices of getting on board, and they call also sell of their assets, if they choose to.
Others support just a handful of currencies and lack transparency. On Streamity, users deal directly with other users, and support for other cryptocurrencies will be added.

*Slow progress and development, while having sufficient time as is the case with many platforms.

As the user base grows and the demand for STM increases, so will its value. With Streamity, the need of other exchanges will be done away with. However, Streamity tokens will be available on major exchanges, ensuring STM can be traded freely.

Seeing commissions are low, it will enable users to get more value and ease of conversion from fiat to crypto and vice versa. Being easy to use and secure will also ensure users are retained, and the crypto space grows, in general.
Having >1250 STM will ensure that users can even get much lower commission rates (0.5%) rather than fees of 2% or less, but >0.5%. They will also have additional priviledges (they will receive the platinum package).

transaction fees different tiers attract
It should be noted that commission is not paid by both parties, rather, only the receiving party pays, except this is instigated by a Streamity partner.

The platform will ensure that users have access to valuable resources in the crypto space created by top authorities in the crypto community, such as latest trends, market review, recommendations, forecasts, news and new developments, to keep them abreast and enable users to make better informed decisions.

Most of the content will be written by members of the community, and will be vetted by trusted professionals. This reduces overhead, and users are rewarded for their efforts.
Streamity. org will also create publications, based on studies carried out by Streamity, and also data created by other players in the crypto space.
Having reserve funds reduces the risk of manipulation. Thankfully, Streamity has thought it wise to have this security measure in place.

HOW WILL STREAMITY KEEP THE PLATFORM RUNNING?

Streamity will have a membership service that will enable users to exchange crypto within the platform free of charge. However, transactions exceeding the limits of the users package will attract minimal additional costs.

As the volume in each package increases, so do the benefits.

**USE CASE SCENARIO**

Jenny wants to purchase some Ethereum funds on the platform, so she creates a “BUY” request on the platform. She is allowed to create the request, whether she authorised on not. However, if she is unauthorised, she will go through some authentication processes automatically.
She will then provide her wallet address and select payment method. If non-authorised, she will also fill in additional fields, such as name, telephone, e-mail, and then give permission for her data to be processed. After creation of the request, it is then assigned a “BUY” status, and displayed on the platform.

Ben, Akiba and Sarah will then be able to view the request, and any of them can decide to accept the request.
Assuming Sarah accepts the request, the status of the request is changed to “PENDING CONFIRMATION”.
Sarah will then need to confirm the request again, after which the request receives a “PENDING SMART CONTRACT CREATION” status.

The cryptocurrency is then locked in the smart contract (escrow service for protection) pending the transfer of fiat to Sarah. This will need to be completed within three hours, or else the smart contract request will expire.

The request will then receive a “PENDING PAYMENT” status, and Jenny will be sent a payment link. Jenny can then effect payment via Yandex, Qiwi, her visa/master credit cards, PayPal, etc.

STREAMDESK Application will then request for authorisation to effect payment to Sarah. On successful completion of the transfer, the request is then given a “FULFILLED” request, and the cryptocurrency will then be released to Jenny. OAuth is used to ensure that users information is not compromised when dealing with third party solutions.

This simply illustrates how the Smart Contract system ensures everyone is safe and protected, when carrying out transactions.

In the diagram below, we can see how payments can be effected using a third party such as Yandex/credit card payments, and how user information will be retained for subsequent transactions. This will be also replicated and applies to all inflow channels.

MORE ABOUT STREAMITY

The token of the ecoystem is Streamity token (STM), and it has a cap of 180 million. Tokens can be bought with ETH, BTC, LTH, ETC, USD, EUR. Minimum transaction amount is 0.1 ETH. Transfers to wallet of individuals will be done after the second ICO stage which is slated for June 26-July 22, 2018.

SUMMARY

People centered decentralised solutions are always a better fit, because the people are a key clog in these settings. This fosters collaboration, growth and development for everyone, most especially as it is in the case of Streamity.org, along with all the resources that will be made available by users (mostly) for users.

As with solutions like these, keeping to time projections is usually an issue, because of factors out of their control. Hopefully, negotiations with partners will be smooth, and the platform will be available for mass adoption.

With regards to security, Streamity protects users with the use of smart contracts along with verification processes. On Streamity, prices from major exchanges are collated and updated in real time, to reflect the true value of cryptocurrencies, by getting the average, rather than overinflated figures.

The cryptocurrency sector will continue to grow, and with Streamity being an advocate for equal rights of all users/similar platforms that might spring up, growth projections might just be surpassed, or hit sooner rather than later.

TEAM

ADVISORS

To learn more about Streamity’s team, kindly click here

ROADMAP

VIDEOS
For a brief introduction about Streamity's service and to understand what they do, you can watch the videos below.

NOTES:

Negotiations are ongoing with QIWI, OkPay, AdvancedCash. Negotiations will also be held with other centralised solutions, such as PayPal, Visa and Master card. Skrill won’t be left out as well.
Cryptocurrency/fiat exchanges on the platform are either effected by automatic response of the payment system or by the KYC (Know Your Customer) procedure.
To learn more about the second ICO phase, click here, or go here to ask any questions you might have.

MORE INFORMATION & RESOURCES:

All images used with permission from Streamity.

This article is created as a result of the originalworks entry that can be found here

streamity2018

#cryptocurrency #ethereum #blockchain #steemit