Streamity:Decentralizing the cryptocurrency exchange platform

INTRODUCTION

Internet monetary exchange and transactions are the core facets of the digital economy and digital businesses. As the decentralization of the internet is gaining more grounds, blockchain users are looking for safer means of exchanging values, goods(cryptocurrencies), monies(Fiat) and different cryptocurrencies while paying less for escrow services. Escrow service is a legal concept where a financial asset is held by a neutral third party(Escrow Agent) on behalf of the two other parties that are enjoined in a financial contract. Escrow agents make sure services are completed and all requirements and commitments fulfilled before releasing the digital assets, goods(cryptocurrency) or funds(fiat).

Recently, Escrow is gaining more popularity in the blockchain. Crypto companies understand the need to guarantee safety of transaction for investors so some of them employ third party platforms as Escrow Agents. Escrow was supposed to become one of the most powerful instruments to show the tenacity of the blockchain and the digital economy but unfortunately, there has been abuse of trust between Escrow Platforms and transaction participants. These abuses arose because these platforms are not regulated by the government unlike the traditional Fiat transactions due to the lack of licenses for cryptocurrency in most countries. Morever, there has been an high influx of Escrow Platforms that lack integrity on the blockchain because these platforms stand to gain much income as third parties in transactions. This is due to the fact that the commissions the Escrow Platforms charge are high even though the safety of these transactions are not guaranteed coupled with the incessant fluctuating exchange rates.

However, because the blockchain cares for it’s reputation, Streamity launched a Decentralized Cryptocurrency exchange platform into the blockchain to solve the problems of blockchain exchange of Fiat and cryptocurrencies by decentralizing the exchange platform and the cryptofinance wing of the cryptocurrency.

Streamity

The beauty of Streamity lies in it’s interoperability of fiat and various cryptocurrencies on its platfprm made available to an average internet user on his phone without much bottlenecks. Streamity is a platform that enables the transfer and exchange of fiat currencies and various cryptocurrencies utilizing smart contracts without the presence of a neutral third party. By decentralization of the exchange market, Streamity ensures the safety of transactions, efficiency of transactions and a fixed exchange rate of currencies with low transaction charges. This will limit the fraudulent practices of several crypto exchange platforms on the blockchain. Streamity is making this possible like transferring cash over the internet with the mobile phone through the use of it’s paramount platform; StreamDesk.

StreamDesk

StreamDesk is the first of its kind; a decentralized digital platform created for the exchange of currencies(fiat and crypto), eliminating third parties, ensures transaction safety and efficiency through the utilization of smart contracts and the API payment system.

StreamDesk uses the P2P(Peer-To-Peer) concept of a decentralized cryptofinance system. Fortunately, with its own P2P platform, it eliminates the problems associated with the traditional P2P concept on other platforms.

How does it do it?

A typical P2P system works with few cryptocurrencies such as Ethereum(ETH) and Bitcoin(BTC) and all trading must go through these currencies or be converted to ETH or BTC first before they can be exchanged for fiat or other digital currencies, thus amassing a great amount of transaction fees for the participants. Streamity eliminates this by infusing a large number of currencies on the platform, both fiat and cryptocurrencies. Therefore, initiating a direct exchange of currencies without any third party via smart contracts.

StreamDesk also works with the KYC(Know-Your-Customer) policy. StreamDesk platform requires a process of user identification to perform transactions. This is to ensure that the user's information is always kept safe. This identification can be done with a passport, invoice of some service company or Identity Card of the county.

StreamDesk also uses the OAuth(Open Protocol Of Authorization) method of getting money from the seller’s accounts.

This scenario has been formualted using Yandex.Money as an example. We are also working on integration of STREAMDESK with other payment systems, which we will add to our services in the future. Currently, we are negotiating with QIWI, OkPay, AdvancedCash. Afterwards, we will negotiate with PayPal and Skrill, followed by VISA and MasterCard. Using Yandex.Money's API for applications, we can obtain payment statuses from the Yandex.Money server and save users' data for future payments. Under this scenario, payments may be accepted in two ways: from Yandex.Money wallet or from any bank card.

StreamDesk has an alpha version on the internet already and a beta version is set to be released on June 25th on this year.

But then, how does the use of smart contracts ensure that nobody is losing?

A smart contract is designed with a triggering system that signals the contract to initiate the transfer of goods(cryptocurrencies) and payments once all conditions and commitments has been met by both parties. There has always been this problem in transaction when one party feels the need for the other party to send his goods or make payments first before he or she make the payment or send his goods, largely due to mistrust on the sides of both parties. This is where the smart contract comes in to eliminate the need of worrying over the safety of one’s goods or money, by using a decentralized system of smart contracts that automatically triggers the exchange of the values once all conditions has been met by both parties.

