How streamity will change the P2P exchange industry

There are many cases of fraud associated with diverse exchanges between mediums “buyers and sellers” Many of those buyers and sellers live in the fear of being duped day by day as the fraudsters are getting more and more cunning. This fears are eliminated at the advent of Streamity, exchanges can now be carried out in the most efficient, honest and transparent manner. StreamDesk is Streamity's core component, and through StreamDesk “a P2P exchange” buyers and sellers are protected from fraud by utilizing smart contracts to escrow transactions. The commissions gotten from transactions are completely transparent and prices are based on going rates at major exchanges.

How is this better than existing solutions?

Diverse cryptocurrency transactions either involves the users trusting a centralized exchange with their money or transacting with a local in exchange for cash or through exchange platforms or website where buying and selling of cryptocurrencies takes place. The stress and fraudulent practices associated with the various exchange means makes the mind of the users unsettled and unwilling to partake in cryptocurrency business or exchange. Hence, a drop in the influx of potential investors and the existing crypto-users, many of which are scared to fall prey of the cunning fraudsters or discouraged by the difficulty and high costs of the transaction processes. StreamDesk is designed to allay the fears of its users, by utilizing the efficiency and effectiveness of the smart contracts to ensure safe P2P transactions, even with transactions involving FIAT. Integrity of the smart contract system involves a simultaneous exchange i.e the cryptocurrency to be traded is held safely within a smart contract, then as the fiat is being transferred to the seller's account, the smart contract simultaneously releases the cryptocurrency to the buyer. An added advantage of Streamity over other exchange platforms is that the commissions generated from the transactions are completely transparent and prices are based on going rates at the major exchanges.

How does the smart contract system assure safety for both buyer and seller?

Potential use case

For example,
Mary wants to transact her cryptocurrency holdings for cash. She was able to locate a potential buyer “Dayo”, who was interested in buying those cryptocurrencies that she put out for sale. Despite the fact that she already found a buyer, there was a technical issue of trust which made either of the two unwilling to be the first to initiate the transaction. Here is what I mean;

Mary wants Dayo to be the first to initiate the transaction by sending the cash first. On the other hand, Dayo wants the same likewise. Transactions as such, raise doubts and intensify fear of the parties involved. That is a typical problem identified with the previous exchange platforms or means. But with the advent of the StreamDesk embedded on the Streamity, the problem is dissolved through the utilization of the smart contract. The smart contract will accept the cryptocurrency and the cash from both Mary and Dayo respectively, and once the transfer is made successfully, it swaps the the cryptocurrency with the cash and then releases it to the relevant parties, leaving them satisfied.

How will Streamity help mass adoption of cryptocurrency?

With all the astounding capabilities of Streamity, it will certainly help in the mass adoption of crptocurrency. What scares people away the most in crptocurrency business “expecially the potential and existing investors” is the risk and the fraudulent practices associated with it. But with Streamity, fears are allayed and hence, a huge influx of people that will embrace cryptocurrency as a medium of exchange. To further strengthen Streamity’s functionality, user experience and platform compatibilty, it needs to be fully integrated into the crptocurrency market and this is being achieved by partnership with numerous blockchains eg. EOS, NEM etc. for smart contracts. It is however wonderful to note that payment systems such as Yandex Money and PayPal has been successfully integrated.

How does giving people the ability to use FIAT lower the barrier to entry?

There are lots of challenges associated with FIAT based transactions on previous existing exchange platform;

• Users have to undergo stress to successfully complete a transaction.
• The commission received at the end of a successful transaction is cumbersome.
• Initiating and completing a transaction is difficult.
• Incompetent in ensuring the safety of transactions.
• It involves huge risk etc.

The reasons highlighted above and many others contributes to the high barriers to entry of users while FIAT based transaction on Streamity lowers the barrier to entry by triggering the users’ enthusiasm and confidence in initiating and completing the transaction.

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More Information & Resources:

• Streamity Website
• Streamity OnePager
• Streamity WhitePaper
• Streamity YouTube
• Streamity Facebook
• Streamity Medium
• Streamity Twitter
• Streamity Telegram
• Streamity BitcoinTalk

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