Swarm City – SWT ICO Token Decentralized Commerce Blockchain?
Swarm City is a decentralized commerce platform centered around the SWT token. Find out how the platform works today in our Swarm City review.
What Is Swarm City?
Swarm City, found online at Swarm.city, is a commerce platform built on the Ethereum blockchain. The platform revolves around the SWT token.
One of the unique things about Swarm City is that the data is stored locally on your device. There’s no central database. It’s also an open source project.
You can check out Swarm City for yourself today here: swarm.city/#/intro/welcome
You sign up for an account, then store data locally on your device. The next time you sign into Swarm City, you can restore the backup file from your device.
Swarm City was created by a development team from Antwerp and entrepreneurs from the United States. The project was initially launched as a decentralized world known as Arcade City. The whitepaper for Arcade City for appeared online in October 2016.
How Does Swarm City Work?
Swarm City allows people to communicate and transact in a decentralized way. Like other blockchain platforms, Swarm City has no middleman or trusted, centralized platform. It’s a P2P environment based on the Ethereum blockchain.
One of the key features of Swarm City is the use of the Swarm City Token, or SWT. It’s the unique of exchange in Swarm City. You can buy the tokens from exchanges like Bittrex and ShapeShift.
All transactions on Swarm City are sent using SWT. Like other decentralized platforms built on Ethereum, Swarm City needs to use its own token to power he blockchain.
Once you have SWT, you can use tokens for every exchange. Users can choose to see a transaction in dollars, Euros, or SWT. However, SWT is always the actual vehicle for the transaction. All transactions are recorded onto the public ledger using SWT.
SWT is an ERC20-compliant token.
Essentially, the Swarm City community consists of a global network of peer-to-peer service providers and consumers. These individuals interact with one another over Swarm City.
The first uses for Swarm City were for peer-to-peer ride-sharing transactions. Drivers and riders could use Swarm City (it was called Arcade City at the time) to advertise offers or pickups.
A user would post an offer onto the platform saying something like “#NeedARide from [home] to [destination] #3riders 20 ARC”, with ARC being the currency used on the platform. A driver would accept that offer. Then, when the ride was successful, the rider would release ARC to the driver.
About Swarm City
Swarm City began as Arcade City. That project launched in December 2015 after local regulations in Portsmouth, New Hampshire made Uber illegal. A group of current and former Uber drivers organized under the name Arcade City to provide peer-to-peer rides. Eventually, an app was created, and new drivers were recruited. By October 2016, Arcade City had released a whitepaper outlining their idea for a decentralized, peer-to-peer marketplace for goods and services.
The Arcade City project was originally led by Christopher David. David is listed as “Janitor” in the Arcade City whitepaper, and he was the first to recognize the larger potential or Arcade City as a decentralized competitor to Uber.
Other key members of the team include Jennifer Williams (Vice Mayor), Lauren Slade (City Manager, and Kristien De Wachter (City Planner). As you can see, the company enjoys sticking with the “city building” metaphor.
Swarm City Features
Swarm City’s key features include:
Any user can publish a request for services or goods as an offer. Whether it’s ride-sharing or medical services, your offer can be posted to the Swarm City network.
With Swarm City, funds are deposited into an escrow until the user releases the funds to the receiver. For every offer created, Swarm City automatically makes a smart contract. Both users deposit tokens into the smart contract as a guarantee for a successful transaction. In the event of a dispute, the user will not release the funds, and can start the process of resolving the dispute. There are also “guilds” that can resolve disputes based on their “Charter of the Guild”.
A guild is any group of Swarm City users who band together under a common name. Guilds can be open or closed, based on how open you want membership to be. Creating a closed guild requires a 5 ARC payment to the Swarm City Treasury. Creating an open guild is free. Closed guild membership is exclusively available through invitation.
New “Arcadians”, as they were known in the original Arcade City whitepaper, can enter the referral code of an existing user. The existing user will earn 1% of every ARC token payment from active referrals.
Swarm City has a reputation system that works without the need to collect personal data. The platform makes a big deal out of the fact that it never has and never will collect or store personal data. Instead, it will look at public data on the blockchain to determine a user’s reputation – including the number of successful transactions, transaction partner ratings (thumbs up, thumbs down, or neutral), the number of disputes, and the total transaction volume.
Swarm City Conclusion
Swarm City is an extension of Arcade City that aims to create a new peer-to-peer marketplace outside of the centralized control of companies like Uber. It’s a unique and ambitious concept that could change the way we buy and sell goods and services in local communities and internationally. You can access the Swarm City platform today by visiting Swarm.city.