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The 2017 ICO boom brought forth plenty of crypto projects but very few keep the energy today. This time, the ChangeHero team will introduce you to one of the small-cap gems that often presents opportunities to daring traders.
Key Takeaways
- SWFT Blockchain is a digital payments platform that enables users to manage and swap cryptocurrencies across multiple compatible networks. It claims to combine blockchain technology with artificial intelligence and big data to optimize transactions, making them faster and more efficient.
- SwftCoin (SWFTC) is the native cryptocurrency of this platform. It is a utility token that aims to power various functionalities and provide potential benefits to its holders.
- One of these advantages is a 50% discount on fees charged by SWFT Blockchain. This discount aims to enable users to swap cryptocurrencies across different chains at a reduced cost, improving their trading experience.
The SWFT Blockchain Platform and How It Works
SWFT Blockchain is a cross-chain wallet, exchange, and payment platform that allows users to swap, trade, pay with, and share hundreds of cryptocurrencies. Its mobile app allows users to perform one-click cross-chain swaps, and access additional features like social media red packets, payment, and group buying.
Despite what the name leads on, it is a multi-chain ecosystem of blockchain apps. Its flagship app is SWFT Blockchain but there are also cross-chain swap protocol OmniBridge, DEX and flash swap aggregator Bridgers, Web3 and metaverse aggregator MetaPath, and decentralized trading protocol Glue.
SWFT Allchain Swap is a part of the broader SWFT Blockchain ecosystem, integrated into the platform to enable direct swaps of over 800 cryptocurrencies across 50+ public chains. SWFT Bridgers is a decentralized trading platform built with it that operates across multiple public chains, providing seamless asset exchanges with enhanced security, low transaction fees, and lightning-fast speeds. Currently supporting BSC, Heco, OEC, Polygon, ETH, and more chains.
SWFT Blockchain claims to integrate AI, machine learning, and big data in its products but how exactly? It applies sophisticated machine learning models, such as recurrent neural networks (RNNs) to predict the price fluctuations of various currencies and suggest optimal investment strategies. SWFT Bridgers has integrated OpenAI-powered GPT-Plugin to streamline the user experience, as well as support and assistance. The AI plugin can also send out personalized notifications and alerts and provide recommendations within its capacity.
Background Of SWFT Blockchain
SWFT stands for “Smart Worldwide Financial Technology”. Founded in 2017, SWFT Blockchain received investment from Draper Dragon in 2018 and participated in the first batch of the Berkeley Blockchain Xcelerator in 2019.
The original core team consisted of thirteen founding members with four executive board members. Ramble Lan is the CEO of SWFT Blockchain to this day and incidentally, the Founder and Chairman of the North America Blockchain Association. Other executives in the team are Christina Chen (Vice President of Global Marketing and Business Development) and Guoqing Ma (Chief Development Officer).
As an ERC-20 token, SWFTC was initially launched on the Ethereum blockchain and has since expanded its presence to other compatible networks. The initial plan was to issue 5 billion SwftCoin (SWTC) tokens in a private sale and lock another 5B for founders and development. Of 10 billion SWFTC tokens in total, only 4B are in the current circulating supply.
What is Swftcoin (SWFTC)?
SWFTCoin (SWFTC) is the native cryptocurrency of the SWFT Blockchain platform, available on multiple blockchains including ERC20, Binance Smart Chain (BSC), HECO, and ETHF. SWFTC seeks to ensure accessibility and integration within the SWFT Blockchain ecosystem due to its compatibility across multiple blockchain networks.
As the native cryptocurrency of the SWFT Blockchain platform, SWFTC plays a crucial role in facilitating transaction fees and other platform functionalities across multiple blockchains where it’s available.
How To Use SWFTC Tokens?
The main use case for SwftCoin (SWFTC) is transaction fees in the SWFT Blockchain apps. Holding 500,000 SWFTC or more entitles users to the lowest fees charged: on AllChain Bridge, it becomes just 0.1% per swap.
By powering SWFT Blockchain, SWFTC pays transaction fees and provides token holders with a 50% discount. Leveraging the power of decentralized technology enables users to enjoy ultra-low fees and faster speeds when exchanging assets within a single chain or between dual chains.
Swftcoin (SWFT) And Similar Projects
A whole category that bears significant similarity to SwftCoin (SWFT) in terms of utility is exchange tokens. Those are utility tokens issued by centralized and decentralized exchanges to provide bonuses for holders, such as discounted fees. What sets SWFTC apart from those is its interoperability to enable direct swaps within the SWFT blockchain ecosystem.
