Categories: Blockchain

TrustSwap: An evolutionary milestone for DeFi ecosystem

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TrustSwap is an up and rising decentralized finance (DeFi) ecosystem that is being dubbed as the “next evolution.”

The platform offers a “trustless decentralized escrow service,” per Boxmining, introducing timed split payment and other smart-contract services. The goal of TrustSwap is to simplify transactions between people and/or organizations, by eliminating middlemen or third-party intermediaries.

TrustSwap grew into existence after figuring out a way to eliminate a middleman to handle secured split payments from two parties—the company and a venture capitalist firm, to cut costs. CEO Jeff Kirdeikis, says:

“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. Infact, 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.”

Hence the birth of TrustSwap in June 2020.

The values that TrustSwap offers

The company will be offering a “foundational DeFi layer” that is expected to be a big leaping step to financial transactions. The goal of the company is to provide the following values:

  • Ease of use
  • Immediate applicable tools
  • No middleman
  • Trustworthy solutions

Amid the rise of crypto scams and the like, looking for the right platform is as meticulous as buying a house—all the while cutting down on the traditional five to 10% fees on third-party intermediaries.

Products and services offered

TrustSwap will aim for cross-chain integration, but it’ll be for its Phase Two products. For Phase One, all products are “fully ERC-20 and Ethereum compatible.”

These products are:

  • TS SmartLock™ – Initially, this feature will be made available between Ethereum and/or any ERC-20 token. Nevertheless, all other stablecoins will be added at a later point in time. This feature will allow “It will enable multiple parties to enter into a smart contract agreement and set certain payment parameters.”
  • TS SmartSwap™ – With this, parties will be able to enter into a reliable and secured smart contract agreements for OTC exchange, without the need for middlemen.
  • TS SmartSubscription™ – This feature is set for customers with recurring crypto payments.
  • TS SmartLaunch™ & SmartWrap™ – There a many plans set out for this feature, all of which will be of handling secure and reliable low-cost solutions for token issuers, such as setting up OTC parameters, no pump-and-dump scheme, and price manipulation. This also includes the Wrapping as a Service (WaaS) through SmartWrap™.

Currently, TrustSwap has just expanded in Japan and is set to explore South Korea and China next.

Featured image courtesy of TrustSwap/Twitter

Justine Uy

Justine Uy is a graphic artist turned content writer. New discoveries in technology and research fascinate her, while the gaming world is her addiction.

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