Swap has launched its Ethereum-based beta. The decentralized, peer-to-peer protocol is available for a limited number of people. Those who obtain the beta release will be provided with exclusive access to beta apps as well as the opportunity to earn the new Swap tokens as compensation for their participation. Registration to join the ecosystem started at 12 a.m. EST, June 21, 2017. Swap had intended that the first 500 people to participate in the beta would receive exclusive access to an allocation of Swap tokens. As of publication, Swap had surpassed the 500 subscribers, however, Creative Lead Paul Bugeja expressed to ETHNews that Swap has “extended the beta signup period due to overwhelming support from the community.”
Swap’s beta release was timed to coincide with its updated white paper, which outlines new details about the Swap custom token in addition to describing its newly implemented counter-party pricing oracle.
Product designer and full-stack developer Don Mosites said in Swap’s press release yesterday:
“We’ve been developing apps to help us craft the swap protocols and are excited to get the community involved. The beta program loops you into our internal release cycle and gives you first look at what we’re building. We’re also announcing the Swap token, which our early beta participants will earn for helping us out.”
Mosites, who helped co-found Swap, brings more than a decade of experience building a variety of software products for companies like Google and Zynga to the project.
Swap’s beta update was developed in conjunction with the distributed application development studio ConsenSys after a clear need emerged for a token trading program on the Ethereum blockchain. The Swap team used public discussions and feedback from the ERC20 ecosystem to make Swap’s token trading ecosystem uniquely simple to use. Users “shop” for tokens that they wish to acquire by going to the “Swap shop” and swapping them for tokens they already hold. A quote is issued to the user, who then submits their trade swap. The pricing oracle then performs its calculations, and the trade is executed. Users can search for any ERC20 token they find advantageous, as well as check wallet balances and transaction history. Moreover, the Ethereum platform that Swap is built upon allows users to exchange value in a decentralized manner, creating trust intrinsically between individual interactions. Ethereum also connects users in a peer-to-peer fashion, which removes blockchain order-books from complicating transactions, allowing for “a simple and liquid token trading experience.”
Swap also announced its new technical advisor, Phil Daian, an IC3 member with extensive experience auditing executable distributed code contracts and working with distributed systems. “Decentralized exchange is a very promising space,” said Daian, “and I look forward to working with the Swap team to review the security of their system on release and identify potentially hard foundational problems and their solutions.”
Swap co-founder Michael Oved, who formerly was a partner at Virtu, a high-frequency trading firm, told ETHNews:
“As for how we think this will affect the wider ecosystem, we really believe there is a demand for a simple and efficient trading experience in the Ethereum ecosystem. Tokens have proliferated and we think will only continue to do so. The current trading options are both centralized and limited, and by building a decentralized solution we believe we can provide a foundational piece to the Ethereum ecosystem and allow the community to continue to thrive.”
Swap’s beta release is significant because individuals can now interchange their tokens depending on how methodologies of valuation change from circumstance to circumstance. The removal of third party vendors and intermediary currencies will provide the flexibility and ease of use to users, which is needed to advance the ERC20 micro-system within Ethereum’s already rapidly growing ecology.