STREAMITY "Solution to the Limitations of current Crypto exchange market"

Digitally, the world is in a state of revolution and this has led to the emergence of the blockchain technology. The blockchain technology is being successfully applied to both financial and non-financial world through the use of cryptocurrencies. Cryptocurrencies are decentralized digital assets that operate independently on any financial institution and are designed to work as a medium of exchange.

They make use of cryptography to secure transactions and verification of the transfer of assets. There is an increasing trend to make use of cryptocurrencies as a means of payment. Currently, to obtain a cryptocurrency one has to purchase it from the owners using a digital exchange platform. However, the existing cryptocurrency exchanges has its limitations.

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Current exchange markets

The existing exchange markets are faced with limitations and these limitations affect the growth of the cryptocurrency world. Many of these exchangers are centralized, for a user to purchase a cryptocurrency or exchange it for fiat, a 3rd party must be involved thereby leading to high cost transactions.

In some cases, the exchangers just connect the users but do not ensure the safety of transactions. Centralised cryptocurrency exchanges are prone to hackers. They provide little or no security for users. In addition, most countries lack cryptocurrency legislation, they don't have regulation policies in place for these platforms.

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Thus, these platforms abuse the trust and confidence of their participants for profit. Furthermore, some platforms are limited to only the infamous cryptocurrencies like Bitcoin, Ethereum, Litecoin etc. For example, a user has Steem and intends to exchange it for fiat, the user have no other option than to send the Steem to trading platforms and exchange it for Bitcoin before he/she can exchange it for fiat and this is a serious limitation that prevents the growth of the cryptocurrency World.

However, these limitations can be solved by the Streamity ecosystem.

Streamity

Streamity is a project focused on providing a decentralised system of cryptocurrency exchange.

It aims to provide an ecosystem where individuals can exchange cryptocurrency for fiat without the involvement of intermediaries.

The goal of Streamity is to ensure users can benefit from the developments in the cryptocurrency market, while mitigating risks arising from cryptocurrency ownership, transfer and exchange. The core component of Streamity ecosystem is the Streamdesk.

Streamdesk

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Streamdesk is the main component on Streamity ecosystem that would ensure the exchange of cryptocurrencies for fiat using smart contracts.
Streamdesk is a decentralised application that aims to provide a fair, transparent and secure system of cryptocurrency exchange. Security is of utmost importance in the exchange market and

Streamdesk aims to provide the necessary security required to conduct transactions. With Streamdesk, users can exchange cryptocurrencies for fiat without intermediaries.

Streamdesk will ensure the most secure and efficient exchange of cryptocurrencies by gathering market capitalization and price data from different major cryptocurrency exchanges, thereby making rates bound to its true market value and eliminating the possibility of price manipulation.

Furthermore, Streamdesk will provide services such as news, analysis, educational and investment resources. All the aforementioned services will provide value-added assistance to investors with regard to their management and accumulation of cryptocurrency funds. Each Streamity service will represent an independent business environment and will generate income from its various digital services.

The core of Streamdesk are the users and with all these services being rendered, Streamdesk will foster transparency, security and open system among individuals within the Streamity ecosystem.

Streamdesk and Smart contracts

Streamity is the first P2P platform that protects transactions with smart contracts. Smart contracts are an integral part of the Streamity ecosystem and it provides additional security in the process of exchange of cryptocurrencies.

A smart contract is a computer protocol intended to digitally facilitate, verify, or enforce the negotiation or performance of a contract. Smart contracts allow the performance of credible transactions without third parties.

With Streamdesk, individuals can perform transactions through the use of smart contracts eliminating any possible outcome of being defrauded.

How Streamdesk performs transactions using the Smart contract

Assuming Mr. A intends to exchange his Steem for fiat with Mr. B. They both create a purchase/sale request on Streamdesk, which goes through an authorisation process.
Once it gets authorised, Mr. A receives a notice that he may sell the Steem and once he confirms the request, it obtains a Pending Smart Contract Creation status.
A smart contract is created and the Steem is written off Mr. A's account and gets locked in the smart contract. The request obtains a pending payment status and Mr.B receives notice with a payment link. Mr.B can make payment through Paypal, Qiwi, Yandex money or other services.
The Streamdesk application requests for a right to make one time payment to Mr.A's wallet. Mr. B logs into the payment service server and authorise the payment. After authorisation, the Streamdesk application makes the payment and once its successful, the Streamdesk application performs the smart contract and assigns the fulfilled status to the request.

Streamdesk Alpha

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Streamity has released the Streamdesk alpha.

Click here to check it out.

KYC (Know Your Customer) policy

The Streamity ecosystem makes use of the KYC policy for the identification of its customers. To foster security which is the main priority of the Streamity ecosystem, the KYC policy is mandatory to ensure that transactions are secured on the platform.

The verification can be done using international passport of the user, invoice for utility services, copy of their bank card, selfie of the showing the face and passport of the individual and copies of constituent documents.

SMT token

The SMT token is the key element of Streamity ecosystem. SMT's are used for payment of services in Streamity. The cost of one token is priced at $0.20(USD). The tokens will be distributed as seen in the image below

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Conclusion

The cryptocurrency market is still at its laten stage and in a few years it will grow bigger. The market is currently being hindered with limitations from the exchange platforms. Thankfully, Streamity ecosystem would address these limitations through the adoption of smart contracts. Transaction will be made fair, transparent and secured. Individuals wouldn't be concerned about being defrauded while engaging in the exchange and conversion of cryptocurrency to fiat. With these limitations addressed, the cryptocurrency market would encounter massive growth in terms of adoption by corporations.