Streamity — Cryptocurrency Exchange with Decentralized System

There are many cryptocurrency exchange worldwide nowadays. These exchange are like: Binance, Upbit, Bittrex, Mt.Gox, Bithumb, Bitfinex and many more out there. No matter what country the reside of how powerful their system some of these cryptocurrency exchange has fail. The fail list are as below:

• Mt.Gox: The biggest fail of them all. Mark Karpeles’ Tokyo-based exchange started in 2010 and by 2013 was handling upward of 70% of all Bitcoin transactions. In February of this year, Mt. Gox suspended all trading activity after months of rumors and speculation that something was wrong. Mt. Gox officials said trading was suspended because some 850,000 BTC had gone “missing,” though about 200,000 BTC were later “found.” Whether mismanagement, hackers, fraud, or some combination of the three is to blame remains a matter of intense speculation. At the time of writing, 650,000 BTC are unaccounted for, and the company has filed for bankruptcy protection. Damage: USD 402 million, just counting the missing BTC at current exchange rates
• Bitcoin Savings and Trust: In July 2013, Bitcoin Savings and Trust was exposed as a Ponzi scheme, and one that swindled hundreds of thousands of bitcoins from users (high-end estimates go up to 700,000) by promising 7% weekly returns. On July 23, the SEC charged Trendon T. Shavers, the trust’s founder and a Texas resident, with running a Ponzi scheme. Here is his mugshot. Damage: USD 154 million to USD 433 million at current exchange rates
• Sheep Marketplace: In December 2013, a Silk Road-type of black market called Sheep Marketplace shut down abruptly after the site’s administrator found a bug that someone had exploited to steal 5,400 BTC. Shortly thereafter, users found what they thought was a wallet connected to the heist that had 96,000 BTC in it, which was especially big news because this was right around the time bitcoin broke through the USD 1,000 mark. A wild sheep chase ensued on Reddit, but instead of a thief or even a mythical creature in the north of Hokkaido, all the sleuths had found was one of BTC-E’s wallets. The Guardian’s Alex Hern reported in December the thief most likely cashed out those bitcoins for fiat money quickly. Damage: USD 59.4 million at current exchange rates
• MyBitcoin: One of the biggest Bitcoin heists came during the currency’s early days in 2011, when MyBitcoin, one of the earliest wallet services, shut down in July, and a notice was posted that 51% of the bitcoins it held had been stolen. This amounted to nearly 79,000 BTC. Whether the bitcoins were stolen by a third party or MyBitcoins was a scam all along has never been conclusively decided. Damage: USD 48.9 million at current exchange rates
• Bitcoinica: Almost 59,000 BTC were stolen in a pair of hacks against online service Bitcoinica in March and May 2012. By August 1, the company entered receivership under New Zealand law. Damage: USD 36.5 million at current exchange rates
• Bithumb: hacked 19 June 2018. Damage: losses reported as USD 32 million

There still many more cryptocurrency exchange that fails whether by hackers or mismanagement or purely human error.

The recent crypto boom has led to mass demand for both trading and exchanging virtual currencies, but the crypto community faces several challenges. While numerous crypto exchanges are offering their services, the pitfalls of centralized systems plus the often unfair trading fees, arbitrary rules and security threats add considerable risk for users.

Streamity was a project registered in Singapore at 2017, it was built as a decentralized cryptocurrency exchange platform for the blockchain generation. This platform isn’t just a simple crypto exchange — instead, this project is creating its own high-performance cryptocurrency portal from scratch. The platform is engineered to comply with regulations and the different pieces of legislation to make sure that it’ll be head and shoulders above other crypto exchanges. So, by the look of it, the platform is definitely in a league of its own. As the stakes of trading on a crypto exchange are quite high, this form of speculation is a hotbed of bad actors. So Streamity is actually weeding out centralization, and the bad actors, from crypto trading. This platform is introducing a whole new level of security and decentralization to the world of crypto trading and is simplifying the crypto-trading space.

By decentralized and using blockchain means all transactions happen will be easily recorded in more than 1 place (not centralized), more secure against hacking to a central server and therefore more easily to be audited. Streamity built as the P2P-platform of cryptocurrency to fiat exchange by means of smart contracts with no commissions. Streamity project create a multi-service platform for operations with cryptocurrencies and fiat. Other services perform an auxiliary function as cryptocurrency converter and information portal. Streamity makes smart contract connection within the framework of cryptocurrency and the API of payment systems within the framework of fiat currencies to exclude the mediators and the human factor.

