Air Protocol 1.0
Nitrogen Release with Stellar and Binance Chain Implementations
In this time of quarantine, closed borders, and isolation, we are proud to announce the release of Version 1.0 of the Air Protocol.
The Nitrogen code release includes a self-healing mesh network for negotiation of peer-to-peer fiat/crypto exchange, as well as implementations on both Stellar and Binance chains for onchain collateral that derisks performance by the offchain-performing party to the exchange.
Visit the Air Protocol Github to download the code and learn how you can run an Air Protocol node.
It’s been 18 months since we kicked off development of a protocol for censorship-resistant and trust-minimized peer-to-peer on-chain/off-chain asset exchange, a network that is accessible to all, easy to build with, and that empowers anyone to participate in or operate crypto/fiat exchange services.
The project was inspired by the efforts of Venezuelan President Nicolas Maduro to censor and block the use of centralized P2P exchanges, including Airtm. (Read more about why we built the Air Protocol here.)
We are grateful to Airtm for the initial grant to start the project, Binance X for their fellowship stipend, and to OCI for their guidance and feedback throughout the development of our reference implementation. We are calling this initial release Nitrogen (78% of the earth’s atmosphere) because it includes all the fundamental elements of the Air Protocol, as well as implementations on two public blockchains.
This means that using the Air Protocol anyone can now enable the exchange of fiat (or other offchain assets) for any Stellar or Binance Chain compatible onchain asset. Entrepreneurs can use the system to launch local peer-to-peer exchanges. Existing apps and services can leverage it to enable connection to local currencies. And it can all be done without taking custody of client funds (crypto or fiat), acting only as a coordinator/facilitator of the exchanges.
In April we will be releasing front-end interfaces that enable users access to this new layer of peer-to-peer markets, focusing initially on forex and remittance. Both applications will be open source and added to our repository. Releasing their codebases is part of our mission of further facilitating growth and access to the Web3 ecosystem, by empowering developers and entrepreneurs to build on the Air Protocol.
As central banks debase their national currencies following the example of the US, it is more important than ever to ensure that everyone has access to blockchain-based assets that cannot be inflated at the whim of centralized institutions.
The inevitable consequence of money printing is inflation. The probable response by nation states will be currency and capital controls. Institutions that were built to be bridges between labor and money will become traps where wealth is destroyed. We are all living in Venezuela now.
As with Airtm, Localbitcoins, Paxful, Bisq, and other P2P exchange platforms and protocols, we are committed to providing technology that makes it easy for people to preserve their hard-earned wealth from losing value due to the incompetence and abuse of central banks and the nation-state governments that control them.
We stand for human rights and freedom and against the impoverishment of families. That is why we built the Air Protocol, to provide onramps to freedom for everyone, everywhere.
To learn more and help us build please visit www.airprotocol.org.