How GameStar Exchange is Changing The Gift Card Market Forever
The GameStar Exchange is a decentralised, peer to peer or P2P exchange that focuses on becoming a platform to offer gift cards, game items, NFTs or non-fungible tokens, as well as various kinds of DeFi solutions, all under one roof. The decentralised exchange has been built on the Polkadot blockchain; GameStar aims to create an innovative, effective, secure, and rewarding platform for blockchain and virtual asset enthusiasts from all over the world.
What is the GameStar Exchange Platform About?
As we just mentioned, GameStar Exchange is a decentralised, P2P trading platform. The platform hosts several markets, which are the game item market, the NFT trading market, and the gift card market. Users on the GameStar Exchange platform can participate in these aforementioned markets by directly connecting their wallets.
Features of the GameStar Exchange Platform:
The primary aspects of the GameStar Exchange consist of the following:
- Asset Self Custody: As mentioned, users on the GameStar Exchange platform directly connect their wallets to participate in trading in one of the GameStar markets. A smart contract is used on the exchange to host all the transactions. A user on the GameStar Exchange platform manages their own private keys so as to exert full control over their own assets, as well as circumvent the security threats that come with centralized management.
- Multi-Chain Transactions: Due to being based upon the Polkadot ecosystem, the GameStar Exchange platform supports BTC/ETH/BSC cross-chain transactions. Therefore, users on GameStar Exchange can swiftly convert assets while operating on the platform.
- Low Transaction Fees: On GameStar Exchange, users can perform transactions in the markets with minimal transaction fees.
- Encrypted Chat: The GameStar Exchange platform makes use of a chat encryption protocol which is based on the 256-bit symmetric AES encryption, the RSA 2048 encryption, and the Diffie-Hellman secure key exchange protocol. What’s more, the GameStar Exchange platform additionally signs all chat messages with an on-chain private key. This way, all chat messages exchanged on the platform are timestamped, and therefore users can rest assured that the information they exchange through messages on GameStar Exchange do not get intercepted or tampered with.
- The Taurus Protocol: The GameStar Exchange community votes to select a number of decentralised experts on dispute arbitration. When any dispute comes up, a certain number of nodes are randomly selected to review transactions on the Gamestar Exchange blockchain, and a consensus judgment is formed based upon a consensus mechanism. Moreover, the nodes on GameStar Exchange are required to pledge a certain number of tokens when judging one of these disputes on the blockchain. Afterwards, rewards or fines are assigned to nodes on the basis of a review of the results of each transaction. We expect this particular mechanism to ensure an honest and fair operation, as well as solve the problem of asset loss caused by centralised customer service audits and audit errors suffered by traditional peer to peer platforms.
- Light KYC: The light KYC (Know-Your-Customer) process users have to go through on the GameStar Exchange platform reduces the barrier to entry.
- GameStar Exchange DAO (Decentralised Autonomous Organization): The GameStar Exchange is slated to release a fully functional DAO soon. The GameStar management team has plans to gradually give up their rights to manage the GameStar Exchange platform over time, and transfer all legal titles and ownership to the DAO and the GameStar community for decision making. This DAO governance will serve to protect the integrity of the GameStar Exchange platform.
- The GMS Token: The GMS token is the native token of GameStar Exchange. The token incentivises community growth and rewards loyal users, as well as discouraging fraud. GMS tokens are further used to incentivise platform mining, as transaction rewards, and referral rewards. You can learn more about the GMS token here.
The Gift Card Market on GameStar Exchange:
As mentioned before, one of the GameStar Exchange platform’s primary three markets is its gift card market. GameStar Exchange offers peer to peer crypto and gift card transactions for users across the world. Exchanging gift cards on GameStar Exchange is an easy enough procedure, and comes with a range of unique benefits, namely:
- Custody of the gift cards is decentralised on the users’ personal wallets.
- Transactions on the GameStar Exchange platform are simply initiated and swiftly executed.
- Along with being optimised for fast trading of gift cards, GameStar Exchange comes with a fair adjudication process for disputed trades.
- As mentioned before, nodes on the GameStar Exchange platform are rewarded for their right decisions, but they are also penalised for any wrong decisions. Therefore, trading on GameStar Exchange’s gift card market comes with fewer risks.
- Token rewards on the GameStar Exchange platform dissuade fraudulent transactions. Since no PayPal/ bank wire/ CashApp/ credit card chargebacks are facilitated, the chances of fraud on GameStar Exchange are lowered hugely and the platform is rendered safer.
- The appeals process is fair and efficient.
- The transaction fees for trading gift cards and digital assets on GameStar Exchange are minimal.
- The GameStar Exchange utility token, GMS, can be used to pay transaction fees on the platform. In fact, traders paying transaction charges with GMS instead of BTC or BUSD will pay a reduced amount- for those using GMS, trading fees are reduced by 25%.
- The KYC process on the GameStar Exchange platform is simple and quickly completed.
In conclusion, gift card trades on GameStar Exchange come with a number of unique features, as well as substantial benefits. You can find out about the other GameStar markets, and keep up to date with GameStar Exchange’s progress and updates through our website, as well as our social media profiles on Twitter, Telegram, Medium, Instagram, Facebook, and Github.