Updated: Dec 20, 2019
Swipe is probably the only cryptocurrency that is client-focused and dedicated to providing great customer services to end-customers, of businesses. SXP is the token that fuels the entire Swipe network, published on the Ethereum network. KuCoin is the most powerful exchange trading this coin right now.
This guide will talk about what Swipe is designed for, the team behind it, the way it works, and various uses and applications.
What Is Swipe Designed For?
Swipe was created to make it easier for users to spend cryptocurrencies. The team behind this platform believes that it is inherently necessary for cryptocurrencies, to possess a digital cash capability, and for the holders to be able to spend the crypto tokens they hold.
The platform also believes that creating a society that can operate without cash, is important to the growth and development of the financial sector. And, this can only occur with blockchain technology. The cryptocurrency is designed to provide a vital impact on its users and the entire crypto world.
Who Is the Team Behind Swipe?
Joselito Lizarondois is the founder and CEO of Swipe, with over 6 years of experience with various start-ups. The CTO of Swipe, Genji Sakamoto who is the former Vice President of Aeryus. Other notable names on the Swipe team include Zilong Sun, Bing Liu, and Chunzuo Wang.
How Does Swipe Work?
According to Swipe Whitepapers, SXP is the ecosystem’s primary cryptocurrency. It feeds the various services that are delivered on the Swipe product line, notably the Swipe Wallet and Swipe Card. SXP is issued as an ERC20 standard token, which means it is compatible with all Ethereum based wallets.
The token is created with a deflationary financial supply. This means that every transaction fee shall be paid in SXP through the Wallet Smart Contract, which is supported autonomously by the Swipe Oracle, where codes are printed openly and constantly audited. Around 80% of transaction fees paid through SXP are destroyed automatically on the network.
Swipe can be best explained as a digital wallet application, allowing users to purchase, sell, and pay using their cryptocurrencies. The Wallet can be thought of as fiat for users since all crypto transactions, are first converted to fiat.
Swipe Wallet is linked with the Visa powered Swipe debit card, which enables its users to utilize their crypto assets in real-time, in over a million merchant point-of-sale- worldwide.
What are Current and Future Applications of Swipe?
Swipe (SXP) token is available on numerous exchanges, including Bilaxy, Bithumb Global, P2P, and LaToken. However, one of the most notable exchanges offering SXP is KuCoin, where the coin was recently made available on September 26, 2019. SXP can currently be traded and sold against Tether (USDT) and Bitcoin (BTC).
SXP can currently be used to pay:
● Transaction Fees - All conversion transactions occurring on the Swipe Wallet can only be paid in SXP tokens. This means that when users spend crypto coins with their Swipe Visa Card, or when they buy any crypto in exchange for fiat, through their bank accounts, the fees shall be levied in SXP.
● Network Fees – SXP is the gas that fuels the Swipe network. All network-related transactions require the token to pay network fees. For instance, if users withdraw Bitcoins from their Swipe wallet, then they would be required to pay a very small portion of SXP as network fees.
● Currency – The foremost use of SXP is as a currency to pay for purchases at the point of sales and participating merchants. Swipe has also partnered with numerous gift card vendors, allowing users to pay using SXP tokens at places where they are not directly accepted. The cards are designed to add value directly within the Swipe Card and Swipe Wallet, which can then be used to pay for merchants worldwide. The payment works in such a way that the SXP is first converted to fiat, before performing the transaction.
● Enhancements – SXP can be used as a staking coin to gain enhancements. One such popular enhancement is the higher Swipe Card, which can be acquired by staking 300,000 SXP for 6 months. The Whitepaper indicates that users can also receive enhanced rewards and discounts while retaining higher SXP balances.
● Discounts – SXP can also be employed towards acquiring discounts on trading fees. As per the Whitepaper, staking SXP and paying through it, can provide users with up to 75% discount on fees.
Experts claim that obtaining SXP, while the prices are still low is a great opportunity, since the future of this cryptocurrency looks very promising. Many people think that Swipe is going to control a massive place in the crypto space in the future.