DeFi Week:The role of SWFT in the future blockchain payment ecosystem

ZB DeFi Week was successfully launched on Monday (August 17) and the first AMA was held at 11am in ZB APP’s hot chat group (DeFi Week) on the theme of SWFTC’s role in the future blockchain payment ecosystem.In this AMA, SWFT’s Marketing Manager Pablo Martin and the were invited to have a heated discussion with the host Journey, ZB.com VIP client director.

The following is a transcript of part of the live broadcast:

Q1. Host: What is SWFT Blockchain? Can you tell us its unique features, also the technology behind it?

Answer: SWFT Blockchain is a cross-chain wallet, exchange, and payments platform powered by Swftcoin (SWFTC) which allows users to swap, trade, pay with and share hundreds of cryptocurrencies. SWFT Blockchain’s cross-chain transfer protocol combines blockchain, machine learning, and big data technologies to enable simpler, faster and safer cryptocurrency transfers. Founded in 2017, SWFT Blockchain received investment from Draper Dragon in 2018 and participated in the first ever batch of the Berkeley Blockchain Xcelerator in 2019. In keeping with its mission to make smart worldwide financial transfers simpler, faster and safer, SWFT Blockchain also partners with wallets and other digital asset platforms to integrate its services and help their users out with their swap needs.

Q2. Host: Since the launch of SWFT blockchain, what have you been working on?

Answer: Over time, we have continued to build features on top of our original patent-pending (USPTO application number: 15/971505) cross-chain swap protocol with over 68 app updates since our November 2017 launch. We started out with a simple cross-chain exchange with a few dozen currencies. We then built a mobile wallet on top of that, giving our users the ability to deposit and withdraw their currencies and exponentially reducing the time it took to make a swap from a 10~15 minutes to a 10~15 seconds. We then focused on adding support for more and more currencies — we have added support for 200+ cryptocurrencies on 58 different chains — and adding more advanced swap features like Limit orders and “Round-trip” Limit orders. In early 2019 we launched SWFT Red Packets; bringing the beloved red packet functionality from apps like WeChat to the world of crypto, and thus making sharing cryptocurrencies with up to 5,000 people as easy as sharing a link. SWFT Red Packets also made claiming free crypto easier than ever, whether they are being shared in our partner communities, or directly on the Red Packet page of the SWFT Blockchain app. We also launched SWFT Pay, which allows users to send and request payments in hundreds of cryptocurrencies with just a link, which can be shared in any social media platform or messaging system! Most recently, we revamped our referral program which will now reward you with 50% of your referrals’ transaction fees for a year. We’ve kept busy!

Q3. What is the role/utility of SWFTC in the SWFT blockchain ecosystem?

Answer: Aside from its value in giving us more liquidity and in turn helping us give users better rates at faster speeds, the main reason for users to own SWFTC is to make the most out of their cryptocurrency swaps. SWFTC holders enjoy a 50% discount on our 0.2% swap fees when they pay their fees in SWFTC, making their swap fee a mere 0.1%. This means anybody who needs to get from one currency to another benefits from owning SWFTC and it also means there is a consistent flow of SWFTC. In the future, this discount may increase. SWFTC holders can also benefit from passive-incentive reward activities on SWFTC and discounts and benefits on other SWFT Blockchain services.

Q4. We would like to know what SWFT pay and the referral program is all about!!

Answer: SWFT Pay is a way to send and receive cryptocurrency to and from anyone anywhere in the easiest way possible. You don’t need to worry about whether you got the wrong address and things like that. SWFT Pay lets you send and request money using just a link! This means you can send the payment or payment request over any messaging platform. You owe someone $5? Send them a SWFT Pay link with 5 USDC (or any of the over a dozen stablecoins we have) or around 58k sats if you want to pay them back in bitcoin! With SWFT Pay, you can send and request payments in hundreds of currencies, choose the ones you prefer! By the way, when you send a SWFT Pay payment link, the receiver can choose to accept the payment into their SWFT Blockchain account or have it sent to a different wallet address of their choice! As I mentioned above, you can also request money by just sending a link, so you can request payments for your services or simply ask a friend to pay you back! Up to you :)

Another feature within SWFT Pay is SWFT Red Packets. Red packets are the best way to send and claim free crypto with up to 5,000 people at one time! Red packets are being shared in our telegram group all the time and daily in our app, so don’t miss your chance to get free crypto. If you want to share some crypto with your friends, select the amount you want to send and the amount of red packets to send, and then send the link to your friends or whomever. If somebody registers an account after they receive a red packet from you, they will be counted as one of your referrals!

