Streamity – Decentralized Cryptocurrency Exchange

Introduction

 

The introduction of the concept of blockchain through Bitcoin changed the world’s outlook about crypto-world and cryptocurrencies. This is so much so that there are many new solutions being enabled across industries leveraging the benefits of the blockchain. The inherent advantages like decentralization, immutable ledger, and trustless transactions make it a great candidate for managing operations, hitherto controlled by centralized authorities.  

Take for example the finance world itself, most of the operations are controlled by central banks and exchanges without which many transactions cannot be completed. Ironically, this same concept of centralization, partly at least, flows into the crypto-world too. We are talking about the cryptocurrency exchanges where the exchange governance and operations are centralized too. Isn’t it ironic that the crypto-world which is decentralized is governed for cryptocurrency exchange by a centralized exchange? 

Why can’t there be a decentralized exchange as well? Turns out such an exchange is breaking cover as we speak. 

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Streamity – Decentralized Cryptocurrency Exchange

Streamity is the organization which brings to users an exchange which is decentralized at its core and Streamdesk is the application (DApp) which allows users to exchange their cryptocurrencies. 

In their white paper Streamity describe Streamdesk as: 

STREAMDESK is a service designed to exchange cryptocurrencies for fiat currencies without intermediaries, using smart contracts. STREAMDESK will also ensure immediate, efficient, and secure mutual exchange of cryptocurrencies for most existing cryptocurrencies in the market. 

Take a look at the video explaining Streamdesk in brief:

https://www.youtube.com/watch?time_continue=5&v=S8gftj8tTZE

At the time when globally digital economy is growing by leaps and bounds, there will only be a need for fair and transparent exchanges which allow fair value for the trade of currencies. The migration of usage of cryptocurrency as compared to FIAT is visible already and it will only grow from here. There can be no better acceptance of cryptocurrency than that of Bitcoin and other cryptos being traded for US Dollars. In such a scenario, a decentralized model of exchange taking due consideration of user and buyer interest without a unilateral decisive power is the need of the hour. 

This is what Streamity offers through Streamdesk and more!!

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Streamity, Centralized Exchange, and P2P Exchange Industry – Where do they stand?

The founders of Streamity appear to have done a thorough study of cryptocurrency exchanges as much as other P2P solutions available at the moment. The reason for stating so is that they seem to have come out with a solution which looks at the disadvantages of both of the mentioned formats and develops a new solution making it more user-friendly and lucrative for adoption. 

As already stated in the introduction section, the current cryptocurrency exchanges are centralized and therefore, the users are dependent on the integrity of the people or group of people running the exchange. But that is not all, the centralization allows the entities running the exchange set the price or cost for exchange. This is why the commission or cost for exchanging cryptocurrency varies from exchange to exchange. Further, centralized exchanges, much like any centralized operation, run the highest risk of a security breach because the failure at one point is equivalent to the failure of the entire system. These make the centralized exchanges a bit of a bother and risky. 

Now, the P2P exchanges do better than the centrally operated ones, but they mostly offer their platform as a trading platform. They still aren’t in a position to solve the issues of risks pertaining to the volatility of the cryptocurrencies. They, therefore, steer clear of creating a low commission exchange and continue to either charge a large commission or inflate the cryptocurrency rate. 

In comes Streamity and takes care of the issues of the centralized exchanges by providing a decentralized solution. On the other hand, Streamity matches users to carry out the exchange and in the process meets the expectations of both parties. In that sense, it takes care of the volatility aspect and therefore, can be a low commission exchange. That also means it scores better when compared to other P2P exchanges. 

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How does Streamity fare against the competition?  

The real competitors of Streamity are P2P cryptocurrency exchanges. However, the quite known ones are yet to make their mark.  

Local Bitcoins – This site is more like a bulletin board which matches local parties for cryptocurrency exchange settlement. However, the site only supports bitcoins, exchange rates are set by the users, and lastly, security of transactions is a concern.  

In comparison, Streamdesk allows exchanges of almost all cryptocurrencies in both FIAT and in other cryptocurrencies. Also, rates are arrived at by aggregating market capitalization and price data from major cryptocurrency exchanges. Thus, cryptocurrency rates will always be bound to its true market rate, and disallows profit manipulation of exchange rates. 

