GameStar.Exchange is a decentralized P2P trading platform created on Polkadot, which supports BTC/ETH/USDT/BNB/DOT cross-chain transactions. 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. Users can convert assets on the chain through P2P transactions while avoiding high transaction fees.
Centralized vs Decentralized:
Centralized 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 explanation or opportunity to resolve.
GameStar allows users to control their own wallets’ private keys through smart contracts, and provides a decentralized asset custody solution. Users do not have to worry about the risk of assets being stolen or frozen.
For P2P transactions, the authenticity of chat and trade data is key. However, in centralized exchanges, this info is stored on a third-party server and there is a risk of data leakage and/or tampering.
GameStar utilizes 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.
The method by which users trade on the GameStar.Exchange platform is different from other exchanges. Unlike centralized exchanges, GameStar itself does not accept deposits or process withdrawals. Unlike traditional OTC service providers, GameStar itself does not hold custody of any user assets as all assets are traded and managed by a decentralized custody mechanism.
If a trade is disputed, it gets resolved by GameStar's proprietary Taurus Fair Arbitration Protocol.
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.
Trade disputes often occur in centralized P2P trades due to the unique idiosyncratic nature of these transactions. After a complaint occurs, in centralized exchanges, customer service will act as an intermediary to handle the complaint. However, with gift cards, game items, or NFT transactions, the customer service may have slow response time due to the subjective nature of the dispute and competing forms of evidence. Processing speed is slow and is often delayed by a week or several weeks. At the same time, misjudgements are very high. That results in a trader losing funds that cannot be recovered.
In order to ensure the rapid response time and fair arbitration, the Taurus Fair Judgement Protocol was developed. This protocol creates a distributed appeals process. Expert nodes have an incentive mechanism to judge disputed transactions quickly and reach a consensus with an immutable decision on the chain. This creates an efficient and safe trading environment for users.
The expert nodes are the most important part of the GameStar arbitration ecosystem. These user nodes can ensure the long-term successful operation of GameStar arbitration management.
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.
Community engagement, influencers:
To further emphasize the importance of community support with the success of GameStar, they are now launching their volunteer as well as KOL initiative programs.
In addition to intensive KOL involvement, GameStar are also seeking to recruit 20 dedicated volunteers from the community to participate in the construction, development and community management of the GameStar global family to promote the development and growth of the GameStar image and brand.
KOL partner targets include independent KOLs, rating agencies as well as community opinion leaders in various industries such as cryptocurrency, DeFi, NFTs, gift cards as well as the gaming industry.
Both KOLs as well as volunteers share similar privileges:
● Participation in the pre-public GMS token sale;
● GameStar's community and platform resource sharing;
● Priority for participating in GameStar's platform activities;
● The added value brought by the community development of the GameStar project;
KOLs will also be able to access high-quality KOL resources to enable a mutually beneficial partnership;
According to the development plan, launch of trading will commence during the third quarter. We expect GameStar to bring us a revolutionary P2P trading experience.
For more information and to join the GameStar family, visit:
Homepage: https://www.gamestar.exchange
Telegram: https://t.me/GamestarExchange
Twitter: https://twitter.com/GameStarCrypto
Facebook: https://bit.ly/3fssUp8
Instagram: https://bit.ly/3opDaCP
Medium: https://medium.com/@GameStarExchange
Steam: https://bit.ly/3wbRNfx