Gamestar is a Polkadot-based peer-to-peer exchange, giving us true interoperability – and the ability to manage any type of crypto asset on any blockchain. The number of decentralized exchanges (DEX) has doubled between early 2019 and today. The platform uses a unique dispute resolution system, which ensures fair and uniform dispute resolution, and it is also a platform designed with the gaming community in mind. This is a partnership with Gamerse, which is positioning itself to become the home of NFT and the metaverse economy.
The world’s first decentralized P2P trading platform
During the early years of the cryptocurrency revolution, centralized exchanges (CEX) offered crypto owners the only easy way to buy, sell, and trade their assets. But it didn’t take long for CEXs to become a target for hackers and crooks, resulting in millions of dollars in combined asset losses.
Soon the crypto community recognized the growing problems within CEXs and began to design a new approach to trading. And that’s what led to the proliferation of Decentralized Exchanges (DEX), which took gatekeepers out of the equation and put control back into the hands of asset owners. And they’ve proven to be hugely popular, with the number of DEXs doubling between early 2019 and today.
But the first generation of DEX had a weakness. These are single chain solutions, which limit the variety and types of crypto assets they manage. And that’s one of the reasons we built Gamestar. It is a Polkadot-based peer-to-peer exchange, giving us true interoperability – and the ability to manage any type of crypto asset on any blockchain. Here’s a bit of what we’re doing with this capability, and some of the latest announcements on what’s to come.
What does Gamestar do?
Gamestar is a peer-to-peer exchange that allows users to easily buy, sell, and trade crypto assets. And because we can accommodate multiple types of assets, our users don’t face the same limitations as on other platforms. We’ve used this flexibility to bring three of the biggest parts of the crypto universe together under one roof: BTC / ETH / BSC token transfers, access to the DeFi project, and NFT sales and trading. In short, if it is a crypto asset, you can use Gamestar to transact in it.
But that’s not the only thing that sets us apart from previous peer-to-peer solutions. As our name suggests, we are also a platform designed for the gaming community. Using Gamestar, players can buy and sell items and currencies from their favorite games, or even purchase CD keys from people all over the world. And, they can also redeem gift cards. And because our platform uses a unique dispute resolution system, users don’t have to worry about losing their assets in the process.
The Taurus protocol
On traditional centralized exchanges, transactional disputes can become a minefield for users. This is because their customer service response is often slow and inefficient. And on top of that, because crypto trade disputes aren’t always black and white matters, CEXs have a reputation for making unfair and irreversible decisions. And it can cost users a lot of money if they are unlucky enough to be on the wrong side of bad judgment.
But at Gamestar, dispute arbitration is handled by expert users with a genuine interest in getting things right. The system is called the Taurus Protocol, and it guarantees fair and uniform dispute resolution. By virtue of it, the shortlisted expert node operators have access to the full history of a disputed transaction – attachments, discussion transcripts and any other relevant data. They can also ask the participants for any additional information they deem relevant to the dispute.
After examining the dispute, the expert nodes render a judgment. And whatever their consensus decision, it holds. But that’s not what makes the system fair. To participate as an expert, node operators must wager a certain number of GMS tokens native to our platform. And any judge who shows bias by repeatedly voting against the consensus will face fines, while those who vote with the consensus will receive mining rewards and reduced platform transaction fees.
Our latest developments
We have worked hard to develop the main components of the Gamestar platform, and we are making excellent progress. But there have been some great developments that we are happy to be able to share with the community. The first is the launch of our staking system. By using it, anyone who wishes can pair their GME tokens with BUSD to participate in our liquidity staking program. Those who participate can earn significant returns in the form of additional GMEs in return for their support.
And we’re also happy to announce that we’ve partnered with Gamerse, which is positioning itself to become the home of NFT and the metaverse social economy. Their audience is a natural fit for us as we share an interest in the gaming community. We hope that the Gamerse community and ours will soon be one and the same, helping to jointly facilitate and nurture the growing crypto gaming and NFT markets.
What’s next for Gamestar
While we are pleased with the progress we have made so far, we know that we still have a long way to go before we can fulfill our mission. And we’re excited to take our next step towards that goal. That’s why we’re happy to announce that our platform will go live for user testing this month. This is a major milestone on the path we are heading towards, and we hope our community will participate.
And as we move forward, we will remain committed to becoming the go-to decentralized trading platform for crypto and gaming assets of all kinds. This is something we know is lacking in the market and we are going to make it a reality. We hope you will join us as we do.