GameStar is a decentralised P2P trading platform created on Polkadot. It is a cryptocurrency exchange with gift cards, games items, game currency and NFTs for P2P transactions. Over time, it will provide more services and transaction capabilities around these massive markets. It builds on traditional P2P exchange markets, building a powerful DeFi engine for further community engagement, streamlined trading, reduced fraud and better incentives.
Centralised P2P platforms host user funds, control all permissions, capabilities and private keys of the accounts. Users must follow and trust the management of the platform 100%. However, these platforms often have serious management problems such as investigations, fraud or simply unexplained policies. Accounts are frozen indefinitely without clear explanations or resolution opportunities.
GameStar allows users to control their own wallets’ private keys through smart contracts and provides a decentralised asset custody solution. Users do not have to worry about the risk of assets being stolen or frozen.
On-Chain Encrypted Trading
For P2P transactions, the authenticity of chat and trade data is key. However, in centralised exchanges, this info is stored on a third-party server and there is a risk of data leakage and/or tampering.
GameStar utilises an open chat protocol, based on 256-bit symmetric AES encryption, RSA 2048 encryption and the Diffie-Hellman secure key exchange protocol that results in end-to-end encryption of chat messages. At the same time, GameStar signs all chat messages with a private key and timestamps which go on-chain to ensure that the information is not tampered with.
Taurus Fair Arbitration Protocol
In traditional P2P transactions when there is a trade dispute, the platform will act as a third party to handle the appeal. Often, due to subjective factors, this dispute is not judged fairly or in a timely manner. That results in loss of credibility for the platform, fraud and/or lost time. Misjudgments or delays end up hurting all parties.
GameStar has created the Taurus Fair Arbitration Protocol. It is a mechanism that creates fair and timely judgments by third parties on disputes. It provides a distributed appeal process to expert nodes on the chain. They can review and judge the transactions to reach a consensus, then issue a final judgment.
When there is a transaction dispute, the appeal’s expert nodes will be introduced according to the protocol algorithm rules. According to the majority judgment of the nodes, the final arbitration result will be given according to the protocol consensus mechanism. Nodes that are in agreement with the consensus will be rewarded, and nodes with delayed or incorrect results will be fined.
Polkadot Cross-chain Transactions
GameStar will first be deployed on Polkadot, which supports BTC/ETH/USDT cross-chain transactions. Users can convert assets on the chain through P2P transactions while avoiding high transaction fees.
According to the development plan, launch of trading will commence during the third quarter of 2021. We expect GameStar to bring us a revolutionary P2P trading experience.
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