STREAMITY; a decentralized cryptocurrency exchange platform + short...

STREAMITY; a decentralized cryptocurrency exchange platform + short... | Ecency

I remember a few months ago, I was about to venture into the digital currency market, after arguing for hours with my friend I eventually got convinced, he did make a good point. I was pumped up and excited. I had some money to spare, so I was ready to dive, head first, "not the leap of faith they do in assassin's creed" into the cryptocurrency market. I was so eager that I didn't wait for my friend to guide me through the whole process of buying, the excitement in me got the best of me, I went online to google and searched "how to buy steem" I was aware of other coins like ethereum, ripple etc but steem seemed like a very good place to start, I was directed to a p2p platform, I can remember the platform saying "buying cryptocurrencies was as easy as signing up for any mobile app" well buying the cryptocurrency of my choice wasn't easy !!! This particular p2p platform only works with bitcoin and ETH. You can imagine the sadness that drilled through me, eventually I waited for my friend to come so he could lead me through the process of buying the crypto of my choice, the process was very complicated as we had to buy btc with fiat then exchanged btc to steem... a very complicated and tiring process, it was in stages and each stage there was one fee or the other, we had to pay very high fees at each stage, I felt the whole crypto world didn't want me to join in on the adventure, but I was determined, not everybody will have the determination I had, a very tiring process, coupled with high risk, security wasn't really the watchword of this platform, the safety of transactions was not ensured, but the excitement in me made me desperate and we had to go on with it. I was so happy when the whole process ended and it turned out legit, I wasn't scammed.. users shouldn't have to go through this strenuous process, it's really tiring and ..... oh let me add this by saying the p2p platform wasn't user friendly.

From my short story I believe we can all deduce that there are 4 major problems current p2p platforms have in common

Complicated process of buying or selling especially with fiat, users are made to go through very difficult process of buying or selling.

Very high fees when exchanging, especially with fiat. Innocent Users are made to pay a very high fee just to purchase a crypto of their choice

Issue of security, security should be the most important factor of a p2p platform. Safety of transaction is not ensured.

Limited number of cryptocurrencies to work with, p2p platforms only have very few or permit me to say only the popular currencies on their platform.

Allow me to offer the newbies some advice, when buying or selling cryptocurrencies, of course you have to choose a platform/exchanger to exchange your fiat to crypto or crypto to fiat. When choosing this platform, there are a number of factors to follow.

Security. how secure is the platform?
Exchange fee. Is the exchange fee too high or is it low?
Customer support. Yes!!! customer support, how good and fast are the customer support? Are they ready to help you every time you beck on them ?
User friendly. Is the platform user friendly ? I won't advice you to use the platform I and my friend used.
Payment options. Does the platform have various payment options?
Lastly, wide range of cryptocurrency.

I believe if you follow the factors mentioned above then your first experience won't be like mine.
Some of you might say it might be difficult to get a p2p platform that offers all these factors mentioned above. "An example a platform might be good in security but lack in payment options OR another platform might be user friendly, numerous payment options, wide range of cryptos but has some shortcomings in the security aspect" yes this is the state of the current p2p exchange market. The current state of the market needs to be reformed. Users cannot continue to experience cryptocurrencies this way.
How can we reform the current state of the market? The current market state is in form of a centralized exchange, a centralized exchange simply matches users to exchange values within each other, the most popular cryptocurrencies exchange utilizes a centralized system, this has to change from the centralized system to the decentralized system,

the decentralized system isn't controlled by anybody it is simply ran on a distributed ledger just like cryptocurrency itself, the decentralized exchange system is around us, the system is being improved on daily, the current state of decentralized exchanges also has its limitations.

It is extremely difficult to use
Its functions are limited
Low volume

What is streamity?

Streamity is a platform that has various services and elements, which are created and designed to give users the best experience, when dealing with the cryptocurrency market.

One of the major elements of streamity is the streamdesk

Streamdesk

Streamdesk is is a decentralized p2p cryptocurrency exchanger that has a broad range of services at its coffers. It includes the exchange of fiat to cryptocurrency and cryptos to fiat using smart contract. Streamdesk doesn't have the same limitation as most decentralized exchanges experience, instead it is easy to use, and it's functions are unlimited.

goals

Streamdesk's goal is to ensure users can have a good experience with low risk, low fee, high security. while exchanging or transferring their various precious currency.

According to coinmarketcap, the average daily trading volume of cryptocurrency in September 2017 exceeded 4 billion dollars. Furthermore, the market capitalization of cryptocurrencies exceeded 130 billion dollars

Source : streamity whitepaper

It's no news that cryptocurrency is the next big thing, more people are coming on board the cryptocurrency wagon, therefore there will always be an upward trend from the traditional markets towards the cryptocurrency markets, and eventually people will tend to utilize cryptocurrency instead of fiat, this will lead to the significant increase in the trading volume of cryptocurrencies. Most cryptocurrency exchanges are centralized and we have learnt above of the shortcomings of a centralized exchange platform.

Current problem of centralized exchanges

according to the global cryptocurrency benchmarking study conducted by Cambridge 49 out of 51 exchange markets are centralized

Source: streamity whitepaper

Centralized cryptocurrency markets are susceptible to attacks by hackers, hundreds of millions are lost in this incessant hacks.

The coin check hacks, Bitfinex hacks etc.
More than 600 million dollars were lost to this hacks.

Centralized exchanges as said earlier are easily hacked because of its single points of failure, decentralized exchanges on the other hand are extremely difficult and are not prone to hacks unlike the centralized exchanges.

Streamity solution

Streamity provides a platform that lets you trade your cryptocurrencies with other users with the utilization of streamity's smart contract, your transaction is very secure.

Current problem of centralized exchanges

The cryptocurrency market is indeed volatile, therefore exchanges tend to charge high commission therefore this leads to high fees being paid by users. Just like I did a few months ago.

streamity solution

Streamity platform brings users together, so users can exchange or transfer their cryptos with minimal commission