Changelly – While Changelly allows few cryptocurrencies to be inter-traded it does not allow the use of FIAT for buying cryptocurrencies.  

In comparison, like already stated, Streamdesk will allow multiple cryptocurrencies to be exchanged and also trading with FIAT. 

QVOLTA – This is a new service, however, still in test phase since 2017. The use of smart contracts, if at all is yet to be understood.  

Streamdesk is already live and the way the smart contracts will be used is explained in detail. But to understand the smart contract part we will dive a bit more in the next section 

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Smart Contracts – Assuring Buyer and Seller’s Safety

In traditional exchanges there exists a possibility that one of the parties does not keep the commitment on the exchange of currency. The action, if any, would be mostly reactive and in some cases yielding no result.

 

Streamity is ready to protect its users with the use of smart contracts. This not only provides additional security to the cryptocurrency exchange but also verifies the credentials of the user. Besides, the rates are real-time, aggregating the weighted average of the rates of major crypto-exchanges. This, in turn, promises a fair price to the users entering the transaction. 

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Will Streamity’s solution enable Mass Adoption?

There are few concerns which a potential adopter of cryptocurrency faces: 

1. Is the cryptocurrency (any) the user has tradeable at the exchange? Multi-crypto exchange? 
2. Will there be security if they trade in cryptocurrencies? 
3. Will they be able to trade in FIAT, if necessary? 
4. And last but not the least, can there be one platform which not only allows trade but also educates, allows collaboration, creates forums for discussions and more? 

The answer to all above points are true with Streamity while we will give the last point a fair look in the next section.

We saw earlier in the article that digital economy is a booming one and is already estimated to be about USD 4 trillion just among the G20 countries, as of 2012. That means there are already online users trading goods and services in FIAT. These are the users who will be the first movers to the cryptocurrency world. Now, when the conditions are made right for them to use FIAT to buy cryptocurrencies, the transition of such users is faster. As we speak, Streamity has integrated payment systems like Yandex Money and PayPal. In addition, negotiations with QIWI, OkPay, AdvancedCash, and Skrill will follow. Lastly, it would be extended to VISA and MasterCard.  

The invisible barrier which created limitation by allowing cryptocurrencies to transact against cryptocurrencies is lifted and therefore, mass adoption sould follow.  

With safe estimates it can be predicted that e-commerce itself will move to the crypto-world as well and when that happens we will be seeing adoption of cryptocurrencies by current e-commerce users as much as new users of the future. Both will find it viable to move to the crypto-world thanks to Streamity. 

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What more does Streamity bring to the table?

Streamity intends to be more than just a cryptocurrency exchange by allowing news, education, and analysis to be available to its users. Streamity.org will have an online tool designed for the cryptocurrency market via the “news and analysis” section of the website. 

A brief look at the Streamity Sections:

Market Review – This section includes brief cryptocurrency information and is regularly updated. 

Market – This section delves on market capitalization of cryptocurrencies and general developments around cryptocurrencies. 

ICO Schedule – Provides details about crypto start-ups and allows users to invest in those start-ups. 

News – As the name suggests news from around the crypto-world will be aggregated and presented in this section 

Ideas – Recommendation and Expert views on purchase and sale of tokens 

Knowledge Database – A free of charge section for novice users about the crypto-world and its working. It will be regularly updated. 

Streamity Training Center – This is by far the most important section on Streamity. The training center is a high-performance educational portal regarding blockchain technology and cryptocurrencies. The teachers includes experts in financial and cryptocurrency markets, blockchain technology specialists, lawyers, marketing analysts, and authors who have numerous articles and videos on investment matters.

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So, who are the great minds behind Streamity?

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It is also recommended that readers understand more about Streamity through any of the following informative resources.

• Streamity Website
• Streamity OnePager
• Streamity WhitePaper
• Streamity YouTube
• Streamity Facebook
• Streamity Medium
• Streamity Twitter
• Streamity Telegram
• Streamity BitcoinTalk

This article is written in response to originalworks’ call on authors’ thoughts on Streamity. It can be read here.

Image Courtesy: Streamity Resources   

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