Swipe (SXP) is a utility token designed to be used within the Swipe ecosystem as gas.
Swipe wallet app enables buying, selling cryptocurrencies and paying for purchases at the merchants. The Swipe wallet also functions as a fiat wallet. Being linked to a Swipe Debit Card, it allows users to spend cryptocurrencies at points of sale around the world in real-time. The team developing Swipe plans to offer a product line with a cheaper, but more efficient range of services compared to its competitors. As the Swipe platform is supported by its native cryptocurrency Swipe Token (SXP), this token is used to perform transactions on the network.
The problems that Swipe aims to solve
Studying the current market landscape, the creators of the project have concluded that consumers don’t feel comfortable and safe when they have to entrust their data to multiple companies. Trying to solve the problem of the aggressive referral systems, social media advertisements, and search engine advertisements, the team members have come up with an entirely new approach.
According to Swipe, data is the new oil of the digital economy. Now users’ profile data is scattered across numerous applications with the centralized data intermediary acting not in a transparent way. Customers are not pleased with the current situation as they don’t understand who uses their data and for what purposes. The lack of trust is a common problem that stands in the way of apps’ monetization and prevents the development of the whole industry.
Swipe wants to help its users to avoid aggressive marketing. It plans to provide full control over the mediators with the help of smart contracts to deliver transparency of analytical data and improve its security. The team behind the Swipe aims to:
Encourage users to anonymously and securely provide their personal data for mobile apps.
Create a reliable system of users’ data control via smart contracts. Users will decide themselves what information and with whom they want to share and how the apps will use it.
Add more transparency to the data. The app developers often purchase unverified and irrelevant data which brings to the loss of trust.
Implement behavioral analysis of consumer preferences. This will help application developers understand their clients and their interests better and improve their apps accordingly.
The decentralization of the system and the use of smart contracts on the platform will help to maintain the confidentiality of the information and increase its security. With these goals achieved, users won’t have to take risks of buying low-quality products. Also, they will be rewarded for their engagement and the data they share.
Swipe has come up with a Software Development Kit (SDK), the technology for its seamless integration with different devices. Swipe SDK offers a suite of marketing tools, which boost users’ engagement and retention.
There is a possibility to install the Swipe SDK for the 3rd party app developer to enable their users to get access to the Swipe network. The solution is scalable and incredibly easy-to-use.
The Swipe platform describes itself as a highly scalable system with services that are easy to maintain and update.
The Swipe Card comes with two levels:
The standard card is Swipe Saffron, with a chip, based on EMV payments and Paywave NFC payments. The users are provided with a flexible spending limit, 1% cashback on purchases and access to ATMs. The cardholders don’t have to keep the SXP tokens in the stake.
Swipe Slate Metal is a premium card. In addition to the features of the first product, it offers a 4% cashback on purchases and 50% cashback from 5 merchants of choice (with a monthly limit of $100). All these benefits come with one condition: the cardholder needs to have a 300,000 SXP stake for half a year.
The Swipe Wallet was developed to deliver an unparalleled experience to its users. The wallet with the support of over 20 cryptocurrencies is compatible with iOS and Android-based devices.
Swipe token SXP
Launched on the Ethereum network, SXP is an ERC-20 token and a primary cryptocurrency of the ecosystem that feeds the services on the Swipe product line. The SXP token is a utility token that was developed to work as gas and fuel of the platform. Also, it gives an opportunity for users to buy gift cards and exchange supported assets between each other instantly.
There will be a fixed supply of 300,000,000 SXP tokens. The cryptocurrency is available for trading on Latoken, KuCoin, Bilaxy and P2PB2B exchanges. No ICO has ever been conducted, however, $100,000 worth of SXP was distributed via airdrop.
The Swipe token comes with the following features:
75% discount on fees.
The owners of the Swipe token get enhanced rewards up to 1% to the existing rewards percentages.
This is a utility token used as gas to pay the network fees on the transactions.
The Swipe Card owners get access to millions of merchants throughout the world with its help.
Deflationary Monetary Supply. 80% of transaction fees get automatically destructed through a smart contract on the Ethereum blockchain.
It’s necessary to obtain Swipe tokens to get the Swipe Slate Metal Debit Card.
Holders of Swipe tokens are redeemed when they pay with a digital Gift Card.
Distribution of Swipe tokens (SXP):
20% or 60M tokens are allocated to the team.
20% are kept by the founders and advisors.
40% or 120M of tokens is distributed to Ecosystem Reserves.
Swipe team and partners
The company was founded in 2018 with offices in Singapore and Indonesia. The co-founders of the project are:
Clifford Lim (CEO). Clifford has extensive experience in managing global business operations which he obtained while working with such market giants as IBM and Lenovo.
Andrew Marchen (CTO). Andrew is a successful entrepreneur and architect of ICT architectures.
Other co-founders also include Kuay Chong Sean (CSO) and Iyan Waer (COO).
Swipe partnered with Visa Program managers to issue Visa Crypto Debit Cards. In August 2018, the company announced its partnership with a San Francisco blockchain company “Origin Protocol”. At the same time, it introduced a partnership with a Korean-based marketing firm Performars.