Today at Bitunivex, we are going to introduce a new cryptocurrency called Swipe. Swipe, also known as SXP, is a platform that aims to bridge the fiat and cryptocurrency worlds through its API. This API is aimed to produce worldwide payment cards using its native SXP token.
Swipe also offers an on-chain product called Swipe Swap, an Automated Market Maker that is powered by Swipechain and forked by Uniswap, SushiSwap, and THORchain.
The Swipe Token (SXP), which serves as the fuel for the Swipe Network and is utilized for paying transaction fees and protecting Swipechain through bonding and governance, is at the heart of this ecosystem.
Keep reading to find out more about it.
What is Swipe?
Swipe isn’t merely a protocol supported by a distributed network like other cryptocurrencies.
On the other hand, Swipe is both a software and a digital wallet ecosystem that allows users to buy and spend cash and crypto-assets at both real and virtual venues.
Swipe wallets, which are the product of a for-profit firm, may be linked to Visa debit cards and a smartphone app to provide a similar experience to standard mobile wallets. This includes exclusive cardholder benefits like up to 8% cashback in Bitcoin and free Spotify accounts.
On the other hand, Swipe wallets are augmented with a slew of additional capabilities made available exclusively by Swipe’s proprietary cryptocurrency, SXP.
Swipe, for example, does not impose fees for its debit cards. Instead, customers stake SXP tokens to gain access to perks-laden debit cards. The more SXP tokens users lock in special Swipe network contracts, the more benefits they enjoy.
Users that stake a minimum of 30,000 SXP can be upgraded to a special debit card that offers 8% payback in Bitcoin as well as free Netflix and Spotify accounts.
Swipe: roots and history
Swipe was created by Joselito Lizarondo, an early Bitcoin investor and entrepreneur with extensive startup expertise. Lizarondo is the platform’s CEO at the moment.
How does Swipe work?
The Swipe network uses the Ethereum blockchain to keep crypto deposits on behalf of consumers and provide them with numerous perks.
The platform, however, also has an off-chain API that provides for interaction with traditional payment infrastructure, allowing for functionality such as merchant payments.
The Swipe wallet is available to anybody who uses Swipe’s functionality.
Swipe’s digital wallet software allows users to deposit cash and acquire any of the company’s 30+ cryptocurrencies immediately. Users can also use the wallet to store crypto assets and convert them from one coin to another.
Swipe’s ecosystem revolves around the ability for users to pay businesses with their Swipe card. In this situation, the network’s smart contracts will convert any cryptocurrency in the wallet to the required cash payment accepted by merchants at the moment of sale.
The wallet application allows users to maintain their cards and stake the appropriate amount of SXP to upgrade their cards at any moment.
Swipe Token ICO
The SXP coins were sold in two ICOs (initial coin offerings) by the Swipe project. Then, the first private ICO sales took place on the 1st of August, 2019. At a rate of USD 0.2, it sold over 19.5 million SXP tokens. After the sales, they made over 3.9 million.
The second ICO took place in the same month, from the 2nd to the 9th. The public auction generated almost USD8 million from the sale of 40.4 million SXP at USD 0.2. There were 240 million SXP tokens left, with 60 million going to the Swipe team. The founders received 20% of the remaining 40%, comparable to a 120 million dollar investment.
The remaining tokens were time locked in a ‘smart contract’ on the Swipe network, which would deliver 600,000 SXP tokens to the team every month. The reserve will get 1.2 million tokens for the ecosystem’s expansion (airdrops and staking incentives, among others.). The founders receive ten million SXP tokens each year.
Why choose SXP?
The SXP coin is used to maintain and operate the Swipe network, and it may also be used to pay for other Swipe ecosystem services.
SXP is used to pay for transaction fees on the SXP Network first and foremost. It’s worth noting that the smart contracts on the network “burn” or remove 80% of this charge from circulation.
The number of SXP tokens is restricted by the software’s restrictions, which means there will only ever be a total of 300 million tokens.
However, the protocol generates about 2 million SXP every month. Part of these tokens is issued as staking incentives to users who assist in the operation of the network. The leftover supply is given to the Swipe firm and used to repay Swipe’s founders and employees.
The overall quantity of SXP accessible is likely to diminish over time due to planned reductions in the SXP token supply until only 100 million units are left.