Taking Uncertainty Out of P2P Transactions: How Streamity’s StreamDesk is Utilizing Smart Contracts to Protect Buyers and Sellers

I first learned about cryptocurrency over three years before my initial investment. Even after making the decision to purchase several different cryptocurrencies, it took another three months for me to actually invest, and that happened because my brother-in-law was able to walk me through the process, and purchase and then transfer coins to a wallet I created.

I was scared and unsure of how to invest, which kept me from entering this space earlier. This barrier is only affecting me, it’s prohibiting the mass adoption of cryptocurrency.

Streamity’s StreamDesk is trying to break down this barrier, making it easier and safer for current investors to buy and sell, and helping new entrants, like me, get started without the risks that come with existing options and exchanges.

What is StreamDesk?

StreamDesk is a decentralized exchange platform that allows users to exchange cryptocurrency for any currency. The platform also lets users trade directly without an intermediary. Explained in the Streamity whitepaper, “This will help users save money, and will protect them against fraud through the use of smart contracts.”

How It Works

A common problem associated with exchanging goods online is securing the transaction for both parties so neither can be taken advantage of. Peer to peer exchanges are nothing new, however, reliable and secure platforms that benefit both buyers and sellers are.

StreamDesk will allow users, who will serve as the buyers and sellers, to enter smart contracts with each other. Both parties will be protected by trustless and transparent trading through this smart contract powered escrow system.

The smart contract will be executed once both items are received (currency and/or cryptocurrency being exchanged) from each party, and FIAT is accepted.

Benefits for Buyers

Through StreamDesk, buyers are connected directly with sellers without the risk of being taken advantage of. Smart contracts ensure a trustless exchange and rates are based on major exchanges. Their currency or cryptocurrency will be safe and kept from the seller until their half of the transaction is fulfilled. Commission rates are also less than competing peer to peer exchanges.

Benefits for Sellers

Sellers receive the same primary benefits that buyers enjoy through the StreamDesk platform. Their cryptocurrency will be secured within the smart contract until the buyer fulfills their requirement.

Spreading Mass Adoption of Cryptocurrency

More important than the direct benefits that an individual buyer or seller will receive through using StreamDesk, the industry as a whole will benefit from the adoption of trustless peer to peer transactions. By taking risks out of the process, lowering fees, and increasing the confidence of buyers and sellers, both parties will have more money to invest, and be less likely to become a victim of a scam.

StreamDesk Project Progress

The StreamDesk Alpha is now available for testing. Streamity has received strong support for their project so far, raising over $4M in funding to date. They are entering the second phase of their crowdsale, which begins Today, Monday, June 25.

The Streamity team has integrated existing payment systems into their platform including Yandex Money and Paypal. The team is also pursuing blockchain partnerships with NEM, EOS, and others to create a better user experience and ensure compatibility across platforms and cryptocurrencies.

More Information

This is an entry to the @originalworks Streamity Sponsored Writing Contest. streamity2018