SWFTCoin (SWFTC) can also be compared to wallet tokens such as ABBC Coin (ABBC) or Coin98 (C98). All of these assets also have comparable market capitalization sizes. However, in terms of the sheer number of different chains supported, SWFTC outpaces them both.
Is Swftcoin Criticized For Anything?
The security audit by Certik did not find any critical flaws in the smart contracts but highlighted a major centralization-related issue with SWFT Blockchain. Researchers suggested introducing timelock or multi-signing for owner account privileges in the short term. Renouncing control over the owner accounts altogether was recommended as a long-term solution but the team declined to introduce any changes.
Partnerships and Future Of Swftcoin (SWFTC)
The platform has developed products that cater to different needs within the cryptocurrency ecosystem, including the SWFT Blockchain Wallet APP, SWFT AllChain Bridge, SWFT Bridgers, and SWFT Cross-Chain Swap API + Widget. SWFT Blockchain products support over 300 cryptocurrencies across Ethereum, BSC, HECO, Polygon, Polkadot, OKExChain, and TRON. As SWFT Blockchain continues to expand its services and partnerships, SWFTC holders may benefit from an increasingly diverse ecosystem.
SWFT Blockchain’s partners include Draper Dragon, Coinbase Wallet, MetaMask, BNB Chain, Huobi Global, ELLIPAL, LooksRare, Math Wallet, CoinGecko, and OKX.
Where to Store Swftcoin (SWFTC)?
Because of the benefits SwftCoin (SWFTC) provides to holders, it makes sense to hold it in the official wallet app for iOS and Android. However, for more secure storage in a hardware wallet, you can use Ledger.
If you simply need to hold SwftCoin (SWFTC), you can see which cryptocurrency wallets support tokens on Ethereum, BNB Smart Chain, and HECO. The most popular options are MetaMask and Trust Wallet, although you can keep SWFTC tokens and use a cross-chain swap aggregator in Tangem and Trezor, too.
How to Exchange and Buy Swftcoin (SWFTC) on ChangeHero?
Need a refresher on how swapping crypto on ChangeHero works? We’re here to help:
- Choose the currencies on the home page, amounts, and the type of exchange. Provide your wallet address in the next step and check the details;
- Double-check the provided information, read and accept the Terms of Use and Privacy Policy;
- Send the sum of the cryptocurrency for the swap in a single transaction. In Fixed Rate transaction you have 15 minutes before it expires;
- Sit back and relax. At this step, we are doing all the work: checking the incoming transaction and doing the exchange as soon as it arrives;
- As soon as the exchange has been processed, your SWFTC is on its way to your wallet. And so, the transaction is finished!
If you ever run into any issues during your swap, our support specialists are always available to help you in the chat, official Telegram chat group, or through the email: [email protected].
Conclusion
The SWFT platform prides itself on standing tall for over seven years and counting. SwftCoin (SWFTC) may not be the most valuable asset in the market or even in its niche but it has its uses within a promising ecosystem.
While you are here, why don’t you browse our blog for more crypto insights? And don’t forget to subscribe to ChangeHero on X, Facebook, and Telegram for daily updates and even more content.
Frequently Asked Questions
What does SwftCoin do?
SwftCoin (SWFTC) is a cryptocurrency token based on the Ethereum blockchain, used as a medium of exchange within the SWFT Blockchain platform. The platform allows users to own, transfer, and trade cryptocurrencies across different networks swiftly and securely.
What is the ranking of the SWFT blockchain?
With the current market cap of $13,832,517.59 according to CoinMarketCap, Swftcoin (SWFTC) ranks 938th in its rating.
Who is the owner of SwftCoin?
SWFT Blockchain positions itself as a decentralized payments platform without a single owner. However, the company that develops and supports the ecosystem is led by the CEO Ramble Lan.
What is the SWFTC coin?
SwftCoin (SWFTC) is the native token of SWFT Blockchain, a cross-chain swap aggregator that enables fast, secure, and low-cost transactions across various blockchains.
What is SwftCoin used for?
The utility token SwftCoin (SWFTC) is used as a blockchain asset to pay transaction fees when using the SWFT Blockchain ecosystem products and provides token holders a 50% discount on the cross-chain swap.
Disclaimer
This article is not financial or investment advice. When dealing with cryptocurrencies, remember that they are extremely volatile and thus, a high-risk investment. Always make sure to stay informed and be aware of those risks. Consider investing in cryptocurrencies only after careful consideration and analysis of your own research and at your own risk.
