Understanding GameStar Exchange: A Detailed Overview
As per the current trends, there’s no doubt that the future of trading is decentralised. With unmatched benefits, decentralised exchanges eliminate the need for intermediaries while offering total control and unparalleled anonymity. However, can a decentralised exchange promise you protected transactions while eradicating risks of data leakage and tampering? Well, GameStar Exchange is here to introduce you to just that.
GameStar Exchange is the world’s leading decentralised P2P trading platform for gift cards, game items, and NFTs. Built on Polkadot, GameStar Exchange supports cross-chain (BTC/ETH/USDT/BNB/DOT) transactions and is a modern stretch on conventional peer-to-peer (P2P) trading for global digital asset enthusiasts. With a promise to provide more services and transaction capabilities shortly, GameStar Exchange’s DeFi engine ensures increased community engagement, streamlined trading, and reduced fraud.
The Centralised P2P Predicament
The rapid development of DeFi and the immense profitability potential of cryptocurrency have led to a rising interest in P2P marketplaces. Peer-to-Peer transactions allow users to convert assets on the chain while avoiding high transaction fees.
While most P2P services are secure, the risks involved when sending money online on a centralised exchange are significant. Whether you accidentally send money to the wrong user or you risk becoming the victim of a data breach, several issues can arise. That’s not all! Some other problems include:
- Transaction disputes are tedious and cumbersome.
- Banning accounts without prior warning.
- Freezing of traders’ assets with no option to de-thaw them.
- High transaction fees are high, with Paxful’s fees ranging from 3%–5%.
- No dedicated and prompt grievance redressal forum.
- The user experience takes the first beating.
- Using third-party servers to store information makes it vulnerable to various risks.
- High GAS fees on NFT transactions.
This is where GameStar Exchange comes into play. As a decentralised P2P trading platform, GameStar Exchange provides a respite to traders from the issues mentioned above.
Benefits of Being a Decentralised Exchange
The concept of using online third-party databases is a plague to critical user data and its safety. Deloitte, Uber, Dropbox, Equifax, LinkedIn, Docusign, OneLogin, BlueCross Blue Shield, Verizon, and the SEC are just a few companies whose cloud databases have been compromised to information breaches and hacking.
What decentralised exchanges do is eliminate the possibility of hacks since there is no centralised cloud database hovering over users’ private data. By definition, decentralised exchanges do not necessitate authentication. Anyone can trade without first logging in or creating a profile. So, there wouldn’t be any social security number or ID to steal!
Decentralised exchanges like GameStar Exchange authorise peer-to-peer trading by using automated smart contracts to carry out trades without a liaison. Like any other blockchain application, a public ledger provides complete transparency to all traders in the ecosystem, with sellers interacting directly with buyers. That’s just the tip of the iceberg!
GameStar Exchange exercises an open chat protocol to accomplish end-to-end encryption of chat messages. It is based on 256-bit symmetric AES encryption, RSA 2048 encryption, and the Diffie-Hellman secure key exchange protocol. Concurrently, GameStar Exchange assigns a private key to all chat messages, which only the users hold the right to. Additionally, GameStar Exchange also adds timestamps to the blockchain to ensure complete opacity.
GameStar Exchange: Fueling A New Decentralised Economy For Digital Enthusiasts
There is an immense possibility of a future demand surge for in-game items. Currently, experts value the video gaming industry over $162 billion, with this number expected to increase to $295 in the next five years. With games like Axie Infinity taking the world by storm, in-game items have gained relevance like never before.
GameStar Exchange aims to fuel the gaming ecosystem further by allowing the transferability and ownership of digital items as NFTs. There are limitless possibilities of combining this very architecture to the metaverse where demand, supply and general interest is and will be very high. For example, Meta, formerly known as Facebook, went on a major rebranding spree to keep its market consistent with the metaverse’s possibilities. GameStar Exchange wishes to provide adequate space to all its traders, not just in the “real-verse” but also the “metaverse.”
GameStar Exchange’s Offerings
GameStar Exchange is changing the game in the P2P and DeFi spaces with its unique offerings by incorporating a Polkadot+DeFi+P2P model. This allows it to integrate the gigantic markets of gift cards and game items into a seamless ecosystem to provide you with an impeccable experience. That being said, let’s look at some of the major offerings of the exchange:
- Gift Card Market
GameStar Exchange offers P2P cryptocurrency and gift card transactions for global users. The gift card market on the DEX is optimised for fast trading with simple transactions and low fees. Moderators are rewarded for correct decisions and penalised for wrong ones. All the disputes are settled with a strict adjudication process, making it fair and efficient.
- Game Item Market
In the game item market on the GameStar Exchange, users can buy game items, game currencies like gold, diamonds or battle points and CD keys using a decentralised crypto wallet. The prices of all in-game items on the DEX are fair and low, with an efficient asset flow like none other.
- NFTs and Metaverse Market
Besides the gift card and game item market, GameStar Exchange also has an exclusive NFT and metaverse market primarily catering to gamers across the globe. Artists or game developers can publish auction information for collections, and collectors can advertise needs and sell corresponding work. All creations and transactions of artists and collectors on the platform will be rewarded with mining incentives. GameStar Exchange guarantees asset safety and allows two-way trading in the NFT and Metaverse market.
What GameStar Exchange Does Differently: Settling Trade Disputes
Trade disputes often occur in centralised exchanges and are dealt with by their customer service acting as an intermediary. Disputes regarding gift cards, gaming items, and NFTs are subjective. Hence, they aren’t paid much attention to because of the tedious and mandatory completion of evidence forms. This might result in a slow rescue and delayed responses.
GameStar Exchange, being decentralised, does not hold custody of users’ assets or private keys to ensure the security of users’ assets. Instead, GameStar Exchange came up with the Taurus Fair Judgment Protocol to ensure rapid response to disputes and just interceding.
Via this protocol, GameStar Exchange allows competent nodes to have an incentive contraption to judge disputed transactions quickly and promise fair arbitration. This creates an efficient and safe trading environment for users. The decentralised Taurus appeal protocol mitigates and dissuades scams while incentivising users simultaneously with GMS, GameStar Exchange’s native token.
What is GMS?
GMS is the utility token powering this revolutionary decentralised P2P platform. It pumps life into the DEX, offering a multidimensional use case to almost every stakeholder. The token has immense utility across the platform and is destined to gain more significance as the GameStar Exchange’s community grows. GMS infuses the all-important liquidity for the platform, its operator, and investors. With its effective tokenomics and sound economic offerings, GMS ensures there isn’t any cause for liquidity crunch within the ecosystem.
Let us look at some of the most plausible reasons why it makes excellent sense to stake $GMS tokens and gain massive rewards in return.
- Users incur less fees when they trade using $GMS.
- GMS powers the Taurus Protocol.
- As a governance token, GMS provides voting power in DAO governance.
- $GMS acts as collateral to grant traders to trade a specific kind of asset.
GameStar Exchange is breaking into the DeFi scene with a bang, especially with its revolutionary and secure P2P trading prospect. The platform has seen some massive upside rally in community adoption, with its recently concluded staking program.
From data protection and lower transaction fees to eradicating the already repulsive ideas of go-betweens and intermediaries, GameStar Exchange quite literally proves to be a game-changer in the world of trading. Additionally, its unique gift cards market, in addition to the game item, metaverse and NFT ones, is a step towards providing inclusion for everyone across the globe.
If you find yourself aligned with the revolutionary ideas that the GameStar Exchange provides a platform to, don’t forget to follow them on Twitter. For more information, feel free to check out the other social media handles! There are many more exciting contests and announcements coming your way!