Switcheo ICO: SGT Token For NEO & GAS Exchange Network?
What Is Switcheo Network?
Switcheo Network is a decentralized exchange where users can trade NEP-5 tokens. NEP-5 is the most popular token protocol on the NEO blockchain.
The core of the Switcheo Network is the Switcheo Exchange. The goal is to create an exchange where users can securely trade all NEP-5 tokens while retaining control of their tokens at all times. At the same time, Switcheo wants to implement some features of centralized exchanges, allowing users to enjoy the benefits of a hybrid infrastructure.
Switcheo will initially focus on NEP-5 tokens. These tokens are the NEO equivalent of ERC20 tokens on the Ethereum blockchain. Before the end of 2018, however, Switcheo also aims to allow decentralized trading of ERC20 and QRC20 tokens.
Switcheo will also have its own native tokens. The token sale for Switcheo tokens, or SWH tokens, is scheduled to begin on March 16.
How Does the Switcheo NEO & GAS Exchange Network Work?
The Switcheo Exchange provides the following core services and features:
Switcheo manages the entire trading experience on-chain, giving users the experience of a centralized exchange with the security of a decentralized exchange. Users can retain access to their funds during the trading process while still enjoying the benefits of centralized management and trade matching.
You are in full control of your funds when trading on Switcheo. The Switcheo smart contract only does trade settlements, so there’s no risk of losing funds due to exchange hacks or other security issues.
Trade All NEP-5 Tokens:
Switcheo’s Dynamic Call function allows new NEP-5 tokens to become available to trade as soon as the ICO ends. This allows you to trade your tokens on demand.
Ultimately, the goal is to offer users the convenience of a centralized exchange combined with the security of a decentralized exchange. Users are not required to store personal information on the exchange, for example, nor are they required to trust the exchange to handle their funds. At the same time, users enjoy fast order matching and high liquidity due to the centralized trade management.
The exchange is scheduled to launch in March 2018.
Switcheo will initially focus on NEP-5 tokens. However, before the end of the year, the exchange also plans to add QRC20 trading and ERC20 trading to its decentralized exchange. The exchange will also offer cross-chain trading by Q4 2018.
How Do Switcheo Tokens Work?
The Switcheo Network will have its own NEP-5 token on the NEO blockchain. The Switcheo Token will be released during a public crowdsale scheduled to begin on March 16, 2018.
There’s a public circulating supply of 750 million Switcheo Tokens (listed under the symbol SWH) out of a total supply of 1 billion tokens.
SWH tokens will be used as the base token for cross-chain swaps. All operations on the Switcheo Network will accept the native token.
SWH tokens will also be available for trading on the exchange: SWH will be an additional base trading pair in addition to NEO and GAS to provide high liquidity for SWH tokens.
Traders can pay trading fees in Switcheo Tokens to get a 50% discount on fees.
Switcheo SGT ICO Details
Switcheo Tokens (SWH) will be sold on March 16, 2018. 200 million tokens will be sold during the token sale.
The price of SWH tokens is set at a rate of around 1 NEO = 5,500 SWH tokens (the price is pegged to the USD price of NEO and will change as the ICO approaches, although it will always be pegged at 1 SWH = $0.016 USD).
Of the remaining tokens, 48% is reserved for a private sale, 25% for the Switcheo team, and 7% for partnerships and marketing.
Switcheo has set a hard cap of $3.2 million USD for its public sale.
Who’s Behind Switcheo?
Switcheo’s team includes four developers and three advisors. The developers include Ivan Poon (Blockchain Developer), Henry Chua (Frontend Developer), Sng Ping Chiang (Backend Developer), and Jack Yeu (Business Development).
Switcheo has partnered with NEO Global Capital as a strategic partner.
Switcheo is a decentralized exchange that aims to offer trading of all NEP-5 tokens. NEP-5 tokens are to NEO what ERC20 tokens are to Ethereum: it’s the preferred token standard.
Switcheo will offer hybrid trading on its exchange. Users will be able to complete trades while retaining full control of their tokens. However, users will also enjoy centralized trade management and trade matching – so Switcheo aims to provide the benefits of a decentralized exchange and a centralized exchange in one.
To learn more about Switcheo and the platform’s upcoming token sale for SWH tokens, visit online today at Switcheo.network.