Streamity ICO- phase 2 starting 25th June

A Quick Recap of Streamity

I previously wrote about streamity here but, let’s offer a quick recap of Streamity and what they are all about. They are a cryptocurrency exchange which is fully decentralized while also stating that their platform is multi-functional.

They are also quick to state that one of the major issues with the more established cryptocurrency exchanges is that there is a centralized aspect to them which then, in turn, bumps up the fees and causes issues with regulations. This will then make it harder for some people in certain parts of the world to use the exchange which does kind of render it useless to a certain extent.

So, they have identified a problem and state that they know how to fix it, but is that actually the case?

At the heart of what they are attempting to do is to remove the need for a third-party, which is generally centralized, in order to create that completely decentralized approach that they are aiming for. They note that this is for both currencies as well as cryptocurrencies, and there are a number of clear benefits associated with this development, if they are able to produce the goods.

The problem in general is that if any aspect of the exchange is centralized, then it can mean users in various locations are unable to register, or even have their accounts closed. This has the effect of reducing the market, so any exchange that can get around these restrictions will find that there is a market sitting there ready for them, which is pretty cool when you think about it.

To stress this point, you only have to look at what happened with Coinbase. Due to its centralized approach, it meant that there were various States that ended up saying they were violating various regulations. Users that lived there found their accounts being frozen and they could do nothing whatsoever about it. That alone is hardly going to be a useful business model to follow, so you can see why those people would be quite amped to go elsewhere.

The main advantage that Streamity has is the way in which both sides of the trade deal directly with one another without going through that intermediary. This completely eliminates the regulation issues as it becomes a private and personal trade rather than going though something which was similar to the Forex idea for foreign currencies.

This idea of complying to the regulations is at the core of everything they do, and they have adopted the concept of Know Your Customers as the trading basis for everyone that comes onto their platform. In other words, they are putting things in the hands of the traders while simply offering the facilities for them to conduct their trades as and when required. Of course, these trades are all done via the use of Smart Contracts as well as offering anonymity to every user.

Because of them adopting this decentralized approach, it also means that they have lower costs and can cut the fees accordingly. This has led to fees ranging from 0%, which is pretty impressive, to 2% and a whole host of figures in between. If you are a regular trader, then saving on fees can make a big difference over the course of a year which just means more of a profit for you.

Finally, the team behind this project also feels that there is just not enough information out there to effectively teach people about the power of cryptocurrencies. As a result, they have built a database of information as well as market analysis, tips for investment and educational resources to allow those starting out to become more effective at trading while also avoiding making costly mistakes.

Ultimately, Streamity is certainly taking a different approach to the idea of cryptocurrency exchanges and it’s not rocket science to see how what they are doing could indeed prove to be rather effective. Of course, it all depends on their ability to get people starting trading on their platform, but once they get past that particular hurdle, you can see how the entire network may very well just be able to fly.