What is SXP?
SXP is the official token of the Swipe payment system. SXP token is built on Ethereum blockchain according to ERC-20 standard – currently SXP is supported by Binance and further developed on Binance Smart Chain platform.
SXP token was issued through Private Sale and Public Sale on August 1st, 2019.
Today’s SXP Basics
What is SXP used for?
In the project’s ecosystem, SXP tokens are used for the following main purposes:
- Swipe plans to use a PoS mechanism, where validators (validators) are required to contribute a certain amount of SXP to participate in staking.
- In return, Validators will receive rewards for their contributions on the network.
- Users will stake SXP tokens and receive discounted fees.
- SXP tokens are used to pay transaction fees and withdrawal fees on the network.
- Users are required to stake SXP tokens to gain access to more premium debit cards and higher cashback rates.
Medium of exchange:
- Users can store SXP tokens in the wallet and use them to pay Fiat.
What is Swipe?
Swipe was born with the mission of “making crypto finance mainstream by connecting existing payment networks with cryptocurrencies” built on the Ethereum blockchain and now further developed on the platform. Binance SmartChain.
Swipe allows users to deposit cryptocurrency into their Swipe Wallet. The user can then convert that crypto to Fiat via the Swipe Visa debit card for a lifetime payment.
Swipe provides users with a wallet (Swipe Wallet) to store, deposit and withdraw cryptocurrencies. Users can pay for services with a Swipe Visa debit card at any place that supports Visa payments. This is the easiest visualization of Swipe for an ordinary user.
Although it is considered by most to be used for a storage wallet platform, Swipe is still developing an ecosystem of its own.
- Swipe Protocol Components:
+ Swipe Wallet
+ Swipe Card
+ Swipe Smart-Contracts
- Swipe Network – Mainnet v1
- Swipe Network – DAO & Staking v2
This project received more attention from the community when CZ CEO of Binance bought it and listed SXP tokens on the Binance exchange.
What’s outstanding about Swipe?
- Quick conversion: Converting crypto to fiat in seconds.
- Ability of extension: The Swipe Visa card works anywhere that allows Visa payments.
- Security: All user assets have custody insurance. Swipe has been certified to the Payment Card Industry Data Security Standard Level 1 (PCS/DSS).
- User-friendly: Cardholders do not need to manually convert crypto to Fiat as Swipe Network already supports all conversions.
- Reduce inflation: When users use Swipe Network and use SXP tokens, 80% of transaction fees and withdrawal fees will be burned directly by Smart Contract.
Swipe network operates off-chain, using Swipe API and on-chain, using Ethereum blockchain. Users can enable access to Swipe Network with only 1 SXP token. All transaction fees and wallet fees are covered in SXP. The following chart shows the smart contract interactions:
When there is a transaction on Swipe Network, 80% of the fee (calculated in SXP tokens), will be automatically destroyed by smart contract. The rest of the fees will be retained by the smart contract. In the future, Swipe plans to distribute the fees collected through the Proof-of-Stake mechanism to network validators. All transactions are updated directly on the onchain, and then transmitted in the Swipe API to notify users on Swipe Wallet.
Develop team Swipe
The development team are all individuals with skills and experience in the cryptocurrency field:
- Joselito Lizarondo: holds the position of CEO. Joselito is an OTC crypto trader, as well as an early Bitcoin investor and miner.
- John Khenneth: holds the position of COO. John is a former Senior Creator at Vibal Group, and Designer at ASEC Asia.
- Anecita Sotomil: holds the position of legal director. Anecita is a former tax and legal officer at PwC and American Express.
With a team with a lot of experience as well as capacity in both technology and business, Swipe promises to be developed in a sustainable way.
- August 10 launched SwipeFi Whitepaper.
- August 22 launched Staking.
- Launch of Wallet Finance.
- Launching Testnet.
Extend service coverage to North America.
Add support for more payment channels to expand service coverage in Latin America and Africa.
The recently announced Swipe V2 2021 Roadmap makes a few points of interest:
- Non-custodial wallet.
- Native Defi integration.
- Burn 10M $SXP (>$25M).
- Binance $SXP Token Levels.
- Reduce inflation $SXP.
In addition, Swipe Ignition Roadmap is being implemented to provide users with tools to maximize the Ethereum layer 2 scaling solution for on-chain token sales on Ignition IWO.
