Introduction
The problem we face everyday In trying to exchange one currency to another is one reason the blockchain is partially not inviting. To exchange Fiat for crypto is another difficult transaction in the blockchain. Intermediaries are gaining their ways in extorting high charges for cryptocurrency exchange which is too expensive for users and their various rules are never flexible. A scenerio, where one must buy a particular cryptocurrency before the exchange to another currency can be made is heart breaking for users.
Charges are enough to even purchase extra cryptocurrencies
Another setback in the blockchain is the lack of security involved in person-to-person transactions where users are not secured based on their buying and selling of cryptocurrencies. For example, the local Bitcoin is just too unprotected from fraudulent practises where both parties rely their transactions on mere trust which is not applicable when it comes to money.
In spite of all these disadvantages based on charges and security, Streamity have proven to be security concious and exchange cryptocurrency without intermediaries which will lessen the cost both in time and charges.
What is Streamity
Streamity is a platform that makes p2p transactions of cryptocurrency at a minimal cost and maximum security through the help of Smart contracts. Smart contracts done by Streamity is basically an agreement between both the seller and the buyer but what makes the difference is its smartness. Smart in this sence means that, it has the capacity to prevent fraud, there by applying an escrow system for transactions made to be totally visible and transparent in the blockchain.
But in Streamity, we can't fully talk about smart contract or even Streamity without explaining it most important aspect which is the means to which smart contracts are done. This aspect is the Streamdesk. Streamdesk is simply the means through which smart contracts are done on Streamity, it what makes the whole smart contract possible. How does this then work?
Using a simple scenerio
John wants to buy EOS from David and David insisted that John should send money before he can send the currency. This is way too risky for John, what if David doesn't send the EOS? That would be fraud, right? This is when Streamity comes to play with the use of Streamdesk to cancel any form of risk or fraud by blocking both transactions in smart contracts. Here, Streamdesk when used, will lock both the EOS and money until the agreement between the seller and buyer is finalized. Smart contract would therefore send the values bargained to the respective persons (David and John) and both partners will receive their share at the same time which makes it easy and fast.
The Smart Contract has made Streamdeskhave various partnership with EOS, CIVIC and NEM for possible lovely packages.
FAQS
How is this better than existing solutions?
There are various reasons that makes Streamity better than existing solutions. They are;
1) Minimum charges attached;
There have been a lot of losses in the cryptocommunity due to high charges attached to various transactions as a result of several exchanges from one currency to another. But Streamity has a way of making charges for exchanges less expensive since intermediaries fees won't be involved anymore.
2) Less time consuming;
The idea of existing solutions of having a third party, website or centralized witness is time consuming. But Streamity is involved in managing the time of users, where the whole stress of going through intermediaries would be eradicated, thereby making transactions fast and easy.
3) Smart Contracts are involved;
For example, the Local Bitcoin don't engage in smart contracts which makes transaction difficult and too risky. But Streamity is endowed with the ability to perform smart contracts where both the buyer and seller agreement is highly valued. Transactions would be digitally recorded for safety purposes. By this, transactions are more secured with Streamity than other existing solutions.
4) Stable rate in the purchase of cryptocurrencies
Prices of cryptocurrencies are gotten from the main market. This shows how transparent Streamity is with respect to other existing solutions like local Bitcoin where prices fluctuates as a result of unnecessary factors.
5) Very inviting to new users in the cryptocommunity
Imagining exchanging crypto for Fiat in an easy and convenient way, this would encourage new users to become consistent with the cryptocommunity and also invite new people to join the blockchain. This is what Streamity is set to do by minimizing the barriers that has to do with exchanges especially for Fiat money. This quality proves that Streamity is very attractive for users.
How does smart contract system assure safety for both buyers and sellers?
Streamity assures safety just by simply using smart contracts for transactions between both buyers and sellers where Streamdesk is Streamity tool for smart contracts to be conducted. This protects users because it provides information and transaction details made by p2p(person to person).
How will Streamity help mass adoption of cryptocurrency?
With the help Streamity, Fiat money barrier for exchanges is lessened. And also, no other existing solutions can be better than smart contracts and what it does. With this alone, it will lead to intense adoption of cryptocurrencies due to the benefits attached to Streamity which poseses simplicity and speed in trading.
How does giving people the ability to use FIAT lower the barrier to entry?
If Fiat is accepted by all cryptocurrency exchangers, this will massively minimize the blockage from people coming into the cryptocommunity. Exchanges will increase, there by increasing the activities made on the blockchain and these activities will therefore attract more people into the system.
For other valid Informations, read the following:
Click Here to know about Streamity.
To participate for this contest click @original works
streamity2018
