What is Swapsteem?
Swapsteem is a peer to peer exchange for Steem blockchain. The main vision behind Swapsteem is to create a platform to enable steem users to trade their STEEM/SBD for different FIAT or Crypto currencies with other users. It is a completely open source software under GNU Liscence and the source can found on github.
How does Swapsteem work?
Mainly there are 2 business verticals on swapsteem.
- Trade STEEM/SBD for fiat with other users
- Trade STEEM/SBD for crypto with other users.
These Features are mentioned in detail below.
Trade Steem For Fiat :
We enable steem users to trade STEEM/SBD for fiat using the inbuilt steem escrow feature. Users can choose their price depending upon the price feed returned by their exchange and trading pair of choice. We are using the cryptocompare API to determine the prices.
The trades will be moderated by a third party escrow agent designated by swapsteem for the role. The escow agent has full control over funds until trade is completed. In case of a dispute butween the traders, the escrow agent shall ask for proofs from both the parties and decide accordingly. Please note that agents need to deposit funds to swapsteem in order to get the role. These funds will be reserved for cases where an agent goes dishonest and helps one of the parties to execute a spam.
Trade Steem/SBD For crypto:
We enable steem users to trade STEEM/SBD for other Crypto currencies including BTC, ETH, LTC, XRP etc. using the inbuilt steem escrow feature. Users can choose their price for the trade depending upon the price feed returned by their exchange and trading pair of choice.We are using the cryptocompare API to determine the prices.
The trades will be moderated by a third party escrow agent designated by swapsteem for the role. The escow agent has full control over funds until trade is completed. In case of a dispute butween the traders, the escrow agent shall ask for proofs from both the parties and decide accordingly. Please note that agents need to deposit funds to swapsteem in order to get the role. These funds will be reserved for cases where an agent goes dishonest and helps one of the parties to execute a spam.
Glossary
Buyer : A buyer is a Steem user who wants to buy STEEM/SBD for any fiat or crypto currency.
Seller : A Seller is a Steem user who wants to sell STEEM/SBD for fiat.
Escrow Agent : An Escrow agent is a Steem user who is responsible for the successful completion of the trade he moderates. The Escrow agent will have ability to release the funds to either of the parties in case of a dispute. The Escrow agent will have to deposit a security amount in order to get the role. This deposit is to ensure that no agents goes dishonest and tries to help one of the parties with dishonest intentions.
Administrator : The Admin will have permissions to recruit Steem users as agents depending upon their security deposit and reputation. The admin will also handle the situations where an agent is reported to be dishonest and take appropriate actions for successful completion of the disputed trade. The admin will also be responsible for detection and blocking of spam accounts as per his permissions.
Escrow : Escrow is a payment mechanism between two parties, where funds are stored with a neutral thord party and released as per the agreement.
How to use swapsteem?
We have already deployed a demo application to enable Steem/conversation. You can test the feature at www.swapsteem.online