Alberta, Canada, Oct. 13, 2020 (GLOBE NEWSWIRE) -- Ever since Bitcoin took off in 2008, everyone from market experts to technologists has expected cryptocurrencies to assume an ever-larger role in the global financial market. One of the main reasons for those great expectations is the blockchain – the distributed ledger technology that powers Bitcoin and its siblings. Then, in 2015, the launch of Ethereum sent those predictions into overdrive.
It happened because Ethereum's blockchain carried several advances over previous iterations, and allowed for smart contracts to perform a variety of new functions within the network. That functionality has keyed the rise of DeFi – or distributed finance – which is now the hottest area of crypto development by far.
But it hasn't been a smooth path to growth. That's because the DeFi space has lacked some significant infrastructure and building blocks to facilitate many of the kinds of transactions that can animate the market. One of those deficiencies lay in a lack of options for businesses requiring peer-to-peer and time-locked transactions on the blockchain – but that's about to come to an end.
Those are the types of transactions that a new DeFi platform, known as TrustSwap, aims to facilitate. It's built from the ground up as a crypto-solution for escrow services, timed payments, and OTC currency swaps. For the first time, crypto developers and investors will be able to execute such transactions via a single fast, simple, and inexpensive platform.
According to CEO and founder Jeff Kirdeikis, the idea for TrustSwap came when he was working on an earlier crypto project that found itself in need of a way to distribute a pool of tokens to venture capital investors over a fixed length of time. It turned out that the only way to make it happen was to pay a hefty fee to a lawyer to execute the payment schedule – there was no existing smart contract solution that could handle that seemingly simple task.
He remarked at the time, "I figured there had to be something already created that implemented this service in a smart-contract, for a fraction of the cost. There wasn't. In fact, there was nothing that allowed for time-based payments at all. No trustless escrow for institutions, no trustless team-token lockups, no automated employee payments... nothing." That's when he decided to do something to fix that glaring deficiency in the market, and TrustSwap was born.
Today, that vision has grown into a maturing set of smart contract tools that are customizable for many general-purpose use cases. The first is TS SmartLock™, a system that provides a crypto option for time or event-based cryptocurrency transactions. It can handle both one-to-one and one-to-many transactions, making it ideal for any time a conditional or repeating crypto transaction is needed. It's so flexible, it can even serve as a payroll service for small businesses in lieu of using a payroll processing firm and costly accounting software.
The second service TrustSwap offers is meant to facilitate peer-to-peer currency swap agreements via a smart contract-based escrow arrangement. The TS SmartSwap™ service makes it possible for users to transfer millions of dollars in assets between parties in a secure, trusted manner, without the high costs that come with the traditional middlemen now used to handle such transactions. And because all parties must agree to the transfer terms before a transaction can happen, neither party ever has to worry about the other side failing to do what they've promised. When all conditions are met, the service moves the funds, with no outside intervention required.
Then there's TS SmartSubscription™, which has the potential to become the most popular and useful feature in the TrustSwap arsenal. Imagine if you could pay for any subscription using cryptocurrencies, such as your favorite streaming services like Netflix and Spotify, or could contribute in crypto to the content creators you love on Patreon. That's what TS SmartSubscription™ aims to make possible – and it does so without the need for an expensive payment processing service. Of all of TrustSwap's best-in-class features, none have as much potential to disrupt the status quo for more people than this.
But TrustSwap doesn't ignore the crypto startup community either. It's also readying two services aimed at making many common crypto-project launch tasks simple and inexpensive. The first, known as TS SmartLaunch™, is a one-stop-shop solution for token presales and other launch-related events. And the second, TS SmartWrap™, allows for the wrapping of any non-Ethereum based assets so that they can interact on the Ethereum blockchain. That means creators can incorporate offline assets or tokens from other chains in their smart contracts, opening up a whole new world of possibilities for development.
And amazingly, these features are just the beginning. TrustSwap has plans to continue to build on their initial feature set, and to partner with other DeFi standouts to bring even more innovation to the market. Their goal is nothing less than to become the foundation for a whole new era of DeFi development, and given their strong start, there's no doubt that they'll get there in short order.
TrustSwap is a DeFi platform built to facilitate a variety of common and useful transaction types on the Ethereum blockchain. By leveraging smart contract technology, it can outperform existing options at a fraction of current costs. The team behind it is an all-star mix of standouts from the world of crypto and mainstream business, with alumni of CoinMarketCap, Hewlett Packard, and Goldman Sachs serving in key advisory roles. Together they're building a new future for the burgeoning DeFi market, one service at a time.
Disclaimer: All investment strategies and investments involve risk of loss. Nothing contained in this article should be construed as investment advice. Any reference to an investment's past or potential performance is not, and should not be construed as, a recommendation or as a guarantee of any specific outcome or profit.
Disclaimer: All investment strategies and investments involve the risk of loss. Nothing contained in this article should be construed as investment advice. Any reference to an investment's past or potential performance is not, and should not be construed as, a recommendation or as a guarantee of any specific outcome or profit.