2017 marked a monumental year for the spread and proliferation of cryptocurrencies and the new technologies they provide. This year, hundreds of cryptocurrencies are slated to launch revolutionary services, utilities, and environments the likes of which have never been seen. Despite these great progresses, the exchanges that provide access to these currencies are largely falling behind.
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In contrast to the wild successes experienced in the past year, hundreds of thousands of consumers had equally terrible experiences through many cryptocurrency exchanges. From Bittrex locking accounts for months, to Coinbase frequently crashing and losing wire transfers, to Binance prohibiting new users from creating accounts, most users of these platforms have experienced dilemmas at one time or another.
Fortunately for consumers, there will soon be a next generation solution to the existing, archaic exchanges that plague its users with issue after issue. This solution is Streamity, a peer-to-peer cryptocurrency exchange administered and protected through Ethereum-based smart contracts.
With Streamity, users can buy, sell, and trade any cryptocurrency through their decentralized exchange, StreamDesk. All trades are carried out through the use of smart contracts, which provide trustless, peer-to-peer transactions that protect participants from fraud. Users can place a buy or sell order on any cryptocurrency offered, which will lock the relevant funds within the contract. When another users agrees to fill the other end of the order, they, too, will send their funds to the contract. Once the smart contract receives both users’ funds, it automatically returns the desired currency for both parties.
Additionally, users can also buy and sell cryptocurrencies for fiat, through the use of any payment gateway desired by the user. Like crypto-to-crypto trades, both parties agree on the price and method of payment, and the smart contract ensures that both users participate correctly and non-maliciously.
Beyond smart contracts, StreamDesk participants will be protected through Know Your Customer (KYC) compliant environment. In order to interact with StreamDesk, all users must first provided proper identification documents, which will link the users to their person, which further prohibits bad actors from taking advantage of users.
Beyond the exchange, Streamity plans to fund a series of educational and investment resources for its users. A current complaint of decentralized exchanges is the lack of a user friendly interface– many potential users are afraid or unwilling to participate due to the complex and even cryptic mechanisms in place. With these resources, new or inexperienced users will have a comprehensive set of learning materials to understand the nature of the exchange completely.
Of the 186,000,000 Streamity (STM) tokens, 110,000,000 will be sold at a price of US$0.20 and a maximum discount of 30%. Tokens may be purchased with Ethereum. The pre-sale begins January 22 and concludes January 2018, with a 30% discount to pre-sale participants. After the presale, remaining tokens will be sold in the main sale from March 12 to March 28.
The exchange requires a minimum of US$500,000 to launch, and is slated to release Q1 2018. The more successful the sale, the further Streamity will be marketed and the more additional resources (such as the education and investment resources) will be implemented.
Holders of the token receive a number of privileges, including reduced or even zero trading fees. Tokens will also be used to purchase monthly memberships, ranging from just US$1 to US$1,500 per month.