Barter Trades Reinvented: The Blockchain and Cryptocurrency Version

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Trade by Barter

Do still remember the old ‘Trade by Barter’ system? Human beings long ago are said to get what they need from others by giving what they have in excess when money has not been invented? A man who needs hide or skin but has food like yam in excess could give some of his yam to someone who needs in exchange for skin which they have in excess. This could be complex because the person who needs yam may not have food in excess. In this case, the one who needs skin may get what the person who needs yam has which he can use to get what he needs from another person. And also for goods or products that cannot be divided like livestock, barter is at a disadvantage.

Money Vs Barter System

There was no adequate unit of measurement for the worth of goods or services that are exchanged in a barter system. This was the ultimate reason why money was brought into the system of trade. Money became the standard unit of measuring worth. But this later became a problem as some people began to hoard goods just to inflate the price. There is no even distribution of wealth as money became the basic unit of measuring wealth or worth. One of the greatest advantage of the barter system is that the system allows everyone to produce as much as they want, there is nothing in excess.

Modern Day Barter = P2P

The barter system has been brought into the modern day world through the P2P system. As explained in an article, P2P services have been introduced into many areas of life today. Through some centralized platform, you can easily put up your house for others to live in so as to gain points that can be used to obtain another house to live in from the same platform. You can also use your car to do public transportation when you are not using them to gain some bucks into your wallet.

P2P merits?

But these services contain some risks. Since these P2P offering platforms are centralized it is possible to hack their points or credit system to increase another man’s point just to enjoy other people’s services without offering any services. Some P2P services are actually not relevant when you move away from a location. There are presently very few or no marketplace where users can exchange more than one genre or category of goods or services.

Barter on the Blockchain- Sharemeall

Sharemeall remains a unique solution that brings barter on the blockchain. With the use of smart contracts users can easily exchange skills, goods like houses, cars etc. securely. eSwitch is the cryptocurrency that comes in place of credits or points from centralized P2P platforms. Based on the worth of eSwitch in the cryptocurrency market, users receive tokens according to the services or goods rendered to other members of the platform or the platform itself. The smart contract allows parties to agree or come to terms without the need for a third party or intermediary. A set of codes or algorithm guides the whole process of exchange. The smart contract does execute payment for an agreement unless the terms of an agreement are fulfilled.

Users on Sharemeall can get goods or services from other members of the platform with switch token on the platform. If a user does not wish to get services or goods on the platform they can issue a withdrawal for the tokens earned on the platform into their ERC20 wallet to exchange for other tokens or fiat in the crypto exchange. Token withdrawal on sharemeall goes through a validity or waiting period to allow the administrators to verify the works done to earn tokens and fish out bad players.

Conclusion

The Blockchain technology has more to offer in the areas of P2P and barter system and Sharemeall is showing some of the possibilities. It is safe to say that Sharemeall is a freelancing platform on the blockchain, and even more as it is a market place for a wide variety of commodities. Find more information about Sharemeall through the links below:

WEBSITE | TELEGRAM | ANN THREAD

DYOR!

The article is for information purposes about the wonders of the blockchain and enlightenment about some of the blockchain applications in Barter or P2P industry. Be sure to do your due diligence before interacting with any project on the blockchain or cryptocurrency.

Reach me personally via my Bitcointalk profile: Ayobami99 and eth address: 0xC941b4bd79886898f93d679FACf56d5Fe2a43A61

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