Swapsteem - EOS Tokens Market is now live!

in #utopian-io2 years ago (edited)

Swap

Repository

https://github.com/nirvanaitsolutions/swapsteem

Introduction

Swapsteem is a peer to peer exchange for Steem blockchain. We are creating a platform for Steem users to enable P2P trading of STEEM/SBD to different Fiat and Crypto Currencies using secure escrow transactions. This post is regarding the new p2p token markets we have added at Swapsteem to enable trading EOS based tokens for STEEM/SBD securely with other steemians.

What are EOS and EOS tokens

EOS is a blockchain that was first introduced via the Initial Coin Offering (ICO) that began in July 2017 and had spanned for nearly a year. Despite clarifying that investors will not be entitled to any ownership rights of the distributed tokens, the ICO was still a huge success and raised about $4 billion.Having EOS tokens provides access to the shared network resources. Now, it is available for trading on several crypto exchanges . The cryptocurrency has rapidly become popular and appeared on a top-10 list by market cap.
EOS in an open-source blockchain protocol developed by Block.one and provides developers with a platform on which general purpose, decentralized applications can be built. EOS tokens grant access to bandwidth and storage on the EOS decentralized operating system.

The EOS token was originally created as an ERC-20 token on Ethereum blockchain. After the end of ICO, a Token Swap took place and EOS moved to its native coin. Currently, if you want to execute transactions for free, you need to have a certain amount of EOS to cover the bandwidth required for your transaction. The ultimate goal of EOS is to build a network for industrial-scale applications to be able to process millions of transactions.With no transaction fee for token holders.
Basically, EOS aims to solve some of the biggest blockchain problems like

  • Scalability
    In contrast to Bitcoin or Ethereum, EOS suggests consensus over events instead of consensus over state. It means that in order to keep the blockchain up-to-date, the nodes verify events and not the state of the entire blockchain. As a result — a higher number of transactions per second can be executed.
  • Flexibility
    The EOS platform comes with greater flexibility when it comes to dapps development and maintenance. The user gets to use the platform for free without paying any fee for using dapps. Developers are not renting but owning the resources of EOS according to their share and they can also make any changes whenever its necessary. This model should work better for both developers and end users.

EOS Custom Tokens

Similar to ERC20 on Ethereum it is possible to create tokens on the EOS blockchain via smart contracts. Some well known tokens are KARMA, BET etc.


Problem Domain

EOS tokens is a multi-million market. Having a pair with STEEM and SBD will provide further liquidity and adoption to Steem blockchain.

  • Markets : As of now there no direct trading pairs in any market for EOS based TOKENs and STEEM based coins .
    At Swapsteem, we have currently enabled KARMA Tokens on the Demo, but we are planning to list more EOS based TOKENS on the Beta as well soon.

  • Prices : There is no way to determine price of any EOS based TOKENs in terms of Steem directly as of now.
    At Swapsteem demo, we enable p2p trading for EOS based tokens with prices derived relative to BTC at the time of order creation. The price can NOT be changed after order creation. The prices will be made real time once we have enough exchanges supporting those tokens listed on @coingecko, since we only rely on the @coingecko open source API.

  • Fees : At Swapsteem, We take a fee of 2% of the trade amount for FIAT and TOKEN markets and 1% of the trade amount for CRYPTO markets, which are the current standard fees. We also give discounts to delegators as mentioned in our fundition campaign.

  • Security : When you deposit your funds to an exchange, you actually don't own your funds anymore. The exchange might be hacked or taken down at anytime and you may loose your funds as seen in many previous cases. At Swapsteem, We respect the proof of keys movement. You never have to deposit your funds to @swapsteem. Upon creation of an Order the STEEM/SBD funds will need to be moved into an Steem escrow transaction with @swapsteem as agent by the Seller. Only the Seller can release the funds in the Escrow until a dispute is created. In case of dispute, @swapsteem will have authority to move funds to either the Seller or the Buyer depending upon the proofs produced by them in the Dispute resolution process. The funds in Escrow can never be sent to anyone other than the traders involved, not even to the agent account. So you can be sure about the security of your funds in escrow.

Call for Delegation

Swapsteem is an open source project, recognized and supprted by @utopian-io and @fundition. Please consider delegating to @swapsteem to help us with the Development and maintenance of the application. The delegation will be used to upvote the Development and other contributions towards @swapsteem.
The delegators will be eligible to get an early access to our beta which will be launched shortly.
Delegators can trade unlimited amounts on the beta with discounts on trades upto the SP delegated weekly.


Delegators

@diggndeeper.com - 1000 SP

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