New tool for OTC trade is based on Ethereum smart contracts
The decentralized platform AirSwap, a trade network driven by the Ethereum smart contracts platform, launched a tool, called AirSwap Trader, with which traders of over-the-counter (OTC) trades can agree on direct cryptocurrency exchanges, without intermediaries.
The startup focuses on this type of over-the-counter market to allow operations to be carried out through smart contracts, which "constitute a large part of global cryptocurrency operations," according to AirSwap in a recent publication.
The AirSwap Trader exchange protocol, currently available in beta, is decentralized and has "automated custody," which can be used to trade crypto assets in Ethereum. Among the advantages of this system is the fact that the exchange of tokens is made from purse to purse, while the platform is responsible for custody. The tokens never leave the wallet until the exchange is verified. This is by the contract guidelines, which includes a transfer switch.
The platform works with 133 tokens, among which are Gemini dollar (GUSD), tether (USDT), KRWb Token, USDC coin (USDC); real USD (TUSD); standard token Paxos (PAX); metronome (MET); and DAI, among others.
Decentralized and secure trade
In its publication, the company ensures that peer trading with its new tool is secure since the parties explicitly recognize transactions and allowed by users, through the use of their portfolios. Both sides should use wallets based on browsers such as MetaMask, a website like Portis, or a cold wallet like Ledger, as noted.
They clarify that they do not work with listings or lodge orders. Also, operations are carried out without records, deposits, or commissions. Once the price has been agreed, the parties go to AirSwap Trader to start the operation, connect to a portfolio, configure the details, and share the link.
The startup asserts that the user or merchant will never send personal information, nor will it jeopardize their identity on third-party servers, as each wallet is expected to retain control of its cryptocurrencies until the exchange is confirmed. "The code itself is verified in Etherscan, where you can see exactly how the operation is executed in Ethereum."
In this way, based on what his white paper raises (whitepaper), the firm intends to establish itself in a business that runs without intermediaries. So look for the price and quantity that trades in AirSwap Trader, are set by the bidder and accepted or rejected by the buyer.
The platform also promises that even without a defined counterpart arranged on the other side, an operation can be created and the link shared publicly, with friendly previews on the social networks that show the operation.
AirSwap is a decentralized platform that went public in 2017. It executes P2P exchanges for Ethereum blockchain tokens.
This new type of trade with smart contracts has become another challenge for regulators and competent authorities, although it is undeniable that they are a growing reality.
About The Author
Juan AponteI am an industrial engineer specializing in blockchain. Enthusiast of cryptocurrencies and writing the latest news regarding the Crypto world.
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