Introduction
Money is anything that is generally acceptable as means of paying or settling bills or debts, something that is tenderable legitimately as a means of transaction. And this has existed in different forms over the years. One of the notable characteristics of money as we were taught in schools in those days, is that anything money must not have an intrinsic value. But with the type of currency being used by different governments of the world, one can easily conclude that it has given room for corruption, stealing, robbery and injustice in cash flow through the economy.
With the advent of blockchain technology, there have been reasonable transformation as one can easily store, save and trade anywhere in the world with ones' hard earned currency without a physical barrier in the transaction. Unlike the conventional system, where money must be exchanged and converted (in which value is usually lost) before one can spend it across the border of one's country. Today, with the help of blockchain technology, one can have their hard earned currency with them anywhere in the world and no thief can easily rob them of it, no government can control or determine the value of the currency unlike the Fiat Money since the value here is as a result of the interplay between demand and supply making it possible for people to hoard and trade whatsoever they have to make profit.
FIAT Currency and the Associated Problems
Fiat Money is a type of currency issued by various governments as legal tender, for which the value is solely based on decree or law rather than on actual coin or precious-metal reserves (known as specie), and the redemption of which is not guaranteed by the government. The issuance of fiat money frequently results in a steeply spiraling inflation, as specie-based currency is withdrawn from circulation, causing a sharp rise in prices.
Presently in many countries especially in developing nations of the world, the issue with devaluation of currency has been a major challenge with the economy of such developing nations. The government devalue the currency, officials embezzle money, and makes it easy for robbers to make headway in their business.
There is need for transformation that will allow people to be paid on the decentralized blockchain technology and that people should be able to buy and sell using the blockchain tokens to have that will limit stealing and robbery activities in many countries as much money would no longer be needed in circulation and government would save a lot in minting money as well as curbing social and criminal activities in this era of internet of value.
Trust and Transactions
The issue of trust has been a noteworthy challenge in business transaction between the buyer and the seller especially when dealing with people on-line. Since they dont know each other physically and have no idea how to track such a person, transactions have been limited by trust. For some that have issues with trust, perhaps they have been a victim of phishing websites and dubious either buyers or sellers with whom they have lost their valuables. Therefore, they have justification for their mistrust of others.
One have to be very careful especially when dealing with others on the issue of money especially online as there is no much people out there to trust and there are many in the name of doing business are just out there to defraud others of their valuables.
Exchanging or Trading on Internet
There are existence today several platforms that avails the opportunity for one to exchange crypto. Myself, Ive been using Steem Exchangers to convert my STEEM and SBD earned from Steemit community. Recently, a friend needed to buy some STEEM, we decided to visit Steem Exchanger then the reality became dawn on us as they usually buy STEEM from us at the rate of N416.52 and sell back to us at 617.20. Making a gain of two hundred naira on every single STEEM purchased.
There are other local traders in most countries that provide such services making profits as well but with this anomaly, things would definitely go wrong in the future if there are no harmony between coins, trading and traders.
What is STREAMITY
Source: @Originalworks contest post
Streamity is the first every decentralized platform for exchanging cryptocurrency for any currency. With minimal commissions and fixed rates, users can now have a guaranteed fair deals and trade without intermediaries on smart-contracts. With the help of Streamity, it is now easier to exchange cryptocurrency for any type of money be it for cash in the bank or a mobile phone in form of airtime or to e-wallet. With this, users are protected from bad trades and unfair deals.
The video below provides you with basic information about Streamity
Source: Streamity
Advantages of Streamity
Streamity has created a StreaDesk that will help create a trustless P2P transaction through an escrow system powered by smart contracts. For any user that want to buy a cryptocurrency, all that the user need to do is to enter a smart contract with the seller. No middlemen needed in the transaction or a trustworthy third party as StreamDesk can be used to enter smart contracts which is able to trigger upon receiving cash as well as the Bitcoin to be traded. This will help swap the assets leading to release of the Bitcoin to the buyer as well as the cash to the seller. This sounds very simple and easy, right? Yes it is.
To achieve this goal, Streamity is partnering and collaborating with different Blockchains such as CIVIC, EOS and NEM for smart contracts and for payout, Yandez money, PayPal has been integrated already with the strong believe many partnership would arise very soon.
This is my entry for @OriginalWorks Contest.
To know more about Streamity Visit:
Streamity Website
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Streamity Whitepaper
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