Switcheo is a Decentralized Exchange to be built on top of multiple popular blockchains to facilitate the exchange of digital assets. It will first be launched on the NEO blockchain and will include digital assets such as NEP-5 tokens (e.g. RPX, QLC) and future NEP-X tokens, and NEO’s system assets such as NEO and GAS. Trade settlements are done peer-to-peer via interaction through smart contract(s). Switcheo aims to achieve a network of DEX (Decentralized Exchange) with cross-chain swapping capabilities between multiple popular blockchains such as Qtum (QRC20) and Ethereum (ERC20), with more research being done for upcoming blockchains like Stellar.
Technical Characteristics of the Token and Platform
Given that all exchange interactions are done through a smart contract, users may buy and/or sell tokens directly from their wallets, eliminating the need for any additional steps. When not actively trading, users’ funds are always secured by the same mechanism - their own wallet contract, or Switcheo’s smart contract.
Taking advantage of the fact that this this is a decentralized exchange, they plan on allowing for partial filling of offers, auto-retrying of failed orders, and order batching within a single transaction.
Switcheo's main operations are mainly executed through a smart contract residing on NEO's decentralized blockchain. With this in consideration, there are 4 core components that make up the Switcheo DEX:
- A front facing user interface that interacts with the smart contract
- Custom blockchain nodes to log smart contract events and interactions
- Off-chain order history database and API
- Broker smart contract
Features on the user interface also allow for (which is built on React.js):
- Market buy/sell
- Limit buy/sell
- Login through JSON Wallet, WIF, Private Key, Ledger
- Client-side matching and filling multiple offers within a single offer
- Automatic retry of failed fills
- Personal transaction history
- Trading charts (via tradingview)
About the Token
Switcheo team will launch the token contract for Switcheo (SWTH) Tokens no earlier than the 16 March 2018 on the NEO Blockchain as a NEP-5 Token. 1,000,000,000 SWH Tokens may be minted in total, and no additional tokens will be minted in future.
The allocations for SWH are as per follows:
- 20% (200,000,000 SWH Tokens) will be allocated to the Public Sale
- 48.3% (483,000,000 SWH Tokens) have been allocated to Strategic Partners
- 25% (250,000,000 SWH Tokens) will be reserved for the Switcheo Team to further incentivize development of the Switcheo DEX, and the tokens will be vest monthly on a 2 year schedule with a 3 month cliff
- 6.7% (67,000,000 SWH Tokens) will be reserved for Marketing Campaigns & Official Partnerships.
Social Media Links
- Official Subreddit
- Switcheo's CEO Ivan Poon on Medium
- Official Twitter Account
- Official Telegram Channel
- Official Telegram Announcement Channel