During the opening sale Swipe Ignition, on-chain users will receive a limited amount of 20% off Swipe Swap LP tokens.
Learn more about Swipe’s whitepaper: here.
Since launching the crypto community until now, Swipe has had many well-known major partnerships such as:
- Coinbase Custody: Swipe and Coinbase Custody form a strategic relationship to provide a custody solution for Swipe customers.
- BitGo: is a multi-signature and custodian wallet platform. BitGo provides multi-signature service support for Swipe, while Swipe provides custody service for BigGo.
- CertiK: CertiK is an official verification audit firm specializing in blockchain technology. Swipe and CertiK work together to launch different components of the Swipe network and audit Smart Contracts prior to Mainnet deployment.
- Chainlink: This partnership gives Swipe access to Chainlink’s decentralized data source.
The Binance acquisition of Swipe
On 07/07/2020, Binance has officially confirmed the news of the acquisition of a majority of Swipe’s shares.
As part of the deal, Binance has listed Swipe’s SXP token starting July 7 and is opening trading for SXP/BTC (Bitcoin), SXP/BNB (Binance coin) and SXP/BUSD ( stablecoin Binance USD).
Binance also owns a certain amount of SXP tokens after this deal. The exchange said “mostTheir SXP tokens will be locked for years.
Furthermore, Swipe has also listed BNB on its platform, allowing Swipe users to buy and sell BNB using a linked bank account. This makes it possible for BNB to be exchanged for fiat via Swipe’s Visa debit card.
With just a brief introduction to this deal, you can already speculate on its impact on the potential of the SXP token. Binance exchange is the largest and most influential cryptocurrency exchange in the market at the moment. So when supported by Binance, Swipe promises to have certain development steps.
Products products of the Swipe . ecosystem
Swipe Wallet is the primary hub for accessing Swipe’s ecosystem. The wallet supports depositing, storing and withdrawing fiat currencies, stablecoins and other cryptocurrencies.
In addition, Swipe Wallet also provides market data of supported cryptocurrencies. Users will be able to access price and volume data of their cryptocurrencies with ease.
Swipe Wallet allows users to buy and sell cryptocurrencies with fiat currencies, stablecoins or other supported cryptocurrencies. Users can purchase supported cryptocurrencies using a linked bank account and credit or debit cards.
Swipe Visa debit card
Swipe Visa debit card is provided with two options: Swipe Saffron and Swipe Slate.
The Saffron Swipe card does not require you to stake SXP but you will have a lower spending limit and you will get 1% back in Bitcoin (BTC) when you use this card.
As for the Swipe Slate card, there will be a higher limit and 4% cashback in Bitcoin.
Swipe Visa cards can be managed directly using the mobile app. Once a user has ordered a card, they can activate it with Swipe Wallet and track its status. Users can view the card number and history by tapping on the card or on the relevant transaction. Additionally on the app there will be additional security options including: freeze or release the card, upgrade the card. , view the PIN for ATM access and view the card number.
When users link Swipe Visa with Swipe Wallet they will be converted crypto currency into payment.
SXP token wallet should use
- Soft wallets: Trust Wallet, MetaMask…
- Personal wallet of SXP: supported on PC and Mobile – download at: swipe.io
- Wallet on prestigious exchange: Binance…
With a total initial supply of 300 million tokens, SXP is distributed by the development team into 5 parts with the following ratio:
- 120 million tokens are used as reserves.
- 60 million tokens are held by Founder.
- 60 million tokens are held by Team.
- 4.044 million tokens used for Public Sale.
- 1,956 million tokens used for Private Sale.
The project organizes the sale of SXP tokens through Public Sale and Private Sale.
Below are the details of the sale rounds.
SXP will be fully unlocked in 2027. Below are details on when and how many SXP tokens will be unlocked.
- Note: The article is only for the purpose of providing an informative review about Swipe (SXP) at this time and should not be considered investment advice. Investment Cryptocurrency is a form of risky investment, it takes a lot of knowledge and skills to be able to make money from this market. If you are interested in the article please leave a comment below the support team will contact you.
After the recent strong rally, SXP is starting to show signs of sideway at the support price zone.
Looking at the long-term trend, if SXP can surpass the previous peak, it will be a strong rally for this child of Binance.