With the proliferation of cyptocurrencies in circulation today it’s inevitable that a user may need to exchange one cryptocurrency for another. We see this most commonly when a service provider may accept a limited number of currencies and in some cases we see a system only able to transact with its own currency. In these situations users often need to make an exchange from one currency to another; the exchange is not of a speculative nature but simply one of practicality.
To date, the most common way to exchange crypto for crypto is to buy and sell on an exchange. Exchanges may be centralized (such as Coinbase or Robinhood) or decentralized where transactions are conducted ‘peer-to-peer’. In the case of a centralized exchange, users must have a level of trust in the exchange, specifically given that these exchanges have been prone to attacks by bad actors or mismanagement of users’ assets. Further, every exchange transaction that is swapping one crypto for another incurs fees and spread across buy/sell prices, it’s not possible to be assured of a value:value swap between two cryptocurrencies. To date, even making an exchange like this has speculative attributes, EZ SmartSwap removed this characteristic from the swap.
The Element Zero Smart Swap functionality is a Peer-to-Community solution to this problem; providing users with an affordable, trustless way to exchange one cryptocurrency for another cryptocurrency without the need to surrender their coin to an exchange hot wallet or be concerned with market volatility to prevent losses. Furthermore, the users are guaranteed to have an exact face value to face value match, making a crypto-to-crypto swap precise, low risk and 100% fee-free. Users need not be concerned with opening accounts, loss of value due to volatility and with no spread or fees, it’s a clean and elegant solution to what until now, has been a something that has layers of complexity. Read more on Element Zero's innovative stability-based protocol that proves key to securing value.