Introduction

In the following article we will know an application, based on blockchain technology, that will facilitate the exchange of cryptocurrencies for "real" money or fiat in a simple and safe way, without intermediaries. We will also see the advantages that this platform has over the others that exist in the market and why this tool is superior to the others.

Exchanging cryptocurrencies

The cryptocurrency market is currently one of the markets with the highest growth trend (Since early 2017, active users with digital wallets increased from 5 million to 20 million in the first months of 2018). However, nowadays it is difficult to exchange cryptocurrencies to "real" money or fiat. The same happens in the opposite direction, try to buy cryptocurrencies with fiat. There are applications in the market that allow the exchange. However, they have many drawbacks when it comes to doing work.

The problem is that most of these platforms, besides being centralized schemes; which brings problems since they are a unique point for the attacks of malicious entities and even more, when they present a connection problem, they stop working. But that is not the main problem of these platforms; the most critical is the little security they offer, that is, transactions are usually made at the risk of the seller and buyer. In a nutshell, there is no means to secure your transaction.

Coupled with this problem, there is the problem of the price of the cryptocurrency. These platforms contact you with users who will decide the price of the cryptocurrency in fiat and also how much you can buy. It means that you must deliver a specific amount of cryptocurrencies (example: 100 ETH) to perform the operation (neither less nor more) and check if the buyer or seller is safe.

Platforms like LocalBitcoins only allow exchanging in Bitcoins (BTC). That is another obstacle. So, if you want to exchange the litecoins (LTC) to fiat, you should look for another platform that will exchange LTC to BTC, firstly; and then proceed with the change from the BTC to the fiat currency.

Other platforms like Changelly, do not allow you to buy cryptocurrencies by fiat.

This is where Streamity emerges as a solution to these problems.

Streamity

Streamity is the first ecosystem developed with the blockchain tecnology, giving it a decentralized and secure nature, which allows the exchange of point-to-point cryptocurrencies of any type, without the need for an intermediary (eliminating the high costs of exchange) and ensuring the security of the transaction through of smart contracts and the API of payment systems.

Streamity will allow the exchange of cryptocurrencies to fiat and vice versa, in a simple way (with a few clicks) and secure through its decentralized application (DApp) STREAMDESK.

Remind that:

A DApp has its backend code running on a decentralized peer-to-peer network. Contrast this with an conventional app where the backend code is running on centralized servers.

What makes it different from other solutions?

In addition to being backed by blockchain technology, which gives it its decentralized nature and also ensures the security, privacy and transparency of transactions. Streamity makes use of smart contracts and an API of payment systems, to carry out the exchanges of cryptocurrencies. In this way, both parties to the transaction will be assured that they will receive their money/cryptocurrency under the conditions defined by the smart contract and the payment system used for the fiat money.

All these operations are carried out transparently and, in just a few clicks, users will have exchanged their money quickly. The user will choose their transfer method through the StreamDesk application and in most cases there will be no fiat money charges. The charges in cryptocurrencies will vary between 0 and 2% (Minimum Fees).

The purchase and sale prices of cryptocurrencies will be set by the "Market" section, at a fair price. The cryptocurrencies will maintain a fixed price according to the data obtained from the exchanges of the cryptocurrency markets, which will be updated constantly and automatically.

Another advantage of Streamity over the other options of the market is that it will allow the conversion of cryptocurrencies.

StreamDesk

There is already an alpha version of StreamDesk to get to know it, however, by June 25th, 2018 betta version will be released.

In the previous image, we can see the application in operation, observing the current payment methods and the ones to be developed. We can observe that in a very simple way, monetary exchange can be made quickly.

How do exchanges work? (Let's take a look under the hood)

Once you have identified yourself in the StreamDesk and selected the buyer you want, the system will create a smart contract to guarantee the security of the transaction.

The buyer's cryptocurrencies (BTC) will be blocked by the smart contract and will wait for the signal of the payment service selected for the operation.

Once the payment system has confirmed its operation and the buyer has received his money, it will send a signal to the smart contract to transfer the cryptocurrencies (BTC) to the seller.

Smart contracts have a period of time to live (three hours), once this is finished, the transaction will be canceled and the cryptocurrencies will be returned to the previous owner.

But how is the Streamity system going to get into my PayPal account and send the money to the buyer?

Streamity uses OAuth or open protocol of authorization to perform this operation. This allows granting limited access to user's protected resources to a third party without needing to transfer a login and password to the third party (like some DApps in Steemit).

Know Your Customer (KYC) Policy

The StreamDesk platform requires a process of real identification of the user to perform any operation within the system. The verification is mandatory to ensure all transactions. The Streamity ecosystem is committed to never disclosing the information to any third party and keeping your information confidential.

This identification can be through a photo of the passport, an identification card of your country, the invoice of a water, electricity, or ahother service. The system will indicate the corresponding method.

Some people do not like this idea of identification; however, my opinion is that it would provide a service in order to control illegal activities in some way. Imagine if mafia entities start to wash dollars through this platform? Without this option there would be no explicit way to avoid it. In my opinion, it is very important that the platform knows the users that use it.

STM token

The element that will power operations and transactions within the Streamity
ecosystem is the STM token. The STM token will be the internal currency within the Streamity world.

The tokens that will be issued will be 180,000,000 tokens. The cost of each token will be $ 0.2 (USD). These tokens will be distributed as can be seen in the Token Distribution section (below).

Other advantages of the Streamity system

The Streamity ecosystem will not only offer a site for the exchange of cryptocurrencies, it will also be a site geared towards becoming an interactive social network, which will allow the exchange of information and educational resources on everything related to the world of cryptocurrencies, markets and the blockchain tecnology.

Among some of the advantages offered by the system, are:

• As mentioned above, Streamity will have the possibility of exchanging different cryptocurrencies among them. That is, you can exchange LTC for BTC or for ETH or any other cryptocurrency.

• Streamity has a News section that will allow the user to know the cryptocurrency market and analyze it for future investments (Market overview).

• There will be a section for users to create content about the world of cryptocurrencies, smart contracts, blockchain technology and the market; in which they can receive rewards in STM tokens.

• Streamity has a section that includes information about blockchain, cryptocurrencies, market investments, etc. (Knowledge base); which will serve as an educational resource.

• Streamity will have a training section, which will have experts in finance and the cryptocurrency market.

• Streamity offers a choice of six packages with different types of privileges, depending on the cost of the package that will influence the fees charged to perform transactions in the system. (See StreamDesk Service Monetization below)

Conclusion

In my opinion, Streamity offers the best solution to make p2p exchanges from cryptocurrencies to fiat money, since it is developed in a decentralized environment and supported by blockchain technology, an incorruptible and transparent system as well as secure and private.

In a simple way, we can convert (sell/buy) our cryptocurrencies (LTC, ETH, BTC) into dollars that will be deposited in our PayPal account or any other payment system. And also, we can acquire cryptocurrencies with our PayPal money.

Anexes

Project Plans

In the image you can see step by step plan of Streamity, in which they have already reached 4.2 MLN during the preICO.

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