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Hackernoon logoHere's What DeFi-led Future of Crypto Payments And Escrow Will Look Like by@trustswap

Here's What DeFi-led Future of Crypto Payments And Escrow Will Look Like

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@trustswapTrustSwap

TrustSwap is a foundational layer in DeFi, enabling safe, and customizable transactions for the global crypto ecosystem.

Back in 2015, the launch of Ethereum heralded a brand new day in the world of cryptocurrencies. It wasn't because people believed that it would displace Bitcoin as the dominant cryptocurrency. It was because of the major advances that the Ethereum blockchain introduced to the industry.

The most important among those changes was the introduction of smart contracts that could execute on the blockchain. That made Ethereum a platform with infinite development possibilities. But to date, most developers have tried to use it as a launchpad to create moonshot projects – often with mixed results.

But we at TrustSwap have a different mission. We're building a DeFi platform designed to enable some of the most basic – and necessary – crypto transaction types there are.

We want to make it simple for crypto holders, businesses, and creators to use cryptocurrencies to their fullest extent. We believe that this is necessary for cryptocurrencies to finally fulfill their potential as the financial instruments of the future.

The Origin of TrustSwap

The idea that would become TrustSwap has its origins in an earlier crypto venture. It happened when our founder and CEO Jeff Kirdeikis found himself working on a project that had attracted the attention of a venture capital firm. That firm wanted to invest in the crypto company by purchasing some of the project's tokens, to the tune of $50,000.

The project's members insisted that the purchase take place in small, measured quantities – so that the investor couldn't harm the project by selling off their new holdings all at once. But when they went looking for a crypto platform that could handle such a transaction, they couldn't find one.

According to Kirdeikis,

"I figured there had to be something already created that implemented this service in a smart-contract … 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."

Instead, the crypto venture had no choice but to engage the services of a lawyer to act as a trusted middleman who could execute the terms of the transaction. Many months and thousands of dollars in fees later, Kirdeikis resolved to make sure that nobody ever had to settle for such an expensive and inefficient transaction process again. And TrustSwap was his solution.

What TrustSwap Does

True to its origins, one of TrustSwap's flagship services is called TS SmartSwap™. It's a smart contract-powered escrow system built to facilitate high-volume OTC asset swaps between parties. It's the solution to the very problem that led to TrustSwap's founding.

Using the service, any of the VCs that push millions of dollars a day into crypto projects could do so with no expensive third-party middleman. All that's required is for both parties to agree on the terms of the exchange, and SmartSwap™ executes those terms with no further intervention for a fraction of the cost of a law firm.

If that were all TrustSwap could do, it would still be a quantum leap forward for the world of crypto. But TrustSwap can do more. Much more.

The second major service offering from the TrustSwap platform is called TS SmartLock™. It's an asset transfer system that enables payments on a time or event-based schedule.

It can accommodate both one-to-one and one-to-many transactions, making it a flexible and efficient solution for a variety of use cases. It can, for example, serve as a payroll system for businesses wishing to pay employees in cryptocurrencies.

It can also allow businesses to pay contractors using performance-based metrics that release funds as certain milestones are reached. In short, anytime you need repeating or conditional payments - SmartLock™ can make it happen however you need it to.

TrustSwap's third main service – which might be its most important contribution to the cryptocurrency payment ecosystem – is called TS SmartSubscription™.

In the simplest terms, it's the crypto equivalent of a traditional service subscription system. It makes it simple for service and content providers to add recurring cryptocurrency-paid subscription services to any website using its built-in API.

It's designed to enable a future where users can pay for their favorite services – things like Netflix, Spotify, and countless others – using the cryptocurrency of their choice. It has the potential to open up a multi-billion-dollar market for crypto payments – disrupting the status quo in digital payment processing.

But TrustSwap hasn't forgotten its roots, either. It also features several services aimed at crypto-startups and other early-stage businesses. Through the platform's TS SmartLaunch™ services, budding crypto projects can access a variety of useful features including automated pre-sales management, token locks, liquidity locks, and initial marketing support.

Also, coming soon, the TS SmartWrap™ service will allow users to wrap non-Ethereum assets to make them usable on Ethereum's blockchain. That will make it possible for developers to merge multi-chain crypto-assets and even traditional financial products into a single, compatible platform. The possibilities are endless.

And TrustSwap isn't developing all of these useful services for nothing. It's for the benefit of users and businesses alike. Already, three crypto-projects have used TrustSwap's Launchpad to manage their trusted coin offerings (TCO), all with great results.

All three – Chaingames, MobiePay, and AuBit – have proven that TrustSwap has the power and the feature set to become the premier springboard to DeFi success.

And the best news of all is that what TrustSwap has built so far is just the beginning. In the coming months, we'll be announcing even more services, integrations, and upgrades to make TrustSwap even more flexible and functional. We're not going to rest on the laurels of our accomplishments so far.

We're not going to stop until everyone in the DeFi world and beyond knows that TrustSwap is a force to be reckoned with – and a crucial pillar of the world's financial future.

So, come along with us. That future is waiting.

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