TrustSwap is Building the Future of DeFi Transactions on the Blockchain

Many of the most exciting new projects currently emerging in the cryptocurrency space are those with a focus on Decentralized Finance (DeFi)  The reason is that many DeFi projects aim to fulfill some of the foundational goals that spurred the development of cryptocurrencies in the first place. Chief among these is the removal of middlemen like big banks, law firms, and governments to streamline financial transactions as much as possible and replace trust in authority figures and 3rd parties with secure blockchain software.

A new crypto ecosystem called TrustSwap is delivering on much of that promise by providing foundational financial tools that enable a variety of one-to-one or one-to-many transactions on the Ethereum blockchain with no third-parties involved. Here's an overview of where TrustSwap came from, what services they provide, and why TrustSwap is going to be a game-changer for the world of DeFi.

The Birth of TrustSwap

To understand what TrustSwap is, it's important to first understand how it came to be. The project began when its founder and CEO Jeff Kirdeikis became involved in a prior crypto-project that had attracted the backing of a venture capital firm. The firm wanted to invest $50,000 in the project by buying a portion of the project's token at a discount below the public sale price. To protect itself, the project's staff insisted that the investor receive their tokens in small increments to prevent them from selling them all at once and crashing the price.

But it turned out that the only way to accomplish that was to engage a lawyer as an intermediary, which came with a significant price tag. What happened next is best told in Jeff's own words. He said, "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.". That's when he realized that there was an untapped financial market hiding in plain sight in the crypto space and decided to start TrustSwap.

What TrustSwap Does

As you might imagine, the first problem that TrustSwap set out to solve was the one that prompted its development: providing a system for time-locked payments using smart contracts to enforce the pre-agreed terms between parties. In short, it's an escrow service that doesn't need to rely on banks and lawyers to do its job. It replaces these traditional intermediaries with a secure, audited smart contract system that sends funds where they belong when they're supposed to arrive. And because it's an automated system, it does so at a minimum cost to end-users.

But escrow services aren't all that TrustSwap provides. They will soon be offering subscription services allowing recurring time-based payments in any Ethereum-based token. That means online service providers, content creators, and education providers can accept cryptocurrencies for subscriptions without surrendering a big chunk of their earnings to payment processing platforms. And the system itself is so flexible that it can even replace 3rd-party payroll services for businesses - which are also notorious for high fees and suspect security.

As if that weren't enough, TrustSwap also offers turnkey services for other crypto-projects with the SmartLaunch Toolkit and the TrustSwap Launchpad. TrustSwap's SmartLock system can be used to manage founder team token locks, provide milestone-based developer payments to protect investors, and even to handle the kind of gradual token release that used to be possible only through manual intervention, often at great cost. Additionally, TrustSwap will soon provide wrapping-as-a-service, which makes it possible for any cryptocurrency to interact on the Ethereum blockchain. That alone is a game-changer that will make it possible for all crypto-developers to take advantage of the Ethereum blockchain's feature set, even if their project is built on another platform. 

DeFi is the hottest area of development in the crypto space today, and with good reason. DeFi projects offer a path to a more decentralized financial system that's ready to supplant the traditional big-stakeholder-dominated legacy market in the near future. But to get there, a whole new infrastructure is necessary to take over many of the nuts-and-bolts functions that make that market tick. TrustSwap is building that infrastructure.

TrustSwap's smart contract services can make doing business in crypto faster, safer, and cheaper than the old legacy systems. And they are only getting started! TrustSwap is an ecosystem that's poised to grow as its developers forge strategic partnerships and add additional feature sets to the platform. But that's not the biggest upside. The real reason that TrustSwap is a game-changer is the fact that it's going to fuel a burst of DeFi innovation by making it easier and cheaper for developers to launch new projects in a way that aligns incentives and promotes investor confidence.

For that, TrustSwap will earn a reputation as both a foundation and a springboard for the future of DeFi. And that's an outcome that's bound to change the world for the better.