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OpenPeer is a decentralised P2P protocol that aims to provide a better alternative to centralised P2P platforms and fiat on/off ramps. Here are the benefits of using OpenPeer.
By allowing users to connect with each other and exchange fiat currency for crypto assets, OpenPeer aims to provide a better alternative to centralized P2P platforms and existing fiat on/off ramps.
Let's face it - we no longer need centralised exchanges to use crypto. We have better self-custody wallets, decentralised exchanges, NFT platforms and more. It's no longer debatable that the best parts of crypto require a Metamask or other self-custody wallet to get involved. But funding your Metamask wallet still requires you to go through a centralised exchange or p2p platform. With OpenPeer you can buy and sell with fiat directly from your wallet removing the need for withdrawal fees, bridging and swapping just to get the token you want.
Centralized platforms can stop withdrawals any time. When you're dealing with centralized platforms, there's always a chance getting locked out of funds. This is simply not possible in OpenPeer, because we are non-custodial, and never have access to your funds.
OpenPeer's decentralised approach eliminates the need for centralized entities to hold user funds and personal data. This reduces the risk of hacks and data breaches, which are common in centralised exchanges. With OpenPeer, users can directly fund their self-custody wallets without interacting with a centralised middleman.
Unlike existing onramp solutions, which are largely limited to developed countries, OpenPeer allows any country to be supported globally by the protocol. Because OpenPeer simply helps two parties connect to make a trade, it can be used in anywhere. This makes it easier for people in developing countries who often need crypto the most to buy and sell.
Most centralised on/off ramps today charge transaction fees of 3% on average. In contrast, OpenPeer doesn’t charge any fees to crypto buyers and only takes a 0.3% fee from sellers. There are also no minimum transaction sizes or fees with OpenPeer making it more accessible to users who intend to trade smaller amounts.
Centralised onramp solutions require you to pay them through expensive and unpopular payment methods like Visa and Mastercard. OpenPeer simply helps you connect with a peer trading on the fiat payment method of your choice. This makes it easier for people to onboard into the crypto economy, particularly those in countries where alternative payment networks are largely the norm.
OpenPeer utilizes decentralised identity and proof of humanity solutions, which allow users to preserve their privacy while still providing a reputation signal to other users that a user is legitimate. This reduces the risk of data breaches and other privacy-related issues that are common in centralised exchanges.
You don't need to pay gas to interact with OpenPeer contracts.
OpenPeer offers a decentralised, global, and low-cost solution for onboarding people into the crypto economy. Its wide range of payment methods, privacy features, and reduced counterparty risk make it an attractive alternative to existing onramp solutions and centralised P2P platforms. As the crypto industry continues to grow, OpenPeer intends to be the default way to trade between fiat currency and crypto.