Elysian Announces Partnership with AirSwap
The successful peer-to-peer (P2P) asset trading platform AirSwap has recently announced a partnership with the blockchain-based decentralized Ecommerce platform, Elysian. The two projects have created a collaboration that is fueled by the integration of AirSwap’s token swap feature into the Elysian platform to allow Ecommerce merchants to convert received payments from consumers directly to any swappable cryptocurrency. This aspect is advantageous for merchants that launch their stores on the Elysian platform because they will have a variety of options regarding which cryptocurrencies they prefer to convert, send, and receive, which will ultimately provide an increased level of convenience.
AirSwap is a decentralized P2P platform that allows users to trade assets without the presence of a third-party intermediary. The basis of the platform solves the issues that order books on exchanges present. These vulnerabilities are evident, regardless of whether liquidity networks have high or low volume, and include, but are not limited to:
- Long waiting periods in between processed buy or sell orders
- High order cancellation rate
- Lack of scalability
- Public transactions to limit controllable liquidity
- Network latency due to geographic distribution of miners
AirSwap has a practical solution to this problem to facilitate the transfer of assets between individuals with maximum efficiency. The Swap protocol operates on the Ethereum network and is a decentralized protocol that improves scalability and liquidity by allowing P2P asset transfers that are executed privately, directly between the two parties involved without the inconveniences associated with transacting on an exchange. This method maximizes convenience and individual control over asset transfers.
The AirSwap widget serves as the primary swapping mechanism on their platform. The widget provides an improved level of P2P liquidity that aids in facilitating transactions in an efficient, hassle-free manner. It also promotes a level of transparency that exchanges can not provide. The widget is the vital connecting piece between each party during transactions on the AirSwap platform because it replaces third-party intermediaries and occurs as a private transaction. Users have the ability to type in the amount of tokens they wish to buy or sell and the matching party is found quickly to transfer assets.
The current status quo does not challenge the existence of order books because there are no projects in the blockchain space that expose their vulnerabilities, aside from AirSwap. Thus, AirSwap has first mover’s advantage and provides a service that, once it achieves further mainstream adoption, has the capability of threatening the antiquated functions that order books present to traders.
The features on the Swap protocol are multifaceted in the sense that they are capable of being integrated into other platforms. A prime example of this is evident when analyzing its recent partner, Elysian. Elysian is a decentralized Ecommerce platform that allows Ecommerce business owners to build customized Ecommerce websites on its blockchain-based platform. The platform will solve two issues in the Ecommerce industry that are exposed on a daily basis, security and user experience.
Elysian will provide a platform that operates on Ethereum’s private side-chain for its Proof-of-Authority consensus mechanism. Data will be distributed across a private network in the spirit of true decentralization to spread out the data to prevent threats from dangerous actors, such as hackers. Proof-of-Authority helps to build a level of trust between Ecommerce merchants and consumers, and is an aspect of the platform that off-chain competitors such as Shopify and Woocommerce do not feature.
In addition, Elysian will implement Artificial Intelligence and Virtual Reality to help lower Ecommerce bounce rates and create a unique experience for platform users. Consumers that actively engage on Ecommerce websites is the goal of every store or website owner, because usually this will lead to increased revenue. Users will have a virtual assistant that will aid in the navigation and product purchasing process, and will be able to have a 3D virtual view of items in merchants’ stores. The simplicity of completing the purchasing process is a key factor in the growth of the Elysian platform. Individuals will also have the chance to create their own virtual realm to appeal to each individual user. These features compliment the other details of the platform that classify Elysian as a never-before-seen hybrid platform that bridges the blockchain and Ecommerce industry.
The integration of AirSwap technology into the Elysian platform appeals to website owners. When businesses receive payments on the platform with a specific cryptocurrency, the payment amount can instantly be automatically swapped to whichever other cryptocurrency is capable of being swapped through the atomic swap function. Atomic swaps allow individuals to convert one cryptocurrency to another. Ecommerce merchants can set up an auto-swap feature so that whichever token they receive payment in will be swapped without any actions necessary from the merchant. AirSwap’s Swap protocol dashboard integration into the Elysian platform creates an unprecedented ease of which to swap tokens. With the click of a button, store owners can transfer all current assets from whichever currency they received payments in, to whichever currency they desire, and then transfer those assets to a private wallet if they wish.
This partnership solidifies both AirSwap’s integration into other industries, such as Ecommerce, and also Elysian’s platform versatility. The Swap protocol integration serves as an effective method of asset transfer between token payment options in a lightning quick manner. This collaboration provides useful benefits for both parties that can help further grow each company. There will be some blockchain projects that will not stand the test of time, starting this year in 2018, so it is important to have aspects of a project that help it stand out and allow it to be applicable to various industries aside from simply the blockchain space. The combination of technologies of AirSwap and Elysian into an incredibly large Ecommerce market will appeal to a massive user base and ensure that both projects will continue to thrive as we move into a future that will be controlled by elite technological advancements.