A cryptocurrency wallets platform Freewallet has joined the list of business companies that want to challenge the crisis by making good deeds. In these tense days of ongoing coronavirus pandemic, many companies are trying not only to survive but also to do their best to ease the lives of people. They offer discounts for their services, they deliver products, they donate medical equipment and share software for free on the Internet.
- A New Feature by Freewallet & Changelly
- Off-Chain Transfers Benefits
- The Meaning of This Opportunity
A New Feature by Freewallet & Changelly
Freewallet announces that the users of the company's wallets will be able to do off-chain exchanges for 54 cryptocurrencies including numerous ERC20 tokens and BTC. This feature is provided by Freewallet in association with a long-time partner Changelly, a non-custodial platform of instant cryptocurrency exchange. According to the wallet platform, the transactions will be special because of lower fees and deeper anonymity. The estimated time needed for such transactions to be executed is 2 to 3 minutes.
The full list of the currencies available for the off-chain exchanges is as follows: BTC, ETH, BCH, BCHSV, BTT, DAI, DASH, DOGE, EOS, EOSDT, EURS, KIN, LTC, PAX, TRX, TUSD, USDT, USDT20, XEM, XRP, and so on.
Off-Chain Transfers Benefits
Freewallet claims that the off-chain nature of such transactions will have three distinct advantages over the on-chain exchange. Let's figure out what are these advantages.
The first pleasant feature is cheapness. These transactions won't have anything to do with blockchain. It means that the users exchanging money this way won't pay the blockchain fees. Instead, they will pay only for the exchange of assets at rates relevant for the Changelly platform.
Another notable benefit is better timing. The off-chain exchanges are executed in 2-3 minutes regardless of the current load of the network, the number of simultaneous transactions, the queue of scheduled transactions, and so on. The off-chain exchanges don't take place on the blockchain so they are free from these burdens.
And, finally, the third advantage mentioned by Freewallet, is a higher anonymity level. Trading patterns reflected in the on-chain ledger can help to identify a user at least to some extent. Those who use off-chain transfers can preserve their privacy because such exchanges don't leave any trace in the public space. In the sake of security, Freewallet can use the Request IDs if something is not completely OK.
The Meaning of This Opportunity
According to the press release, the combined user base of Freewallet and Changelly is over 3 million people. They will not only be able to enjoy the faster and cheaper stealth transfers but also will reduce the load of the blockchain networks by drawing to the off-chain exchanging.
It was said enough about how relevant cryptocurrencies could be in times of financial crisis. The entire Bitcoin project was a child of the global financial crisis of 2008. Now we are about to face probably a worse recession. A chain of disturbing events at the beginning of 2020 has already harmed the global economy but the COVID-19 pandemic that hit humanity all of a sudden will have long-term aftermath for the world economy. These days, cryptocurrencies are seen as a safe haven by many people as the Bitcoin price performs better than some of the national fiat currencies.
The opportunity provided by Freewallet and Changelly can make the lives of those who rely on cryptocurrencies a little bit better. It helps to relieve expenses and to save time and nerves. The outflows off the blockchain to the off-chain exchanges can also help the blockchain-based networks cope with the huge load.