The Swipe network is a platform that was created to serve as a bridge linking the world of fiat currency and that of cryptocurrency and blockchain technology at large via a dedicated API programmed to deliver payment cards on a global scale that are facilitated by its native token, SXP.
The system is made up of a collection of on-chain products which are known as Swipe Swap. Swipe Swap is a form of Automated Market Maker and is forked by some major token platforms, namely SushiSwap, THORchain, and UniSwap.
In general, the Swipe platform advances being just a powered distributed network, as the system is also a combination of both a top tier software, as well as a digital wallet system which essentially allows participants to transact crypto assets at either digital or physical locations.
Who are the Founders of Swipe (SXP)?
The Swipe network was established by Joselito Lizarondo. Liza rondo came into the radar of the cryptocurrency world after his series of early investments in Bitcoin. Apart from that, he is also a vastly experienced professional in a series of start-up businesses, among which includes the Swipe network. He also serves as the current CEO of the platform.
In mid-2020, there was an official announcement stating that the swipe network had been acquired by Binance, one of the largest leading digital asset exchanges in the world.
What is Swipe (SXP) used for?
As one of the advantages of being a profit-based organization, the Swipe network’s wallet can be directly connected to debut cards such as the visa card, as well as a series of applications on smartphones, thus providing a similar experience to what occurs with the traditional mobile wallets. This cuts across several customized perks specifically for cardholders such as being able to earn cashback as high as 8% on Bitcoin, in addition to a free Spotify account.
Additionally, Swipe wallets also provide a collection of added advantages which are strengthened by some new features which were created through the integration of its dedicated cryptocurrency.
According to the Swipe network’s team, they claim to be working on an inclusive service that incorporates merchant payments, savings account, and credit cards for the processing of different services. It also stated that it would be updating users on its platform details via its blog.
What Is the Unique Point of Swipe (SXP)?
Presently, the Swipe network facilitates some of the world’s largest exchanges which are Binance and FTX via its protocol that connects them to Visa’s large-scale payment network via the Swipe API.
The API used by the Swipe ecosystem allows for the conversion of cryptocurrency to fiat currency in real-time simply by the swipe of a debit card at an e-commerce center or point of sale which allows for the network to be able to create a seamless user experience for its participants. Injected deep in the Swipe API system is a reward protocol known as Swipe Rewards. The Swipe Reward protocol is a cashback system linked back to the card that allows cardholders to access up to 30% at retail points.
How many Swipe (SXP) coins are in circulation?
The Swipe cryptocurrency is at the center of the operation and maintenance of the entire network. In addition to that, it is also used as a form of payment for different services in the Swipe ecosystem. In its major use case, the SCP token serves the purpose of payment for transaction fees.
Upon creation, the SXP token had a maximum supply of 239,612,084 SXP coins, and of that amount, a total of 192,768,789 SXP coins was injected into the circulation. However, the token system has a burn mechanism that will eliminate 80% of the fees from the circulating supply via its smart contracts system.
Based on the software regulations set by the network when the tokens were minted, the maximum supply of SXP tokens will remain constant for life, without being subject to any change.
Is the Swipe (SXP) Network secured?
Similar to most of the other cryptocurrencies developed on the Ethereum blockchain, the SXP token is also based on the ERC-20 security model used by the entire network.
The platform is Protected through a reliable proof of stake consensus mechanism which operates with the aim of helping the network to reach a consensus in a manner that is considered decentralized and secure by the token holders. Diverse from the operations of the proof of work algorithm, the proof of stake system on the other hand uses a collection of validators who are required to stake their tokens in order to create new blocks. This block creation process in turn is then selected at random by its algorithm, thus preventing any type of hostile activities on the network that can put its integrity at risk.
How do I buy Swipe (SXP)?
Swipe serves one of the most basic needs in the blockchain industry. For most people, cryptocurrency is a form of business that involves profits and losses. While the world of cryptocurrency is a different ecosystem from the regular legal tender, the Swipe system provides an avenue to turn digital assets into real products that can be used to pay for services. While the token facilitates major platforms such as Binance, it is also largely available across several other exchanges and can be bought easily through the steps below.
- Interested users will have to create an account with the crypto trading platform. ,
- Next, they will need to transfer an exact amount of fiat money to the crypto account
- Then, wait till the transaction has been approved, they can now buy their SXP tokens.
Which Cryptocurrency Wallet Supports Swipe (SXP)?
The PTPWallet platform brings about virtually all crypto-related solutions to the world of blockchain, and this is done via its inclusive technology that supports a series of cryptocurrency platforms which included the Swipe wallet, among several others. The platform has also managed to maintain its position at the top of the food chain through its top-notch interactive user interface. This not only promotes the platform but also helps users navigate things more easily.