For example, a user can login and find a buyer on the platform and immediately he or she does that, the system initiates a smart contract to protect the transaction. The seller’s asset will be blocked by the smart contract and not the system while waiting for the signal of the payment method selected. When the payment system has received the money, it will alert the smart contract which will transfer the goods to the buyer.
Smart contracts have mechanism like time too. These smart contracts have a life span of three hours, and if the conditions is not being met within that period, the smart contract will automatically cancel the transactions and return the goods and money to the respective owners.

As earlier said, the beauty of Streamity is its direct exchange platform for fiat money and cryptocurrencies. Users of cryptocurrency always encounter tedious processes when trying to buy fiat money with cryptocurrencies through other platforms because these platforms support only few cryptocurrencies and they don’t have a direct exchange platform for fiat money. These processes alone, increases the transaction charges a participant has to pay thus scaring people away from cryptocurrency-fiat transactions.

The interoperability of various cryptocurrencies and the low service charge will encourage a lot of people to embrace the blockchain as a better medium of exchanging values and monies even across international borders. Traditional bank users usually have an extorting experience in service charge when exchanging or converting currencies from or to their local currencies either home or abroad. With the invent of Streamity , traditional bank users will decamp over to the digital market as a better way of storing monetary values and exchanging currencies(fiat and crypto) in their mobile phones or computers without stress, fluctuating rates or transaction charges -as most fiat money transactions on Streamity is free.

Moreover, most humans now are very familiar, comfortable and feel safer with the traditional banking system because it is easy to understand and they are assured of insurance for their values, assets and goods unlike the tricky nature of cryptocurrency. But when the world realizes the easy nature of cryptofinance through Streamity , and its safety standard for fiat and cryptocurrency transactions which Streamity has successful eliminated through smart contracts, it will usher in an influx of new users, who for the fear of the cumbersome nature of cryptography and cryptocurrencies, shied away from the blockchain.

However, it is pertinent to note that there are several other customized P2P decentralized exchange platforms other than Streamity , but then, these platforms are far from being perfect as they are bugged with problems like;

•No assurance of safety for transactions even though they may claim to use smart contracts.

•Most of them support only a few cryptocurrency on their platform.

•Exchange rates are fixed by users and service charge is high.

But with Streamity , there are fair market values for currencies because rates information are updated in real time from the exchange market.
Moreover, there are little or no charge for transactions and the transfer method is at the user’s discretion. Fiat currency transactions are mostly free and in the crypto facet, the charges vary from 0%-2%.

On Streamity , the safety of transactions is also a paramount concern, therefore transactions are secured with smart contracts, which are programmed to trigger the automatic release of goods and money when all conditions in the contract are met by both parties.

Also, there is a direct exchange of goods and money between the buyer and the seller because the fiat money or cryptocurrency is not blocked with the platform. Thus, decentralizing the transactions.

Notably, Streamity is designed to grow with its users and serve the next generation of cryptocurrency users, therefore, Streamity partners with
EOS and NEM to ensure the expansion of the StreamDesk ecosystem through smart contracts.

Source

Streamity Token(STM)

This is the unit that will power contracts and transactions within the Streamity
ecosystem. The STM token will be the currency used within the Streamity world.

The tokens that will be issued will be 180,000,000 tokens. The cost of each token will be $ 0.2 (USD). These tokens will be distributed as shown below

SYNOPSIS
The complicated process of exchanging crypto values such as Bitcoin, Ethereum, Steem Dollars, etc for fiat coupled with the charges has been a big problem for the blockchain users.
Recently, I wanted to buy fiat money with steem dollars and I was directed to a particular site. On the site, I met an guy who wanted to buy my steem dollars in exchange for my local currency but unfortunately, the platform service charge was just too high. In the exchange market, a steem dollar was worth N400 (Four Hundred Naira) and the guy was also buying at that rate but they site wanted to exchange a steem dollar for N320(Three Hundred and Twenty Naira), meaning they were pocketing 20% of my money for every steem dollar I exchanged. It was just too outrageous to me, so I had to wait for a rise in price of steem dollars in the market before I make the exchange, so I can realize better value for my steem dollars.

Third parties involvements as Escrows has been a constant torn in the flesh for blockchain users and several companies had tried to create an exchange platform that will eliminate these vices but have all failed. Streamity created StreamDesk to perfect the cryptofinance ecosystem and solve these problems using its own P2P platform and smart contracts which an automatic triggering mechanisms and factors such as Time, Event and as well as when certain conditions are met.
Streamity has infused and make many cryptocurrencies interoperable on its platform and has also made the platform Fiat compatible thereby introducing an inviting avenue for new and old users to trade fiat and cryptocurrencies.

Watch a video of Streamity below

The RoadMap

The Team

The Team of Developers

Advisors and Partners

Other Partners

Check the original post here by @originalworks to learn more about the contest.

Visit these websites for more information

•Streamity Website

•Streamity OnePager

•Streamity WhitePaper

•Streamity YouTube

•Streamity Facebook

•Streamity Medium

•Streamity Twitter

•Streamity Telegram

•Streamity BitcoinTalk

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All uncredited images or video used herein were gotten from the official sites of Streamity, which are licensed for use for the contest only

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