As it is in the conventional financial market where exchanges play a crucial role, cryptocurrency exchange describes a business set up that allows customers to trade cryptocurrecies for other assets, such as conventional fiat money or other digital currencies. It comes in two forms, taking the bid-ask spreads as a transaction commission for service, or as a matching platform, simply charging fees.
Problems with crypto exchanges
Crypto exchanges have become the instrument to profit from crypto asset ownership but they are far from being without their shortcoming. The exchanges, as a centralized point of sale, do not fit well the idea of a decentralized financial system. They are a single point of failure, but this is not the only issue.
Liquidity issues
Centralized nature
Clearing and settlement
Introducing Ethershift
This platform is a service provider is a unique sense as it permits its users to effortlessly and in a quick manner, exchange between various ERC20 tokens at the market rate without a fee and not necessarily going through the complexity of signing up with an exchange, or the necessity of learning how to use a decentralized exchange such as IDEX.
The problem with these decentralized exchanges is that investors feel reluctant about using them because they have the notion that they are difficult to use and this situation limits the many projects from getting they exposure they need.
Project Ethershift is about making the process of acquiring the best and up- coming tokens easier than what has been the practice. The project is unprecedented in the crypto landscape.
Here is the catch about the platform: has no accounts, does not collect a single customer data, and does not do KYC.
How does Ethershift work?
For users desiring to exchange tokens, they would be required to send value to s designated address (The specified address describes the type of token they would like to collect in return) and the exchanged value will at this juncture be sent back to them at the address they sent the original tokens from.
This user interaction is executed by fulfilling the exchange using hot wallets, and eventually narrowing the trade on an exchange, and once in a while re-balancing the exchange/hot wallets.
Ethershift reduces profit to take care of the risk of the exchange rate changing. Another feature is that third parties can combine Ethershift with their own systems and get a 50% cut of the profit through the platforms’s API.
To add to all that has been mentioned is the back-end service as an application quoted in Node JS, operating on Amazon EC2. To gain entrance to the Ethereum network, a complete node is installed on the server, and the back-end service sends signal through its JSON-RPC API. Mention be made that the service utilizes SQL database to monitor profits.
Ethershift token
It is an ERC20 token that typifies half of the gross fees gotten by Ethershift. For every transaction that is carried out on any of the Ethershift products, it gives a 5% fee. The gross fee Ethershift collects after gas is automatically calculated and divided into two wallets.
One is for the purpose of operating costs, salaries, legal issues and what have you while the second wallet is reserved for airdrop to ESH holders.
ESH holders are in for a great thing because as from 2019 for every quarter of 50% of all gross fees collected by the platform will be airdropped to them.
https://ico.ethershift.co/
https://bitcointalk.org/index.php?topic=4965937.0
https://ico.ethershift.co/wp-content/themes/ethershift-ico/downloads/ethershift_whitepaper.pdf
https://t.me/ethershiftco
https://bitcointalk.org/index.php?action=profile;u=2084674
0x4f8adb95a866770bc1f71a0ef352ab3f10a16ef0