Swapsteem - Peer to peer STEEM and SBD exchange via escrow

INTRODUCTION

The first question I normally get from most individuals anytime I tell them about steem is "how can they cash out there rewards from steem" which most of us most have been in this category for once
If you have ever invited someone to steemit you must have gone through the hardest phase which is about, "how to withdraw the funds?".
Worst of it all, if the newbie is a newbie to the blockchain ecosystem too, who doesn't know what a crypto exchange actually is, unlike the already crypto enclined ones, which you could just tell them steem is listed on binance and they'll get the whole protocols and steps within a snap, while for the newbies it only ends up getting them confused about the whole platform.

For quite some time now most steemians end up buying funds from newbies they invited, which most newbies ain't satisfied with how their funds are been withdrawn in terms of speed and in addition they get cheated sometimes by the buyer.
Recently many platforms have spawned up to tackle this situation, some end up being way too expensive while others lack good engineering

In this post, i'll be writing about swapsteem, a peer-to-peer decentralized exchange platfrom built on the steem blockchain which serves as one of the means of exchanging steem based tokens to fiat or any other crypto currency with few clicks and fewer protocols to pay respect to.

Swapsteem

Swapsteem is a no custodian exchange on the steem blockchain serving an as escrow, an exchange for a peer-to-peer transaction between users which are now known as traders on the platform.
Swapsteem enables trading of SBD/STEEM an easy one for everyone on the steem blockchain and especially to the newbies, trading on swapsteem can be done against FIAT and many other cryptocurrencies within users.

With its dynamic UI, for trading to take place, orders are needed to be placed between the buyer and seller based on there own terms and condition, then they are being matched by the system to transact accompanied by an escrow agent to regulate and observe transaction between users in case a dispute arises and has the power of returning funds to both users.

Trading on swapsteem requires no deposit or withdrawal to the platform since it is being synced with the steem blockchain via steemconnect, orders can be placed without even having the funds, only when there is a demand then the user is asked to authorize the transaction to enable the token transfer from the steem blockchain.
Just like most exchanges, rate changes are irreversible once there is a pump or dump, the user only has the right to cancel an order before the escrow is being initiated but the price remains the same if not canceled.

The Swapsteem platform

instant swap

The instant swap is a way to exchange tokens (not just only steem based tokens) on multiple chains without using a particular market to match against another, i.e a user can trade steem to eos, ltc, bts or any other coin listed without having to convert to bitcoin before proceeding, it comes with an escrow system that takes from 3sec to 1hr to confirm crypto transactions and a period of 3 days to resolve a FIAT bank transaction.

Getting started using swapsteem's instant swap

The swapsteem's instant swap is one of the main features of the steemswap a quite a fast and secured way to trade coins/tokens crossing platforms and here is a quick rundown process on how to do that

• Firstly, open a browser (chrome recommended) then go to https://swapsteem.com
  

As a newbie to the steem blockchain, swapsteem has a sign-up button for first-time users of the chain to hop in, although I'm yet to confirm how fast the signing up is.
While as an existing user of the steem blockchain;

• click sign in at the top right corner

And sign in via steem connect

using the swap

Once you're signed in;

• click the instant swap at the menu bar or on the site's homepage
  The instant transfer window appears with steem against bitcoin, but here I will be using steem against EOS

• input the amount of steem, the recipient's EOS user and a memo(not required) then click "start exchange"

Immediately, it comes up with a pop-up window, displaying the address on where to send your steem and what memo to use
Once that is done the system automatically detects and verifies the transaction.

Away from the instant swap, coins/tokens can be traded directly to fiat on the swapsteem platform via the peer-to-peer system.

Conclusion

I think the swapsteem team did a very great job in adding the instant swap as an option on the exchange, makes things quite easy and understanding.
Although I didn't make any mention of the price of transactions and percentage, I'll love to say that it's quite an outstanding one and cheap compared to some instant exchange currently built on steem, hoping to see more works on the UI of swapsteem soon, still looks formal to an extent

Resources

• Excluding the referenced images, the rest are snips done with my hp probook
• All info used were gotten from @swapsteem blog and help page

project repository - https://github.com/nirvanaitsolutions/swapsteem

my github profile - https://github.com/camzy101