EtherShift Project Review

adekogbe (53)in #ico • 6 years ago (edited)

Project Introduction

Cryptocurrencies, the fuel of the decentralized age has made big strides in the financial and technological markets since its invention. Now more blockchain companies are getting established and with it a corresponding rise in the different cryptocurrencies currently being traded.

For the many different solutions that cryptocurrencies and blockchain platforms provide to real-world problems, a few other problems still persist in the crypto space, and one of them is in the form of exchanges.

Cryptocurrency exchanges provide a platform for crypto investors to trade between different crypto assets and diversify their portfolios. However, decentralized cryptocurrency exchanges are not easy to use for the average crypto investor and considering the fact that most of the crypto investors are newbies, this exchange poses some difficulties for them. Centralized exchanges, on the other hand, all with varying ease of use, have high costs of transactions and also set limits for withdrawals.

In this article, I will be laying emphasis on the difficulties faced by investors in trading ERC-20 tokens on exchanges and a decentralized platform that has been created to provide solutions to these problems. This new innovative platform is called ETHERSHIFT.

What Is Ethershift?

Ethershift is an exchange service that is aimed at making easy the process of exchanging cryptocurrencies built the ERC20 protocol without the hassle of the traditional centralized and decentralized exchanges, and with no extra cost.

Some Challenges With Centralized and Decentralized Exchanges

Decentralized Exchanges

Ethereum based ERC20 tokens are the most common cryptocurrencies on the coinmarketcap, which is a testament of the how easy to use, versatile and secure the Ethereum blockchain is. The decentralized exchanges are the number 1 destination for the trading of ERC20 based tokens.

IDEX, for example, is widely regarded as the top DEX (Decentralized Exchange), but it has gotten a reputation for being somewhat complicated, especially for new users. Asides that, when a trader wants to diversify his/her portfolio or trade one token for another, he/she has to first trade the token they want to sell for ETH, before then using ETH to purchase the token he /she wants. This process in itself can be stressful and will see the trader get charged trading fees twice.

Ethershift is creating a service that will solve these problems for traders and also introduce innovative features that will make trading an easy task for the average guy.

Centralized Exchanges

The challenge of trading cost and complexity is common to both centralized and decentralized exchanges, but another challenge that the average guy faces on the centralized exchanges is the verification requirements for traders. one of the major ideologies that the blockchain technology and cryptocurrencies were built upon Is anonymity. Cryptocurrencies by design are created to protect the identities of its users in transactions, storage, and investments. While this is possible in theory, centralized exchanges defeat this purpose because traders are needed to sign-up and verify their personal data before they can trade which defeats the purpose of anonymity.

EtherShift Solutions

Ethershift is a completely new platform as compared to the exchanges that are currently in use by traders. Ethershift makes the acquisition of ERC20 tokens a very easy task through its innovative "Ethershift Scan & Go" feature.

Ethershift Scan & Go

This is an innovative concept that allows traders to buy and sell ERC20 tokens by simply scanning a barcode. When a trader wants to purchase a token, all he/she has to do is to click on the token he wants to purchase from the Ethershift platform, a QR code will pop up and all the traders needs to do is to scan the code, enter the corresponding amount of tokens he is paying and the purchased tokens will be received in a couple of minutes. It is that simple. This is done with no KYC requirements, excessive trading fees, and complexity of normal exchanges.

Ethershift also comes with a secure wallet that supports all ERC20 tokens and which comes with an already built-in web 3 browser. This makes for easy integration to other decentralized platforms and applications.