SWAPS Network G. Report

What is Swaps?

Swaps Network is a platform for decentralized OTC solutions, that connects users and executes deals in a decentralized manner without a 3rd party or escrow. Swaps Network accumulates all deals on the market and connects sellers and buyers. Then it generates a smart contract where conditions are fixed inside of the smart contract and can’t be changed. It is a low cap project that plans to raise 1.5 mln USD during the IEO. 70% of the token supply is going for public sale. 

Swaps technology solution

Swaps Network creates the whole infrastructure to provide a safe and decentralized OTC ecosystem for Users. There are 4 main points of their products that they already create:

  • Smart contract registering and executing swaps.
  • Interface for creating and managing transactions.
  • Blockchains event scanner.
  • Database and backend for managing transactions.

The industry and how it works?

Over-the-Counter (OTC) cryptocurrency trading is rising rapidly, around $15 billion per day on crypto exchanges according to Bloomberg. OTC has no limits, transactions are not visible, all tokens can be traded on OTC and every trade doesn’t affect the coin exchange rate. Users can trade a greater amount with fewer fees on OTC and they usually already do that by using 3d party services.    O

OTC use cases

Every ICO investor in crypto space has heard about OTC price for their tokens before official listing. OTC conditions can be suitable and there have been a lot of situations when OTC price was much higher than the exchange price after listing. Another use case is when changing 10,000 ETH to BNB by traditional methods, the exchange rate differs from the exchange by 15 – 50%, which leads to corresponding losses (up to 5000 ETH). The main reason for this is insufficient liquidity on exchanges and services.

For every OTC deal, you need to ask the 3d party to escrow, and there is no absolute safety is guaranteed. 

Team and Advisor experience

Their team greatly fits the sphere, they have created MyWish – a product that allows creating a smart contract without coding, managing background in OTC platforms like “The OTC Room”, great software development portfolio and Peter Lin has working experience in prominent blockchain project on RnD position in NEO. Their CEO, Vladimir Tikhomirov, has more than 11 years of experience in software development, founder of DDG – software development company (50+ workers) and CEO and founder of Mywish – successful blockchain project and now Swaps – his new ambition.

Product

They have a finished product and new updates are coming soon. Currently, the service is available for the Ethereum network only and the next step is to develop a service for blockchains TRON, EOS, and NEO. The service interface is very user-friendly and implemented as a web page, with a mobile application coming to iOS & Android in 2019. OTC deals can be executed in two approaches: 

  • Generation of a unique smart contract for each transaction – With this approach, after specifying all the conditions of the transaction, a unique smart contract is generated that strictly complies with all the user’s requirements.
  • Use a single smart contract for all transactions. – With this approach, the creation of a transaction is a transaction of calling a smart contract with the parameters of the transaction. That is, one smart contract handles all requests for the creation, management, and participation in transactions. 

You can check the whole code on their GitHub page.

Tokenomics

Swaps Network uses the Binance token economy as a reference tokenomics, taking into account the peculiarities of the OTC industry.

The token may be used as follows: 

  • The smart contract creation fee 
  • Payment for additional transaction options (long period of validity, number of participants, etc.) 
  • Token listing fee (any token can be used for swap, but the presence of a token in the list increases confidence and does not require control of the token address) 
  • Payment to external services for attracted customers (payment is made on behalf of SWAPS.NETWORK) 
  • Fee for promotional listing (mailing, posting on the site, in social networks, etc.) 

Also, paying fees in Swaps tokens gives you a 40% discount – the same model as BNB has.

IEO Details

IEO on BitForex Starts on 15th of July 2019 at 17:00 GMT+8

IEO will be conducted in two rounds 752,500 USD for each:

  • Round 1: 2019/07/15 17:00 – 2019/07/21 17:00 (GMT+8)
  • Round 2: 2019/07/21 17:00 – 2019/07/26 17:00 (GMT+8)

35% of the total supply will be sold during Bitforex IEO, and 35% during next token sale min/max cap = 100/50000 USD 

SWAPS Network Summary

Swaps Network is a low cap project with a business-ready product. Their team is doing exactly what they are experts at. Their BNB-like tokenomics is perfect, and it absolutely fits their project. We expect from Swaps that they will become a useful tool for the whole crypto community. OTC industry has huge potential to grow and weak competition, and Swaps with their product can capture a large market share fast enough.  Due to all of these facts, our final grade is: 4.7/5

Our final grade is: 4.7/5

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