Creating a Reputation Based Global P2P On-Ramp for Ethereum (ETH)
The fundamental ethos of decentralized cryptocurrencies is to give individuals the ability to take back charge of their finances and future. With impending regulatory backlash working against this dream, and many P2P facilitators like LocalBitcoin giving in to the fear, Dether promises a new way of accessing the new age of financial innovation with a fast, trustworthy on-ramp for ether.
Changing the P2P Landscape
After migrating from testnet to mainnet in 2018, Dether has expanded its range of supported countries to over 140. This cash to ETH facilitation is quite possibly taken one notch above considering there is no transaction fee taken by the company.
Dether has announced the launch of its stable release. As the definitive version of the Dether app, it offers greater efficiency for buying and selling Ether and ERC-20 tokens.
The main value proposition is the ability to trade almost any fiat currency for ETH in a verifiable manner. You can choose to meet up with the other party to exchange hard cash for ETH. Moreover, this service is not limited to ETH; anyone using the platform can also exchange the accepted variety of ERC-20 tokens.
If you live in a country with a robust cryptocurrency ecosystem and have no problems accessing this new financial system, you might be wondering why this even matters.
Consider the perspective of people living in countries with strict capital regulations or horrid economic conditions. Moving from hyperinflationary fiat to a disinflationary cryptocurrency will help them secure value in the long term.
People living in Africa, Asia, and Latin America, with no access to proper cryptocurrency exchanges can find solace in P2P marketplaces like Dether. In countries like Cuba, people are resorting to complex and fallible processes to trade their fiat for cryptocurrency.
The beauty of the concept lies in the fact that Dether acts as nothing but a facilitator. People in the countries themselves end up organizing the market, and this is why it is a truly free peer-to-peer market mechanism.
How to Use Dether
Dether is a fairly simple to use; all you need is a smartphone with Chrome on Android, or Safari on iOS.. Luckily, these browsers are inbuilt on their respective platforms.
The process of purchasing cryptocurrency has been simplified by Dether through a robust P2P mechanism. The lack of fees visibly set it apart from any other exchange that exists today.
Users need to log on to Dether and enter their region or address. If a user is buying ETH, this is the first step, but if they are selling ETH, they will need to fund their Dether wallet first with some ETH.
Next, they’ll find sellers/buyers (depending on what they’re looking for) that are close to them. Using the in-built chat feature, the seller and buyer can organize how to conduct the transactions.
Obviously, the safest way is to do it in person to ensure the funds are exchanged without any fraud occurring. This is highly efficient with Ethereum if a relatively healthy gas fee is chosen, as confirmation will happen in seconds.
In-person transactions for Bitcoin take time because of the clog in the mempool and long block times. This is why Dether exclusively deals in ETH and ERC-20 tokens, which have significantly faster on-chain confirmation.
The best part of all: no registration process, email, or phone number verification needed. This is true P2P trading available at your fingertips.
The Vitality of P2P Markets
Hamid Benyahia, a co-founder of Dether, is bullish on the future prospects for the platform.
The newly released Dether app represents a unique opportunity in the crypto space for individuals to access an ether onramp that gives them the greatest amount of control possible over where and how they buy and sell crypto
Dether is helping propel the P2P game to a different level. They have integrated Uniswap as a liquidity provider for the new version of the app. This in itself will bring a wealth of benefits to users.
By deploying Dether on a set of smart contracts, users can be, more or less, assured of decentralization and this on-ramp can be integrated by other dApps in the space.
Countries like India that are attempting to impose a blanket ban on digital currencies will end up destroying the cryptocurrency startups within their jurisdiction. This will leave users with no place that serves as an on/off ramp for fiat to crypto.
Platforms like LocalBitcoin and Dether will help users in these regions organize themselves to form a robust free market.
Bitcoin, itself, is a P2P value transfer protocol that is built on a decentralized network architecture – or blockchain. The very premise of P2P is a core necessity for the decentralization revolution to come into fruition.