Once, there was a time when the only way man knew to make a living was through toil and hardwork or if you would prefer, manual labour. The 'manual-worker' age, as it is commonly called, prevailed for quite a long time indeed. Today however, the world has transited into another era-the 'the knowledge-worker' age, in which financial transactions can now be initiated and executed electronically, with the push of a buttton.
Who would have imagined such a day would come when monies could be exchanged for virtual assets? Who would have fathomed the advent of a secured, immutable technology like the blockchain?
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Smart contracts, one of the major applications of blockchain, is indeed a central issue of many discuss today. Basically, it aids users to initiate and execute financial transactions in a most effortless yet secured manner, and it is in fact still a new deal in the crypto space. As a result, only a few platforms have already begun to incorporate its use. Nevertheless, billions to trillions of dollars are transacted every day, but the reality is; it is undertaken by an insignificant number of users when compared to the entirety of human population globally.
The problem is, the modus operandi of exchanging values on most crypto-based platforms is simply unattractive and very risky, thereby scaring potential crypto-users away. Already-benefitting crypto-users have a fair share of the risk-taking too. Either the buyer or seller, at least one of the two must be willing to trust the other to keep his end of the deal before any financial transact can be made. Even worse, only a few of these platforms have a reputation scoreboard, where potential users or sellers can verify the integrity of a proposed dealer from past dealings before entering into a contract.
STREAMITY
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Streamity, just like many other organizations, grows in reputation and global acceptance as its users grow. The core component that distinguishes Streamity from the rest is Streamdesk. Streamdesk, a smart-contract p2p-based platform, aims to make crypto- financial transactions even safer, alleviating our worst fears; being defrauded. It is indeed set to transform the world of crypto-transactions.
Presently, the majority of crypto users in the space resort to use of third-parties like Air-hawk exchange and Local bitcoin exchange in order to exchange digital asset for cash. These parties mediate between the buyers and sellers, aiding to escrow digital assets as at when due. The shortcomings of the middleman participation are quite overwhelming nonetheless- issue of trust, risk of being defrauded, bad deals and commission charges which ultimately affect the value of the cryptocurrency to be exchanged.
With Streamdesk however, all of the aforementioned will pose no challenge. How?
Streamity is currently working on partnering with blockchain like EOS and NEM for compatible and smooth smart contracts on the crypto market once it is launched. Also, talks with PayPal is yet ongoing. If successful, there will be responsible for the payments.
Decentralization
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On the platform, the network employed is peer-to-peer type. Here, tasks and operations are distributed in the ecosystem, amongst the users which can be buyers and sellers or vice-versa. It allows for direct relativity of all parties involved unlike the traditional- centralization, where all actions to be performed must reach the central box first; the server, before any transaction can be executed. This is good news for both parties as, it will commission charges, consequently increasing the seller's reap. On Streamity too, users will be allowed to use FIAT too, in an attempt to make it less cumbersome to deal.
Trustless nature
With Streamity, buyers do not have trust sellers or the reversed case in order to have a successful transaction. The adoption of smart contract on StreamDesk would make sure of this. How?
Smart contracts are basically like ledgers, powered by blockchain with which transactions can be initiated and executed in a most secured manner.
This is made possible by underlying mechanism of operation. Take the example of exchanging steem for cash for instance. Once the steem transfer has been performed, it immediately ceases to be accessible by either party involved. It is blocked by the virtual Turing machine. Until the cash transact is also effected from the end of the buyer, neither party has a upper hand. Now, once the virtual Turing machine has both the cash and steem, the exchange would be effected. The seller would get his cash and the buyer, his steem. Effortless. Trustless. Highly-secured.
Use case scenario
Emmanuel is a newbie crypto-user and is currently seeking to cash out his recently earned 5 steem. As expected, Emmanuel is a bit hesitant to trade with the buyer he met on SmartCoin exchange. He does not like the idea of sending his 5 steem to this buyer first before getting the cash, although it seems to be the obtainable everywhere he went. Hard as he tried no one was willing to initiate the transact.
Then one day, Emmanuel accidentally came across Streamity. Here, he was able to trade his Steem and virtual assets effortlessly, without having to burden himself with trusting nobody.
Global adoption of cryptocurrencies
The advent of Streamity is no doubt good news for all. Personally, the timing could not have been more apt.
We are in dispensation wherein cryptocurrencies are yet seeking to gain grounds in many climes. In developing nations, it is largely due to poor access to the internet and other basic infrastructures. For developed nations like the United States, China etc, the reason for poor participation in crypto trading most likely, could range from any of the following- fear of being defrauded, limitations of currency exchange or fear of failing, as it is the case with many people.
Thankfully, Streamity is past its alpha test stage, very soon the **beta test stage would be facilitated and then it would be good to launch. Personally, it would be an memorial experience for me the day it is launched, because obviously Streamity would assuage all these fears.
Inevitably, the demographics of crypto-users in the cryptospace would sporadically increase. And ultimately, cryptocurrencies would attain global significance.
You can learn more, simply visit:
Streamity Website
Streamity Whitepaper
To participate in this contest, click here
Video Summary Here is a link to the Quick Recap video and the Full Video which I made sharing my thoughts on this project .
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