As part of an open-source blockchain technology project, a smart contract has been launched that provides atomic exchanges between fiat currencies and cryptocurrencies.
Nimiq says that the OASIS protocol means that anyone unfamiliar with the cryptocurrency world can create a standalone wallet and buy NIM and BTC directly from their bank account in just five minutes. No registration or installation is required and the commission is only 1.25%. Other cryptocurrencies are expected to be supported in the future, including Ether and Litecoin.
The project was created with the crystal clear goal of making cryptocurrency easy and affordable for everyone – and it has been working on this new feature for two years now.
According to Nimiq, the friction over buying and selling digital assets has prevented the adoption of cryptocurrencies … since then.
Although OASIS is currently in public beta testing, the project says that users do not risk losing their money, which means that the technology is completely safe. While the job is currently focused on buying cryptocurrencies, users will be free to sell their digital assets in the coming weeks.
Nimiq states that the partnership with the German bank TEN31 means that OASIS supports euro transactions from any bank account with immediate SEPA functions. And the project is still there – it is already planning to integrate with a payment service provider in Costa Rica, as it begins to penetrate Latin America. At one point, the goal of the Nimiq Team was to expand OASIS to all major currencies.
First of all, the transactions were set at a maximum of $ 500 (around 400 euros) – up to a maximum of $ 1000 (around 800 euros) on a rolling basis over a period of 30 days. Hopefully these limits will be increased in the not too distant future, but larger transactions can lead to KYC checks.
“Although greater support for switching is certainly on our roadmap, we believe that the current restrictions allow most people to participate in the cryptocurrency,” Nimiq explained.
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OASIS is supplemented with Fastspot service and technology that Nimiq has created to provide liquidity to stock exchanges, so that users can buy cryptocurrency immediately.
Bold plans for the future
Soon, any company will be able to integrate the Fastspot API, which will give it the “easiest, fastest, safest, most decentralized and possibly the cheapest way to buy and sell.”
Nimiq’s infrastructure can also prove to be extremely favorable for sellers who will be able to accept cryptocurrencies, but receive paper money, with transfers that take place immediately after the transaction. Not only will this open up a wider range of customers for resellers, but it will also help cryptocurrency payments become more popular than they are now.
The platform states that the goal is to offer an advanced user interface that is “intuitive at the expense of simplicity.” Nimiq’s goal is to offer much greater convenience than traditional payment services, along with resisting privacy and censorship. The open source thinking means that developers get the tools to create exciting new applications that take advantage of Nimiq’s diverse ecosystem.
A specialized type of smart contract known as Temporary Blocked Contracts (abbreviated HTLC) has been the inspiration for the OASIS ecosystem. HTLC can only do one of two things: transfer funds to a specific address after a condition is met, or return the funds to the place they were sent from after a specified time.
Full release of OASIS is scheduled for spring.