The Latest Project From Jeff Kirdeikis
was surprised to find out that TrustSwap is the first project to offer time-based payments. Such an essential service in the world of payments and yet nobody has ventured into the space. You may recognize the name "Jeff Kirdeikis", he is the founder and CEO of Uptrennd. I am not the biggest fan of Uptrennd, it's an admirable idea but still needs some tweaking in my opinion. Anyway, that's just my 2c worth, let's get back to TrustSwap.
I think Jeff could have hit the nail on the head with this one though. SWAP has only been trading for approximately 6 days or so and is already up a few hundred percent!
From $0.05 to $0.28 in 7 days, now that's impressive. Will be interesting to see where this price goes in the coming weeks.
Execute Safe Trades With Unknown Parties
TrustSwap enables users to execute safe, trustless transactions between themselves and unknown parties without the risk of being scammed. Both parties set up and agree to the terms of the trade beforehand. Once the terms have been agreed upon, each side can then fund the smart contract.
Once both parties have deposited the agreed amount, the trade will execute instantly. The contract is obviously dormant until both sides have been funded, so their is zero risk of being scammed.
Automated Payments For Staff & Contractors
Say you are a business owner with staff to pay on a monthly or weekly basis, TrustSwap simplifies the tedious chore of preparing and allocating wages. Now you can simply set up a smart contract to pay employees timeously. Simply set the date and time for the payments to be sent and they will be automatically executed on the exact date and time specified in the smart contract!
This is only truly beneficial for employees receiving a set salary. Staff who are working random hours and shifts will obviously be receiving a different salary every month, which becomes more challenging to automate.
Subscriptions & Other Services
This is where TrustSwap is also very handy and lends itself perfectly to simplify ongoing monthly payments. Automate your payments to an ongoing website or service subscription. Along with removing the hassle, is the peace of mind that you are not going to forget about a payment. Missing a payment could ultimately result in you losing the service or being charged additional fees.
Phase 2
TrustSwap aims to provide a wrapping service whereby any token on any blockchain can be swapped to an ERC20 token with a 1:1 ratio. Bitcoin can also be wrapped on an ERC20 token at 1:1 ratio, which is already being done on Ethereum. TrustSwap aims to introduce the mainstream to the wrapping of tokens and ultimately providing better liquidity.
Useful Links
Right. Trust swap could be challenging when used for salaries. But it's perfect for subscription because it has a set price. I like the idea of this Trustswap thing.