Swipe AMA — Episode 1
Swipe AMA — Episode 1Swipe’s First Reddit AMA of the Decade is now live!Watch: https://www.youtube.com/watch?v=ApeVCl8FclQHere is the transcript below:Nicole: Welcome Swipe community to our first Reddit Ask Me Anything, AMA, of the decade.We are excited to share the latest updates on what we are building and doing here at Swipe.As many of you are now aware, we are currently preparing to open our headquarters in Bonifacio Global City, Taguig, Philippines.And for today, we will be having our Chief Operating Officer, Mr. John Khenneth, to answer the questions that most of Swipe community users are curious about.Stay tuned to the very first Swipe AMA of the decade.John Khenneth: Hello, my name is John Khenneth, and I am the COO for Swipe.Our company is a multi-asset digital wallet application that is tied together with a debit card that gives users access to buy, sell, and pay with over twenty cryptocurrencies.As COO, I ensure that Swipe has a clear and concise plan of action to run our global operations. I have direct oversight on the strategy and vision of our products and how to bring our community and users together to use these products in a meaningful fashion to really bridge the gap between cryptocurrencies and fiat currencies.Today we will talk about our Agenda that was posted on Reddit which will be followed by our AMA. So, let’s begin.First, let’s talk about our new Time Lock Contracts and our special announcement.As you know, we have partnered up with Certik who helps audit and do formal verification of our smart contracts that we deploy on the Ethereum network. The Swipe Network and the Swipe Token operate on the Ethereum blockchain.We have previously locked up our founder tokens in a time lock smart contract to ensure transparency with our community in a trustless fashion, in a public, audited, and verified, smart contract. We also added a nametag via Etherscan so the public can easily find this address and its contents.Today, we are proud to announce that we have teamed up with Certik to audit our second Time Lock Smart Contract which will hold our Team Tokens.This means we are nearly freezing over 100 million dollars’ worth of Swipe Token (SXP) into a smart contract on the Ethereum blockchain with a time lock release that’s in accordance to our White paper of 1% monthly.There will only be a programmatic way to release our allocation as promised to our users.We are not saying that Swipe is not trustworthy to do what it promises, we are just saying we are using the power and tools available on the blockchain to make that process trustless and transparent, so it is very exciting for us to be able to provide this high level of clarity to our community and userbase.So, it is basically going to be the same smart contract used before but adjusted to meet this expectation of locking team tokens up as well. This is what we’ll do to make it public and trustless.So, about Swipe Wallet v2 Application. We are currently working hard to bring the next flagship version of the Swipe Wallet application to work directly with our Layer 2 solution, which we are building with a non-custodial method.Our White Paper talks about our Layer 2 scaling solution to change our backend processes that are currently off-chain, to directly onto a public ledger.We are working on forming some strategic partnerships to make this happen faster than expected, and we plan to enable the Swipe Wallet application to have a non-custodial feature to use this Layer 2 solution directly on the blockchain.So, in sum, Swipe Wallet v2 will have a native Layer 2 integration alongside a non-custodial wallet that users will be able to toggle and switch to without having to download 2 apps.We will have more information on this topic soon and just wanted to take this opportunity to provide some background on what we are doing. We will be constantly releasing version updates on v1 until v2 is ready.Now, the next topic that I am very excited about is Flash by Swipe. Flash by Swipe is a new program we are launching as a marketing plan to bring new digital assets voted by the community to the Swipe Wallet app.Originally what we will do is hold a voting poll for assets that meet our listing criteria on our official Twitter page which can be found on Twitter dot com forward slash SwipeWallet.Once the poll is over, we will list the digital asset that won on our platform shortly after integration is complete. Once this asset is ready to be listed, Swipe Wallet users will see a lightning bolt icon at the top left-hand corner of their Profile tab on the mobile application.Once this is pressed, users will see that the newly listed token has a flash sale of up to 50% off spot prices for that day. This allocation will have up to five hundred thousand US dollars’ worth of that token for sale at a discount.Nicole: I know some people are curious about this: How can Swipe afford to give away almost two hundred fifty thousand US dollars?John Khenneth: This is a question I will try to answer without giving away too many trade secrets or I might have some issues with Joselito.Well I am sure many have asked “how is this possible?” and “why is the company throwing away money?”To us we don’t see it as a small picture. We are looking at the big picture which is user acquisition and growth. We, as a company, have a marketing budget, and user acquisition budget.We have analyzed the data that we have invested in for marketing and are experimenting on this method to bring in a larger audience of various coin communities and crypto investors on the Swipe Wallet platform.Flash by Swipe program seems promising and we have seen good results from competitors offering the same thing, so we believe this will be a strong investment to offer