Streamity has to do with a P2P exchange which protects both buyer and seller from exchange risks and issues. There are other platforms and exchanges that already provide these services but they are not as reliable. The security on these platforms are limited and unsafe and this is where streamity comes in play.
With streamity, there is less fees incurred in commissions and the security is maximized and guaranteed.
Streamity creates a bridge between the buyer and the seller, whereby transactions carried out between these entities are safe and secured.
In general cryptocurrency trading with FIAT, the processes involved in exchanging these currencies are quite stressful and difficult and because of this difficulty users especially new users have to learn these difficult methods of exchanging using FIAT thereby incurring high cost of transactions and at the same time the transactions are not entirely secure. This is the major challenge or problem that streamity is out to salvage.
Streamity with the use of their design, streamdesk, aims to create trustless P2P transaction that will be very secured due to its elimination of every risk associated with P2P transactions. So instead of a user who wishes to buy cryptocurrency to start looking for the most secured means, he/she could just employ the use of streamity’s streamdesk to create a smart contract with the seller. The smart contract is indeed smart because it (a bot) receives both the asset and the fund from both parties and exchanges these between both parties respectively creating no fuss at all and an easy transaction with little or no transaction fee.
Streamity is here to change the general experience when it comes to using P2P exchange industry. It is going to make exchanging easier and better and more reliable with minimal costs. Their main aim is to contribute to the development of the crypto community security and also help improve usage and user experience in the P2P exchange industry. Think about all the security issues and risks associated with the use of current P2P exchanges and think of streamity’s streamdesk as your solution to these issues.
Streamity is giving power to everyone to be able manage his or her own finance and assets without the interference of any third party.
HOW STREAMITY IS BETTER THAN OTHER P2P SOLUTIONS
Streamity is better than other P2P solutions and this cannot be overemphasized because they provide solutions to a wide variety of issues and threats that has to do with cryptocurrency P2P exchanging.
Talking about cryptocurrency, some other solutions like localbitcoin only deal with bitcoin meanwhile streamity will deal with every relevant cryptocurrency available in the market not just bitcoin. Another example is changelly, which also exchanges a couple of other cryptocurrency but they are not transparent when it comes to the security of a transaction. Even if one can buy cryptocurrency with FIAT (dollar), the opposite cannot be achieved, i.e. you cannot sell cryptocurrency for FIAT (dollar).
Some other services are either still under test or they don’t have the smart contract implemented in their system and they always promise users a secure and favorable experience using their platform but these promises are overrated.
Talking about being better and different from other solutions, streamity is the first to come up with protection of transactions using smart contracts.
According to streamity’s whitepaper, “Smart-contracts provide additional security to the cryptocurrency exchange process, in addition to the verification of users. Fair cryptocurrency pricing is an integral part of STREAMITY's services. Rates are calculated in real time, aggregating the average weighted price from major cryptocurrency exchanges. Therefore, STREAMITY users can confidently and securely exchange cryptocurrencies at fair market value.”
ASSURING SAFETY FOR BOTH BUYER AND SELLER USING THE SMART CONTRACT
The smart contract assures safety for both buyer and seller by making use of an escrow system. A protocol of authorization known as OAuth will be implemented by streamity and it is known as an open protocol of authorization. The user’s details and resources will be transferred to a third party for records and protection, without the transfer of the user’s username and password to the third party.
Now in assuring the safety for both the buyer and the seller, here’s where the smart contract will come in play;
- REQUEST CREATION: A purchase or a sale request is created on streamdesk to show that a buyer or a seller is ready to make an exchange.
- REQUEST ACCEPTANCE: After a request is created, the request is to be accepted by either a buyer or a seller depending on the type of request created previously. Meanwhile, authorization of identity is mandatory depending whether the users are already authorized or not.
- CONFIRMATION AND SMART CONTRACT CREATION: This is the point where the first buyer/seller confirms this acceptance after which a smart contract is created. The smart contract simply ensures that the buyer pays the equivalent of the cryptocurrency he/she is buying in FIAT before the expiration time of 3hours after which it notifies the seller who has transferred the cryptocurrency. All other basic confirmations and success of the transactions are noted by the smart contract and recorded.
With this, cryptocurrency P2P exchange is easier, better and faster with minimal fees.
HELPING MASS ADOPTION OF CRYPTOCURRENCY
Streamity will help in the mass adoption of cryptocurrency by simply holding community trainings and creating awareness with their training courses in communities so that people will get to know and understand what cryptocurrency is all about and also be able to carry out P2P exchange easily.
Meetups and conferences will also be held by the streamity team for communities in different countries. A range of topics will be taught so as to make persons aware of the trend of cryptocurrencies. Also the use of social networks and advertising will be employed to create large scale awareness of what streamity is about. SEO marketing will also be used to ensure that the presence of streamity is felt all around search engines and blogs. Streamity is also going to employ the use of email marketing to draw attention to cryptocurrencies and tokens.
ABILITY TO USE FIAT
Giving people the ability to use FIAT will lower the barrier to entry by making sure that even if a user does not own any cryptocurrency, he/she can still buy and sell cryptocurrency using his/her local currency. It gives power to the use of FIAT as a means of P2P exchanges. This will increase entry because people will no longer pass through stress of looking for other means of exchange when they only have their local currency. Persons can easily login and start a transaction with ease and make payments using FIAT. No restrictions and little or no risks.
Here is my entry for the @originalworks contest and the link to the original post https://steemit.com/crypto/@originalworks/605-steem-60-bonuses-sponsored-writing-contest-streamity
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