Streamity has designed hack-proof, smart contracts secured transaction lane where all the transaction streamings through the platform will flow. This has been made possible firstly by incorporating the Ethereum introduced smart contract service into the transaction processing algorithm. Since smart contracts alone do not ensure complete transaction security of the transaction stream fluxing through the system, as seen from recent mistakes that saw about USD 300 million locked away in Ethereum smart contracts by an anonymous user unknowingly.

The Streamity developers have added yet another brilliant security feature — the timing Control. The timing control algorithm shall allow the transaction to be added on to a smart contract within a specified period of time else canceled and reverted to the initial user. Coupled with a user verification system Streamity can achieve the next generation of transaction security on its upcoming platform.

The need for a solution to best harmonize the differences between the thousands of cryptocurrencies have never been answered at least not to a half of what the market demands. A series of cryptocurrency exchange platforms already exists with others attempting to incorporate a variety of cryptocurrencies under one platform as well. But a lot of flaws and unnecessary malfunctions and user dissatisfaction are being reported by users of these exchange services. Anomalies ranging from server blackouts for very long hours, causing users to lose millions of dollars to a full takeover of customer deposits by malicious hackers have recently hit a series of existing cryptocurrency exchange service providers.

Streamity is a well-thought project with some of the most prominent brains on the international cryptocurrency scene carefully knitting its algorithm one patch at a time. Streamity aims to transform the cryptocurrency exchange ecosystem and redefined the already lost glory of lightning speed transaction at the lowest cost cryptocurrency once had. Streamity at the same time will take cryptocurrency exchange to the next level by implementing a community choice token.

Streamity is very easy to use. Everything you have to do is to enter your blockchain wallet address into the system only once and then the process becomes simple and automated. There is no need to visit a third-party service in order to transfer cryptocurrency or check your balance, or to work with full functionalities within the platform. Meanwhile the cryptocurrency is never stored within StreamDesk system, which makes security impenetrable in comparison to centralized services. The same thing concerns fiat money. The whole process is automated and completely decentralized.

Transaction guarantee. While the cryptocurrency is locked in a smart-contract until the fiat money is transferred in a certain period of time, there is no way to gain access to the smart-contract, the only way to unlock it is to receive the signal from the payment system. It guarantees the security of a transaction.

The potential cryptocurrency investor, who wants to buy a cryptocurrency of his choice, needs to just select a suitable order from the list in StreamDesk application. After confirmation of the order, the cryptocurrency is blocked by a smart contract, to assure that the money won’t disappear anywhere or be withdrew by the seller. The buyer then pays the seller directly by his method of choice. As the seller receives money to his account, smart contracts gets a signal which releases the cryptocurrency, which is then sent directly to the buyer’s account.

The Streamity key product is p2p exchange of cryptocurrency for fiat without intermediaries. The key element of Streamity called StreamDesk decentralized application for exchange of cryptocurrency to fiat money without intermediaries on the basis of smart contracts. How does the exchange work? Cryptocurrency is blocked in the smart contract till the signal about crediting of fiat money to the seller’s account is received, being transferred directly between users. Fiat money and cryptocurrency are not blocked on the platform, which allows Streamity to work legally in most jurisdictions of the world. The commission varies from 0 to 2% and depends on the purchased package with a set of benefits. Advantages of the StreamDesk project is based on the sought-after mass service, and connection of new users will create a strong demand for Streamity (STM) tokens. STM is the standard utility token used as part of subscription payments for free operations on the Streamity platform and means of paying commissions and purchasing a privilege package.

The STM tokens will be openly traded on the main crypto exchanges, and, through StreamDesk service, users will transform cryptocurrency into ordinary money as it is much more profitable, by ensuring access of new users to the service. STM tokens will be used to form content and pricing partner services within the framework of the information analytical portal.

Streamity services include news and analysis, investment, and educational resources, each existing as an independent business environment. Streamity are creating an attractive and powerful portal in the area of cryptocurrencies and blockchain technology, which will integrate news, ideas, high-quality analysis in one personal account, unique training courses created by experts in various fields, algorithms and ready-made solutions for trading, a number of forums with token remuneration, user-friendly interface, and timely data submission. All of this will involve blockchain technology and artificial intelligence.