this as a marketing tool.We have new partnerships we are working on, and was supposed to announce them in this AMA, but they are not ready yet and we are still under a None Disclosure Agreement.But don’t worry, there are some exciting updates around this, and we plan to release this information soon, just not today which also tags along into our liquidity engine for the SXP Network.Nicole: The first question from our community is: Will Swipe be available in the Philippines and other Asian countries?John Khenneth: Yes, we are going to offer all of our services in the Philippines and the South East Asian region soon. We are just waiting for all of the card products to be ready for this region so we can release access to the Wallet and Cards together. Currently our services are only available in 33 countries in Europe, but we plan to bring our services worldwide.Nicole: Is it possible to see Swipe Exchange in the near future with zero trading fee? And is Swipe going to build its own blockchain like SwipeChain for example?John Khenneth: No. We don’t plan to do zero fees; we think it is misleading when a company offers zero fees and then packs a rate or something. We do, however, offer up to a 75% discount in fees through our Tier level based on the amount of SXP staked in the Swipe Wallet. Users can find this information on page 33 of our Whitepaper.As far as SwipeChain, our main net runs on Ethereum and our Layer 2 solution will be similar to a Childchain running with Ethereum. We are always evaluating the market and our product line, and if there are any changes, we will let the community know.Nicole: How many cryptocurrencies does Swipe Wallet currently support, and can we purchase cryptocurrencies with Visa or Mastercard? What is the uniqueness of the SXP token, and what role does it play in your ecosystem?John Khenneth: Currently, we support 24 cryptocurrencies that can be bought with a credit or debit card directly from the Swipe Wallet platform. This is only for verified users in Europe at the moment, but we plan to expand this in other regions soon. The SXP token is a central unit of currency and value to our product line. Users can spend it, use it, store it, and redeem it directly within our Application.We find the uniqueness of our token being that it can be used to activate on-chain features from our SXP Network with smart wallet contracts. This enables all fees to be denominated in SXP whether your using SXP or BTC, the fees will always then be paid in SXP, with a discount as well using our native token.SXP is also unique due to its deflationary supply. Most tokens and proof-of-stake blockchains either have a flat unit of supply or an inflationary supply with no hard cap such as Ethereum and EOS as examples. SXP is designed and immutable on the blockchain to become deflationary.When the SXP network is utilized, eighty percent of the fees are destroyed directly on the blockchain. This is done programmatically through an audited smart contract that can’t be changed. We believe the on-chain and utility features of SXP give it strong use cases against our competitors.Nicole: What are your strategies for attracting new users to your platform with already tough competitors in the market?John Khenneth: Our strategy for obtaining new users is to do targeted marketing, run aggressive referral programs, and offer a product better than the competition. We don’t want to build an entire ecosystem such as an exchange for Swipe. We want to be hyper focused on bridging the fiat to crypto problem globally by offering simple user interfaced products to execute our mission without being too distracted on other products.Nicole: How do you provide liquidity, and what liquidity providers are you already working with?John Khenneth: We use numerous liquidity pools and providers. Primarily, our authorization engine is connected to Bittrex, Binance, and Coinbase. We use this tool to aggregate the order books to give users a high depth of liquidity, low spreads, and low slippage. This helps ensure that the best rate is given to our users when price execution occurs when buying, selling, or paying with crypto.Nicole: For our last question: What are the security measures that you have for Swipe Wallet to make sure that all the assets stored in your Wallet are safe and secure?John Khenneth: The current version of our Swipe Wallet holds all digital assets in cold storage, which is offline and protects against hackers and theft. By cold storage, we mean we store all digital assets in cold storages provided by BitGo and Coinbase Custody, who are all leading companies that have impeccable security measures and are licensed custodians.Not only are their reputations great for storing crypto, but they also have leading insurance of 100 million us dollars of protection. This coverage helps give, not only us, but also our users peace of mind, that if a hack occurs or one of their employees stole these funds, their insurance coverages would cover these damages.Besides this, we also maintain PCI Level 1 DSS certification which gives a high level of security for our card platform as well as vulnerability tests on our wallet. These all ensure that our overall application and user experience is safe and secure.Stay up-to-date with all the latest news from SwipeWebsite: https://swipe.ioTwitter: https://twitter.com/SwipeWalletFacebook: https://facebook.com/SwipeWalletInstagram: https://instagram.com/SwipeMedium: https://medium.com/SwipeTelegram: https://t.me/SwipeWalletSwipe AMA — Episode 1 was originally published in Swipe on Medium, where people are continuing the conversation by highlighting and responding to this story.
* Written questions can not be edited.
* The questions will be answered directly by the token team.