Our referral program is meant to reward you for telling your friends about SWFT Blockchain. With anybody you refer, you’ll earn 50% of their trading fees for the next year. The sky’s the limit!

Q5. Can you tell us about SWFT blockchain business model?

Answer: It’s simple, we charge a small fee (0.2% or 0.1% if you hold SWFTC in your account) anytime anybody makes a currency swap with SWFT Blockchain. That includes anytime someone makes a swap on the SWFT Blockchain platform, but also on our partner platforms and wallets. Anytime someone makes a swap on a partner wallet, we also receive revenue from that. Our business model also includes currency listing fees as well. We’ve recently launched other revenue-earning features like pledge-collateral loans and we look forward to increasing our revenue sources in the future. Therefore, our business model mainly relies on swaps and our partnerships with wallets and other platforms but it also includes listing fees and other activities!

Q6. What are the major achievements and partnerships you are most proud of?

Answer: Aside from our funding partnership with Draper Dragon, who led our private SWFTC sale in January of 2018, we are proud of many of our partnerships. We are very proud of our partnership with the CENTRE Consortium (issuer of USDC and co-founded by Circle and Coinbase) and of being one of the first wallets and the first cross-chain swap platform to offer support for USDC. I also think that our strategic partnership with Ledger is one of our most important ones as it allows us to give our users a greater piece of mind with our integration of their Ledger Vault security technology and also lets Ledger users make SWFT Blockchain cross-chain swaps using Ledger Live. We are also very proud of being able to help give users of Ellipal, MathWallet, TokenPocket, and more hardware and mobile wallets an integrated swap experience. As of today, 30 wallets have integrated our swap services, and we look forward to partnering with more! We are also proud of how widespread SWFTC is as it is listed on some of the best exchanges, including ZB, Huobi, Poloniex, OKEx,Bithumb Global and more.

In terms of achievements, we were really happy to have been selected to the first-ever batch of the Berkeley Blockchain Xcelerator. Out of hundreds of blockchain startups, 12 were selected, and SWFT Blockchain among them! We really enjoyed our time getting to know all the wonderful people from our cohort in Berkeley. Go bears! Another one of our proudest achievements was winning first place at the International Innovation & Entrepreneurship Competition in Shenzhen about a year ago, followed by our 3rd place finish at the 9th edition of the Silicon Valley Innovation & Entrepreneurship Forum last September. Some of our other recognitions include being runner-up at the US division finale of the 3rd edition of the “Red Boat Cup” Global Entrepreneurship & Innovation Contest, second place at the 7th YangCheng Lake Competition North America Trials in Silicon Valley and at the Final in Suzhou China. Lastly, SWFT Blockchain was selected as one of the top 10 Fastest Growing Cryptocurrency Technology Solution Providers to Watch in 2018 by The Technology Headlines.

Q7. Going forward in 2020 and beyond, what is your vision for SWFT blockchain?

Answer: We think that up until now, the cryptocurrency industry has been characterized by price speculation and volatility, creating an environment where the winners have been a small group (relative to the world population) composed of skilled traders, speculators, and, sometimes, even scammers. The predominantly successful business models in this phase have been exchanges and miners. However, regular people have yet to reap the full benefits of cryptocurrencies’ promises. At SWFT Blockchain, we envision a future cryptocurrency space in which billions of regular people, including the world’s currently unbanked, get to participate, some without even realizing. The space is already making strides in that direction with stablecoins, CBDC’s (Central Bank Digital Currencies), and DeFi and bringing us closer and closer to that vision. We believe the near-future will be characterized by stability and scalability, which will allow simple, easy-to-use tools and payment ecosystems to thrive. Regular people will own and transact in stablecoins, and some may not even realize they are doing so (Libra could be a great example of this). However, people will still need to get from one currency to another, like people do with fiat every day, and they will not know or care about order books and trading pairs. They will need simple conversion tools. Simple ways to get from currency A to B. At SWFT Blockchain, we’ve already made it easier to get from one cryptocurrency to another in seconds. Our goal is to keep simplifying the swap process to make swaps even better for current users and meet the needs of future cryptocurrency users.

