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The DeFi service platform TrustSwap has launched a payment product SmartLock for emerging token projects, which can slowly release tokens in decentralization and reduce the significant downside risk of token prices.
TrustSwap, a smart contract service and payment solution DeFi platform, announced the official launch of SmartLock, a time-based cryptocurrency payment product. The TrustSwap platform was initiated by Jeff Kirdeikis , who founded Uptrennd.com, with the goal of solving transaction issues such as subscription payments, split payments, and cross-chain token exchange. TrustSwap is an effective way to pay for service subscriptions. Through TrustSwap, both parties in a transaction can reach a consensus on the safe and timely execution of payments.
TrustSwap provides a full-service DeFi (decentralized finance) platform that allows individuals and organizations to use fully audited custom smart contracts to safely and easily conduct cryptocurrency and digital asset transactions. TrustSwap greatly reduces the need for banks and lawyers, saving time and money through services such as SmartSwap (trustless peer-to-peer transactions), SmartEscrow (trustless escrow) and SmartSubscriptions (time payment). TrustSwap is also ILO Launchpad, which can help new blockchain projects easily integrate into the DeFi ecosystem, while building trust and protecting early investors. Powerful features include SmartLock (team/investor token lock release to prevent fraud) and SmartWrap ( Heterogeneous blockchain assets are packaged as ERC20 tokens). The native token of TrustSwap is a SWAP token based on the Ethereum blockchain.
SmartLock is a customizable smart contract that allows one or more parties to use ETH or any ERC-20 token for decentralized slow-release payments. SmartLock provides a variety of time and event-based functions to achieve safe and reliable peer-to-peer transactions and payments. The SmartLock user interface is simple and easy to use, with a wide range of uses, such as gifts, salary payments, subscription payments, and trust funds. At the same time, the platform is open to developers to participate in project construction and develop more new applications. The main target group of SmartLock is new token projects and token issuance, which can provide teams or early investors with a cost-effective and convenient way to lock positions, release tokens slowly over time, and reduce token prices significantly. Downside risks. Initially SmartLock will be used for Ethereum and ERC-20 tokens, and more currencies will be supported in the future.
“In the future, SmartLock’s functions will continue to expand, such as the speed of token release, time-sensitive repayment, capital allocation process, etc. This will increase the controllability and security of transactions.” Kirdeikis said.
TrustSwap initially operated mainly in North America and the United Kingdom, but as more and more Chinese community members joined, TrustSwap saw an opportunity to expand into the Chinese market. At the public financial conference held on August 28, 2020, TrustSwap made its debut in China, and Jeff Kirdeikis was invited to discuss the development of transactions in the DeFi field and the main features of TrustSwap, including SmartLock.
When asked to compare TrustSwap as a third-party payment platform in the cryptocurrency world with the on-chain version of Alipay, Jeff said: “TrustSwap can be used globally, allowing customized payment schemes, supporting different types of currencies, In the small currency exchange process, there is no need to charge currency exchange fees, and a completely different security solution.” TrustSwap stated that after the introduction of SmartLock, it will begin to implement functions such as TS SmartSubscription.