Ever since Bitcoin took off in 2008, everyone from market experts to technologists has expected cryptocurrencies to assume an ever-larger role in the global financial market. One of the main reasons for those great expectations is the blockchain – the distributed ledger technology that powers Bitcoin and its siblings. Then, in 2015, the launch of Ethereum sent those predictions into overdrive(TrustSwap ).
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It happened because Ethereum’s blockchain carried several advances over previous iterations, and allowed for smart contracts to perform a variety of new functions within the network. That functionality has keyed the rise of DeFi – or distributed finance – which is now the hottest area of crypto development by far.
But it hasn’t been a smooth path to growth. That’s because the DeFi space has lacked some significant infrastructure and building blocks to facilitate many of the kinds of transactions that can animate the market. One of those deficiencies lay in a lack of options for businesses requiring peer-to-peer and time-locked transactions on the blockchain – but that’s about to come to an end.
Those are the types of transactions that a new DeFi platform, known as TrustSwap, aims to facilitate. It’s built from the ground up as a crypto-solution for escrow services, timed payments, and OTC currency swaps. For the first time, crypto developers and investors will be able to execute such transactions via a single fast, simple, and inexpensive platform.
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According to CEO and founder Jeff Kirdeikis, the idea for TrustSwap came when he was working on an earlier crypto project that found itself in need of a way to distribute a pool of tokens to venture capital investors over a fixed length of time. It turned out that the only way to make it happen was to pay a hefty fee to a lawyer to execute the payment schedule – there was no existing smart contract solution that could handle that seemingly simple task.
He remarked at the time, “I figured there had to be something already created that implemented this service in a smart-contract, for a fraction of the cost. There wasn’t. In fact, there was nothing that allowed for time-based payments at all. No trustless escrow for institutions, no trustless team-token lockups, no automated employee payments… nothing.” That’s when he decided to do something to fix that glaring deficiency in the market, and TrustSwap was born.