We also believe in further decentralization and tailoring our current offering to DeFi users. We will be integrating a handful of DeFi products into the SWFT Blockchain app and will be introducing a non-custodial storage option for our users to retain full control of their funds at all times, while they take advantage of some of the most advanced DeFi and CeFi tools available in the market.

Q8. With the likes of Changelly & ShapeShift and other related crypto projects, how do you plan to be ahead of competitors to mass adoption?

Answer: We started out with a simple swap tool, much like Shapeshift or Changelly. In just a few years we passed them both in currencies listed while we built features on top of our swaps. We think giving people an all-in-one solution is important and that’s why we built a wallet with payments and red packets on top! This also means our swaps are much faster as they can take 10–15 seconds vs 10–15 minutes on Shapeshift or Changelly.

Another way we’ve been able to compete with them is our rates and our fees. If you compare the swap rates, SWFT Blockchain is almost always better. Meanwhile, our 0.2% fees are much lower than theirs. And even lower (0.1%) with SWFTC!

Thirdly, our app, available on the iOS App Store and Google Play, includes all these features and SWFT Pay, which lets you send and request money with a link to and from anyone anywhere over any messaging platform or email. Red Packets are also part of SWFT Pay and are a fun and easy way to share crypto with your friends who might not have any yet. Our feature-filled, user-friendly wallet, including cross-chain swaps, SWFT Pay, and Red Packets makes SWFT Blockchain a more accessible, all-in-one, cryptocurrency experience. Here’s a red packet: https://swap.swftcoin.com/r/WBUxET0l

Q9. Can you tell me why investors should invest long-term in SWFTC? Which types of more exciting updates, partnerships you’ve planned for holders?

Answer: We think you may want to hold on to your SWFTC if you ever have a need to get from one currency to another, as it will make your currency swap even cheaper, giving you a 50% discount on the swap fee. SWFTC holders can also participate in daily earnings activities with SWFT Pool where you can earn up to 10,000 SWFTC a day! We are working on adding more and more advantages for SWFTC holders within the SWFT Blockchain offering. As we launch more decentralized features, these advantages may include the ability to vote on product updates, more earnings from our referral program, or further discounts on fees within the platform. In the future, SWFTC holders will be able to unlock certain features depending on the amount of SWFTC they have.

To answer the second part of your question, we are focusing on improving and adding more features to our cross-chain swap process. We are also going to focus our business development on continuing to integrate our swap solutions with more and more of the top wallets and digital asset platforms. Our integration partnership options are very exciting for us and our goal is to reach 100 integrations by year-end. We are also excited as we are getting closer to reaching our next goal of 250 currencies listed. We are always looking to eliminate the barriers between currencies. While these are some of the directions we are heading in, we will also continue to build on top of our current features and keep updating the app with improvements!

Q10. Is there any reward mechanism for holding SWFTC Token?What are the benefits of Holding SWFTC token?

Answer: Vast majority of Crypto projects are built just for the sole purpose of amassing wealth for themselves.

So I want to know the value SWFTC aim to add to crypto industry that will bring greater abundance to the industry?

As mentioned in one of the previous answers, SWFTC holders can participate in daily earnings activities using SWFT Pool, where they can earn up to 10,000 SWFTC per day!

SWFT Blockchain brings value to the industry by making it easier, faster, and cheaper to get from one currency to another. SWFT Blockchain’s all-in-one solution is a unique tool that combines currency swaps, payments, and more into an easy-to-use mobile wallet. SWFTC is the way we are able to make this possible, our secret sauce, if you will. We believe that the advantage of SwftCoin is that it benefits you, the end user. YOU get the discount on swap fees, YOU get the passive-incentive rewards. SwftCoin was created for SWFT Blockchain users and SWFT Blockchain was created for you. SWFT Blockchain’s product has been live for over two years and we have constantly worked to add features and expand the benefits for SWFTC holders. As we grow, we will continue to focus on improving SWFT Blockchain and give SWFTC holders even more benefits, and we rely on our users and SWFTC holders’ feedback to lead the way.

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