Streamity: The Future of Exchange

antonio15 (32)in #crypto • 6 years ago

With the proliferation and the rise of cryptocurrencies, the need for new spaces where they could be mobilized, negotiated and protected also grew. This is how the exchange companies emerged, the main channels to negotiate with cryptomonets and exchange them for fiat money or other cryptographic currencies, which over time have been incorporating various functions.

These new exchange platforms began to operate as centralized businesses, with characteristics similar to those of a bank, despite the fact that, par excellence, cryptocurrency is conceived as decentralized. However, the very growth of the ecosystem has led to the advancement of decentralized exchange platforms.

Something that characterizes centralized platforms is that the user does not own the cryptocurrency he or she acquires or exchanges, as he or she does not have the private key to the funds. In addition, the data and operations performed are maintained on a centralized server.

This has the disadvantage of increased vulnerability to computer attacks and the risk of fraud by cyber-criminals. There are experiences that have left bitter flavors for investors.

An emblematic example is the case of Mt.Gox, one of the pioneers in the exchange that controlled more than 70% of bitcoin transactions, where thousands of people lost their money due to the disappearance of 850,000 bitcoins in 2014 (200,000 of them were found in 2017).

At Mt.Gox there was a mixture of the two risks, hacking and fraud, because, in the first instance, the CEO, Mark Karpelès, reported being the victim of an attack on the platform. However, the investigations later detected possible alterations in the balance sheets of assets, which led to allegations of theft.

A different but equally onerous attack suffered Bitfinex in 2016 with the hacking of 216,000 bitcoins, and it had to pay the funds to its clients. While in Binance a malicious bot made a massive sale of tokens last March, without the consent of the users.

In view of all these problems, we have realized that these exchange houses are not safe at all, that is because of trying to manage cryptocurrencies that have a decentralized nature in a centralized ecosystem, is not compatible. Because of this, Streamity, concerned about the security of users, created a decentralized exchange application that protects users from fraud and gives them optimal advice on how to invest their currencies or convert them into fiat.

What is Streamity?

Streamity is a company based in Singapore which seeks to help users within the world of cryptocurrencies, its main intention is to create a platform for exchanging fiat cryptocurrencies in a secure and reliable manner and also offer the user a variety of other related services, such as analysis, news and tips for investing and exchanging their assets.

Streamity will achieve this with its StreamDesk application, this application will do the exchanges based on a P2P network but with the particularity that it also uses intelligent contracts for greater security and thanks to the elimination of a third party the exchange commissions will be really low.

Intelligent contracts provide excellent security for both buyers and sellers at the time of the exchange, since they act as an intermediary, but because it is only software that is incorruptible and free of errors that cause the loss of either of the two pairs, intelligent contracts seek to eliminate the fear of beginners in the world of cryptocurrency to invest in it, as they offer a secure environment and a great support when making a transaction.

There are some who have raised the idea of a decentralized exchange, but the truth is that the service they offer leaves much to be desired because they only rely on the use of the P2P network and this alone does not offer the security that users need, nor do they have a sustainable infrastructure or efficient customer service, Streamity by incorporating the use of intelligent contracts and offer a service and technical assistance to users 24 hours a day, 7 days a week and a global coverage plans to reverse all this.

Main Advantages of Streamity and StreamDesk

Minimum Rates: Streamity offers minimum rates due to the elimination of middlemen and their rates will always be based on the true market value so that the user always wins, many trading sites have hidden rates or excessively high commissions.
Intelligent Contracts: streamity by making use of intelligent contracts add extra security to transactions between users, this is very good because if either party, the buyer or seller, does not fulfill their part of the contract in a set time, the assets of both parties will return to them and no one will lose any of their assets.

Easy to Use: Most trading websites are very complicated and difficult to use when making a transaction, the StreamDersk application has a really easy and intuitive system that will allow expert users as well as beginners to have a good experience without complications when making a transaction.

Legality of Operations: For the relief of users, Streamity uses KYC's policy, which is based on the principles of genuine and legal enforcement.

The service that Streamity provides will include for the benefit of users who are just entering the world of cryptomes, news, education, analysis and investment resources, this will be of great help to newcomers and will give one last boost of confidence to people who still do not dare to enter the world of blockchain.