Streamity--Making Fiat/Cryptocurrency Transactions Seamless
Dealing with cryptocurrencies can be quite daunting. This is even for the initiated. This is not only because the process is cumbersome, but also because the user has to put his/her trust in a centralized exchange, which is often not secure. Add this to the fact that many transactions have to be completed face-to-face, which can be at times dangerous. In short, the barriers to entry are as high as the costs and the risks involved.
The past several years have seen a proliferation in the use of cryptocurrencies. Despite this, their use continue to pale in comparison with the fiat based monetary system, which accounts for the bulk of global commerce. This means it is still necessary to convert cryptos into fiat in many, if not most instances in order to execute transactions.
Currently, conversion can only be done through a handful of exchanges, some of which are illegal, overpriced, and slow. Furthermore, there are limits to what one can do on some of these platforms. For example, some only allow customers to buy a handful of coins using fiat, but on the other hand, they do not allow people to sell or if they allow people to sell, they do not allow people to buy. And in the few instances where the customer is allowed to do both, one's option is limited to Bitcoin. To top it off, security is not provided via smart contracts, which is the bedrock of the blockchain; hence the customer is left at the mercy of human error.
That this is occurring at a time when “the digital economy is slated to account for 1.36 trillion of global GDP by 2020,” speaks to the need for a P2P decentralized platform where people can convert cryptos into fiat and vice versa utilizing the security provided through smart contracts.
Now, The Streamity Project, one of the latest blockchain ecosystems, operating outside of Singapore, has developed the StreamDesk prototype, that will provide the antidote. As part of the Streamity Project, StreamDesk will eliminate the intermediaries that, presently, are the only ones capable of converting cryptos to fiat and vice versa. In doing this, StreamDesk will make the process of conversion cheaper. The platforms providing this service are more or less operating on a free for all basis. Often, they set the price, some of which can be obscene and can be changed at the seller's whim and fancy.
Video Summary of the Streamity Ecosystem
Fairness of the Blockchain
Streamity eliminates this problem by “binding their customers to the Market section on their platform.”(sic) What it does is that it “collects information from major exchanges and display the value of cryptocurrencies and capitalization of companies.” This initiative eliminates any possibility of a seller changing prices to gain excess profit. This is because the parties will know what the fees are and hence will not be surprised after the transaction has been executed.
The advantages here are twofold. For the customer, there is transparency with the best security provided by smart contracts simply because the rates are fixed, the commissions are extremely low and there is no more annoying hidden fees that many traders use to inflate the price of their product and hence, rip the customer off. Of course, there is also the larger topic of security. What Streamity has done is to lock the seller’s cryptocurrency within a smart contract until the buyer has assured that he/she has paid. And there is no commission.
On the other hand, for investors, there is the ability to make accurate projections regarding profits, seeing that the price will be determined by the market and not by legions of individuals, many of whom use underhanded methods to mulct unsuspecting customers. To bring it more into perspective let us look at a use-case scenario.
The X Team just completed a successful ICO by amassing over USD 20 million. However, they are having a few problems. First, they are unable to move that large sum over the centralized exchanges efficiently and cheaply. As it is now, there is a cap on daily transactions. This is too low for them to operate. Additionally, converting that much crypto into fiat is proving just as problematic because of the sheer volume. There are options, but the commission fees are too high. Plus there is the question of legality and safety; safety not only to one's person in the case of the face-to-face transactions that take place with, say, localbitcoin; but there is little transparency. The last time they engaged in such a transaction, the other party changed the price he was willing to buy the cryptos for. Normally, The X Team would have forfeited the contract, however, because they had business to execute, they took up the offer. The result is that both the company and the investors were shortchanged.
For a while they proceeded with caution in these matters and in many instances walked away from deals that would have gone sour. Of course, this was an impediment to their business. Then they heard about Streamity. They were able to convert their cryptos into fiat in a fast, transparent and hassle-free manner. Hence they were able to make accurate predictions concerning the financial well-being of their company.
Lead by the inimitable CEO and Founder, Vladislav Kuznetsov. This all-star team’s expertise covers all the bases. From marketing to engineering, to business, this team constitutes every aspect of what would constitute a phenomenal team. They are beyond competent, and, with a project as complicated as The Streamity Project; investors can rest assure that their investments will be handled with the utmost care and due diligence.
An example can be seen in their road map. Looking at the time period, from the pre-ICO to the roll out of their project, the team is apparently a conscientious and thoughtful one that is using as much time as needed to deliver a quality product.
It would be remiss of me to not mention that Phase 2 of Streamity’s crowdsale starts on June 25th, 2018. At the time of researching for this piece, the team had raised a handsome USD4 million. The token sale page can be accessed here Streamity Token Sale. The token sale is in addition to an exclusive Steemit airdrop that takes place on June 24th is providing potential investors the ability to engage through a live stream. It can be accessed here Streamity YouTube Channel. This opportunity for engagement speaks to how intent they are on engaging the public.
The prospects for the project are great. Combing through their documents, one finds an ecosystem that will not rest on its laurels of merely providing a superb product for the nonce. Streamity is built for expansion. As promised they have incorporated AI to increase efficiency. This will occur alongside training within their community. They have already formed partnerships with other blockchain companies to consolidate this expansion.
Civic: Another blockchain inspired innovation, which gives businesses and individuals the tools with which to control and protect their identities is a perfect addition to the project. After all the bedrock of this concept is the exchange and transference of huge sums of money. It therefore makes sense to involve one of the blockchain’s most formidable identity protectors in the Streamity initiative.
EOS & NEM: Scalability, usability and flexibility are some major problems in the blockchain space. With one go, Streamity has solved this problem. Why reinvent the wheel when an entity like EOS has the tools to address this three pronged problem? Therefore, on the matter of expansion it will be used, in addition to NEM, to “using the smart-contract, expand the StreamDesk ecosystem.”
There is also IT Test, which “carries out a full cycle of testing and helps in the development of project.” Added to this are the integration of Yandex Money and PayPal, thus adding
Furthermore Streamity will also include 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. Additionally, they intend to keep people informed through community meetups and conferences. In short, a well thought out and comprehensive project.
If one is still unsure of the merits of this project. It is advisable to check out the StreamDesk Alpha here
Additional Information & Resources**