The exchange protocol, called AirSwap Trader, is available in the beta version. Both parties must connect to a wallet, configure the details and then share the link.
The decentralized platform AirSwap, a trade network driven by the Ethereum platform, launched a new tool called AirSwap Trader. With this exchange protocol, 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 transactions to be conducted through smart contracts. According to a recent publication by AirSwap, these constitute a large part of global cryptocurrency transactions.
The AirSwap Trader exchange protocol, currently available in the beta version, is decentralized and has an “automated escrow,” which can be used to trade crypto assets on the Ethereum Network. Among the advantages of this system is the fact that the exchange of tokens is made from wallet to wallet, whilst the platform is responsible for the escrow. The tokens never leave the wallet until the exchange is verified, in accordance with 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), True USD (TUSD), standard token Paxos (PAX), Metronome (MET) and DAI, among others.
Decentralized and Secure Trade
AirSwap ensures that peer-to-peer (P2P) trading is secure with its new tool, since transactions are explicitly recognized by the parties and allowed by users, through the use of their wallets. Both sidesPARTIES should use wallets based on browsers such as MetaMask, a website like Portis, or a cold wallet like Ledger, as noted.
It is clarified that the company does not work with listings or lodge orders. Besides, transactions are conducted without records, deposits, or fees. Once the price has been established, the parties go to AirSwap Trader to start the transaction, connect to a wallet, configure the details and share the link.
The startup states that users or traders will never send personal information, nor will they put their identity at risk on third-party servers, as each wallet is expected to retain control of its cryptocurrencies until the exchange is confirmed. They explain that the code itself is verified in Etherscan, where it can be seen exactly how the transaction is executed on the Ethereum Network.
In this way, based on what its “White Paper” raises, the firm intends to establish itself in a business that is run without intermediaries. It then ensures that the price and the amount traded in AirSwap Trader are established by the bidder and accepted or rejected by the buyer.
The platform also promises that, even without a defined counterpart prepared on the other side, a transaction can be created and the link can be shared publicly, with friendly previews on the social networks that show the transaction.
AirSwap is a decentralized platform that was launched 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. However, it cannot be denied that it is a reality that is growing steadily.
By Willmen Blanco
