Unipeer is a trustless and completely decentralized Peer-to-Peer (P2P) exchange, allowing anyone to buy and sell crypto in exchange for fiat.
Current P2P marketplaces and fiat on-ramps (such as localcryptos.com) are not sufficiently decentralized and all have a manual arbitration mechanism where the platforms team member resolve any payment dispute.
With Unipeer, we have:
- Improved UX by having only stable coin and Fiat pairs such as DAI/USD, cEUR/EUR, jJPY/JPY, ibAUD/AUD
- Off-chain fiat payment via p2p traditional payment methods like PayPal, Cash.app, UPI, etc
- Completely decentralized on-chain dispute resolution with aligned incentives
With the goal of being a Fiat on-ramp we greatly simplify the users buying experience by only have stable coin pairs. New users are not intimidated by trading charts and fluctuating prices of assets.
Once a user is on-boarded to web3 and wishes to buy more volatile assets, they can do so via the various excellent AMM exchanges.
To solve the problem of users having to pay the gas fees in a chain's native asset, Unipeer smart contracts are written to accept meta-transactions, letting them use a relay that accepts their fees in a stablecoin instead.
Once an order is place the only parties involved are the buyer and the seller. Your funds are safely escrowed by the smart contracts and only released when the right conditions are met.
This means there's no central party having custody over any funds, removing the need for any KYC, minimising fees and preventing loss of funds due to theft.
On-Chain Dispute Resolution
Dispute resolution is handled by Kleros. In situations where a buyer places an order and claims to have made an off-chain fiat payment to the seller without actually having made the payment, the seller can raise a dispute to the Kleros Court.
The Kleros Court will then draw jurors, who then decide the honest party based on the policy document specific to the payment method used in the order.
Both sides can upload evidence to support their sides of the argument.
You read more about how Kleros works from their docs here.