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.”
Crypto mass adoption will only happen once it's easy to use.
It is now.
The TrustSwap Network now seamlessly connects with nearly every wallet available, including: Metamask, Coinbase Wallet, Coinomi, TrustWallet and many more. pic.twitter.com/WhBD0ImRNm
— TrustSwap (@TrustSwap) August 19, 2020
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