What is Switcheo (SWTH)?
Switcheo (SWTH) is a decentralized cryptocurrency exchange that also serves as a bridge between various blockchain networks (Ethereum, Neo, Cosmos, Binance Smart Chain, Bitcoin, Elrond, etc.).
Switcheo aims to create an open and decentralized financial network in which users can freely and safely make transactions with each other.
The Switcheo project won the ninth prize in the first dApps developer competition organized by the city of Zion from September to November 2017.
The SWTH token was launched together with Switcheo Exchange as a mechanism for paying commissions (trading fees) on transactions that coincide with Switcheo. As stated in our whitepaper, paying trading fees using this token allows traders to get a discount.
Currently, the Switcheo team believes that the utility of the token has met expectations: more than 7,531,963 tokens were used for payment as commissions.
Switcheo Foundation, a non-profit project that is part of the broader goal of Switcheo, which is to create a world in which people have the opportunity to accumulate wealth on their own, without the need for banks or other institutions.
Who created Switcheo (SWTH)?
The platform was founded by a group of Switcheo financial directors named Jack Yeu, Henry Chua and Ivan Poon, and has been operating since May 2018. The exchange to become the leading DEX in the ecosystem, has many functions that differ from the characteristics of a regular DEX. Despite the fact that the exchange is mainly known for its activities in the NEO chain, the ETH, EOS and USD pairs are currently active.
What is the uniqueness of Switcheo (SWTH)?
Unlike other DEX, it allows you to create a Switcheo account, which allows you to store assets in different chains at the same time. When opening this account, you perform the same actions as when registering for any CEX. You can log in to your account using your email address and password. This may be a negative assessment of decentralization.
However, there is no direct recording of any password on Switcheo. In addition, thanks to the multi-layer encryption method used, it is impossible to access the PK of any wallet or user information without trust, even if the platform database is reached. Thanks to this feature, they provide simplicity and user confidence in projects that strengthen their place on the agenda with the growth of cryptocurrency prices and expect them to attract new users. (All this is not perceived as a feature of any CEX exchange. Because after registration, the keys to each wallet opened in your name will be delivered to you.)
How many Switcheo (SWTH) tokens are in circulation?
If the maximum offer is missing, there is - 1,654,340,418 of SWTH tokens in circulation .
At the moment, the asset value is - 0.018304 USD, with a 24-hour trading turnover - 176,990 USD, and market capitalization - 30,281,047 USD.
How is the Switcheo network protected?
The blockchain of the Switcheo project is protected by the Proof of Stake (PoS) consensus algorithm.
- To own your crypto assets, you need to manage your own private keys.
- Ledger hardware wallets make private key management easy and secure.
- Each unique 24-word recovery phrase creates a new set of private keys.
- Make sure you secure your 24-word recovery phrase properly.