Place/Date: - November 23rd, 2021 at 6:45 pm UTC · 6 min read
Contact: AirCoin Labs, Source: AirCash
Back in the early days of the cryptocurrency industry, digital coins allowed traders to trade anonymously. This is the sole reason why Bitcoin became a go-to solution for hackers and criminals — a period that threatened to take it down a darker path and potentially damage its reputation.
However, while the use of cryptocurrency for illicit purposes is something that certainly shouldn’t be encouraged, it is also unfair to put absolutely every crypto user out there under the spotlight by forcing them to reveal their identity. Unfortunately, this is exactly what happens whenever you try to access a centralized exchange.
As you know, in order to access any crypto exchange and trade on it, one must first register for an account on a crypto exchange, and then verify their identity by filling your a form provided by the exchange. You must reveal your name, location, even the exact address. Some platforms such as online brokerages will even inquire where you got your trading money from.
This is all due to the need to follow the KYC (Know Your Customer) procedure that the regulators do not negotiate about. Either the platform will comply with following the procedure, or it will lose its license and support from the regulators which will crack down on it.
Meanwhile, many out there feel that it is ridiculous that you need KYC to do absolutely anything with your own money. Not only that, but you need to use centralized crypto exchanges to cash in, or cash out. Centralization itself is a part of the traditional financial industry, and as such, its time is at its end.
While DEXes have only become reliable enough as of late, they are growing at an impressive rate, and new and improved solutions such as AirCash continue to emerge and offer alternatives to the current systems.
Dissatisfied with the state of things explained above, AirCash emerged as the first and largest decentralized OTC crypto trading platform in the galaxy. It was imagined as a solution to the mentioned problems with modern-day crypto trading, as it allows traders to buy and sell crypto with fiat money in a decentralized way. As you may know, using decentralized platforms means that traders stay in possession of their private keys, since their funds get to remain in their private wallets, instead of having to be deposited in the exchange’s wallet.
Being in possession of their private keys, traders are the sole managers of their funds, with no one being able to freeze them, block transactions, or anything of the sort.
AirCash was meant to be used by everyday people, so it was designed to be very simple and easy to use. That way, it encourages use instead of intimidating those with less experience. In doing so, it also pushes adoption. By using it, you can buy and sell digital currencies with fiat money in your wallet, and there is no longer the need to go to cryptocurrency exchanges.
Naturally, since it views KYC as a limitation and the core of the problem that invades the traders’ security and privacy, AirCash does not require any identity verification. In fact, it doesn’t even require you to have an account, nor share any of your personal information anywhere. This allows you to buy, sell, and trade digital currencies the way it was always meant to be done — with as much anonymity as one can muster using the internet today.
To say that security and privacy are in danger when using the internet is an understatement. However, traditional institutions and centralized exchanges do not concern themselves with that. Of course, they will do anything in their power to secure your data, but that still leaves it vulnerable and available for theft in case of a breach.
AirCash aims to truly preserve the users’ anonymity, and it does it in the best possible way — by not requesting you to provide any data at all. Traders can make all the deals between themselves, by getting in touch with one another directly through Peer-to-Peer (P2P) messenger. That way, no one will know the details of these deals but the traders participating in the deal.
And, of course, the platform is fully decentralized. All trades done on the platform are taking place on the blockchain, and the project has even created a DAO to ensure decentralized governance.
As mentioned earlier, AirCash is extremely simple to use. All that the platform requires the user to have is their own wallet, and the money for trading or investing. Once you join the platform, you simply connect your anonymous wallet to it, and buying and selling can begin.
In case of a dispute, the platform has something called the Witness mechanism that will deal with the problem, protect the trustworthy traders, and punish the potential scammers. Being an unprejudiced witness will earn 10 million of the project’s native AIR token per each appeal. Meanwhile, one can become a witness automatically after a mortgage of more than 100 billion AIR.
The crypto industry promises change that puts everyone in charge of their own money, but in order for that to be the case, the industry will still have to solve some of its running issues. One example is the fact that it still depends too much on platforms that are centralized, which endangers the funds, privacy, and anonymity of traders. The crypto industry is meant to put the power back in the hands of the people, and not to simply shift it into the hands of different institutions.
This is why platforms like AirCash are so revolutionary, as they will help bring this change and make the crypto industry the way it was imagined by both, the community and Bitcoin’s creator, Satoshi Nakamoto.
AirCash is a product of AirCoin Labs, which is a crypto decentralized autonomous organization(DAO).