Streamity has noticed that with the development of cryptocurrency market, there is a huge potential for businesses contributing and making it easier for various investors to benefit from this new technology and currency. According to CoinMarketCap data an average daily amount of cryptocurrency trade in September 2017 exceeded 4 billion US dollars, and the market capitalization of cryptocurrencies is above 130 billion US dollars. However, in comparison with classic FOREX market, which can reach even 5.1 trillion US dollars, there is still a lot of room for improvement when it comes to cryptocurrency trading.

With the popularization of cryptocurrencies, there came many various sites and exchanges which offer their services. However, as the status of cryptocurrency in general has not been legislated in most countries, there is a huge risk of fraud or unfair treatment. StreamDesk will allow users to exchange the money between each other, directly and without any intermediaries. Not only it improves the speed of transaction, but also allows to cut off any unnecessary and high fees.

Before the main token sale, there will be a Pre-ICO phase, which will start on the 22 January 2018 and will last for a week. The initial price of 1 STM token is USD 0.2 and minimum order of 0.1 ETH. Streamity will be accepting BTC, LTC, ETH, ETC, USD, EUR, Fiat. The Soft cap is at USD 500,000 and Hard cap at USD 20,000,000 with Bonuses up to 20%. The STM token will be based on Ethereum platform with ERC20 token type. It is available for sale in the amount of 110,200,000 STM (70%) with Total supply or 180,000,000 STM. In the run-up to the second stage of Streamity ICO, the project has sold 20 million tokens. More than 3,000 people have already joined, and the total contribution to StreamDesk amounts to USD 4.2 million. During ICO every user who has 1250 STM+ can get a package of privileges with reduced fees on StreamDesk platform, provided the required number of tokens is kept on the account. Streamity platform is rated 4.3 by ICOBench based on 20 experts rating (4.9 for ICO profile, 4.4 for team, 4.3 for vision, 3.8 for product).

Streamity project roadmap:

May 2017: Birth of the idea about the Streamity Project

August 2017 : Finished prototype of StreamDesk Development of Back-End and personal account

Q1 2018: ICO Launch StreamDesk launch Marketing Campaign

Q2 2018: Launch of the educational, informational and analytical and investment resources of Streamity

Q4 2018: Launch of the cryptocurrency converter

Q1 2019: Launch of Streamity Informational Resources

Q3 2019: Launch of an iOS/Android mobile version

Q1 2020: Launch of the investment Streamity resources

Q3 2020: Development of Streamity own payment system and its integration to the StreamDesk service

One of the most important selling points of the Streamity project is the improvement of cryptocurrency transaction propagation speed. The project has devoted a great deal of resources to develop and test its solution to this problem. The Streamity team knows what cryptocurrency users want in terms of transaction speed and has gauged the market capacity to be below consumers demand. The project has designed a record-breaking smart contracts applet — the Streamdesk aggregator — that will ensure cryptocurrency exchange to Fiat without involving intermediaries. This way transaction can be trajected without incurring any unnecessary delays and costs at any third-party intermediary like other exchanges do, this has enabled Streamity achieved lightening speed transactions.

Streamity will cover all the cryptocurrencies listed in the market and live feeds of market data for all the listed cryptos and companies will be transmitted in real time. Converting any of the cryptocurrencies listed on the platform to another would be carried out instantly, efficiently and securely on the Streamity platform.

Streamity was built to resurrect the low fee transactions capabilities cryptocurrencies were once known for. Case in point on Localbitcoin transactions which currently cannot be confirmed even for transactions amounts as high as USD 33 making cryptocurrency lose its meaning of enabling the propagation of low to zero fees on small transactions.

Streamity project as a whole, wants to contribute to the development of the cryptocurrency world. Their main project consist of creating a powerful cryptocurrency exchange with variety of related services. Apart from this, they want to focus generally on bringing the community closer to each other and let them create content for other crypto enthusiasts. For example, by contributing to the information research on topics like market analytics, investment resources, information about various cryptocurrencies, new tokens and ICOs. Users will be rewarded in tokens for their work.

Streamity project is a powerful technological and information resource which encompasses all aspects of blockchain technology and created for its free development and massive distribution. The platform aims to provide everyone with safe and fair terms of transactions with minimum or no commissions (from 0 to 2%). All fees will be known in advance, and there will be no hidden commissions. In this way, StreamDesk emerges as a unique service that maximizes the possible benefits of the crypto space while minimizing the risks and pitfalls usually associated with it.

Website : https://streamity.org/

Whitepaper:https://streamity.org/uploads/docs/en/Whitepaper_Streamity_en.pdf

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