SwapSteem - TRC20 Tokens market is now live!

swapsteem (65)in #utopian-io • 5 years ago (edited)

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 TRX20 based tokens for STEEM/SBD securely with other steemians.

What is Tron

TRON is an ambitious project dedicated to the establishment of a truly decentralized Internet and its infrastructure. The TRON Protocol, one of the largest blockchain based operating systems in the world, offers base public blockchain support of high throughput, high scalability, and high availability for all decentralized applications in the TRON ecosystem.

Advantage of Tron

High Throughput

Under TRON consensus, a limited number of high calculation performance nodes are selected by users as network witnesses, achieving high throughput by keeping the transactions per second (TPS) of the entire network on an acceptable level. TRON's robust consensus mechanism enabled it to surpass both Bitcoin and Ethereum in terms of TPS.

High TPS

guarantees low calculation delay, which allows transaction speeds to compete with existing payment systems such as VISA and SWIFT. This makes everyday purchases with TRX a convenient possibility.

Scalability

Applications enjoy a wider variety of ways to be deployed in TRON because of the network's scalability and highly effective smart contracts. Thanks to the high efficiency and infinite possibilities of the smart contract, TRON possesses great scalability, allowing for a wide variety of applications to be deployed in TRON.

The combination of an excellent database structure and the account system simplifies the actualization of complex designs and models, which brings convenience to project development and supports high TPS. Existing applications, websites, and operating services can be transferred to the TRON network, allowing them to better rival against existing institutions by benefiting from the large user base of the TRON network.

High Availability

TRON is keen on building a decentralized consensus mechanism. The network structure, user assets, and intrinsic value will become more reliable with a higher degree of decentralization. Even so, TRON's consensus mechanism is much more energy-efficient compared with the Proof of Work (PoW) mode.

Low Cost

TRON adopts a design with low calculation cost, making it easier for different apps on TRON to expand its user base and be commercially competitive.

User-Friendly

TRON is committed to building utility blockchain products with thorough research on user demands and expectations.

What are TRC20 Tokens

TRC20 is a Token standard on Tron blockchain similar to ERC20 and EOS20 token standards. It employs smart contracts to issue and manage custom tokens.

Problem Domain

TRC20 token 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 TRC20 TOKENs and STEEM based coins. At Swapsteem, we have currently enabled BNB Tokens on the Demo, but we are planning to list more TRC20 TOKENS on the Beta as well soon.

Prices:

There is no way to determine the price of any TRC20 TOKENs in terms of Steem directly as of now. At Swapsteem demo, we enable p2p trading for TRON 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 any time and you may lose 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 a Steem escrow transaction with @swapsteem as an 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 to Bug Hunters

Anyone having a steem account can test the Fiat and Crypto pairs on our Demo by creating a new listing or simply buying/selling from existing listings. Please find the link to Demo and tutorials on the process in the links below. Bugs acknowledged by us will be rewarded by utopian and other supporters. We will also give some special perks to our bug hunters for reporting potential vulnerabilities.

Call for Delegation

Swapsteem is an open source project, recognized and supported 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 early access to our alpha which is already live.
You can trade unlimited amounts on the alpha with discounts on trades up to the SP delegated weekly.