Swaap is an universal blockchain payment system

in #etherum • 3 years ago

Introduction

There is a vast array of cryptographic assets distributed among different networks of which people choose as stores-of-value, means of exchange or investments. There are thousands of them, spread throughout the internet, each one with its own peculiarities, making them more, or less valuable to its users. Though, despite the wide
range of different tokens, coins, and currencies out there, it is right to say that most of them can be divided in two main categories: stablecoins and free-floating coins.

Stablecoins are usually hard-pegged to a fiat currency of choice, mimicking its value on a 1:1 ratio, whereas free-floating coins - or simply crypto currencies - are not hard-pegged to any fiat currency and its value can often be directly linked to its acceptance, usage, and market demand. But despite stablecoins and crypto currencies having their own pros and cons, both fail on serving its users as a truly global mean of exchange, that can serve both as a democratic and unbiased currency and a reliable source of fiat-liquidity, when required. That is the main problem we are going to address with Swaap.

About Swaap

project plans to make a really all inclusive installment framework utilizing blockchain innovation project group attempt to offer a wide scope of answers for empower organizations and people to work together internationally.

Swaap is an all inclusive blockchain installment framework, that can be utilized by anybody, anyplace. It is allowed to utilize, open source and decentralized. Swaap tokens - or SAP - are sponsored by a scope of resources, money and money reciprocals and this guarantees that will be consistently accessible liquidity for you to change over your tokens in fiat cash when you need it.

We intend to align blockchain technology with a financial framework that will allow us to serve our users with a truly global payment solution, on a very low-cost and extremely secure way, completely eliminating the need for currency exchange and the use of financial or any other trusted third-party institutions to validate these transactions. Swaap will allow borderless transactions to be settled in seconds or minutes, on a purely peer-to-peer system, using the Ethereum blockchain to validate and store all this information on an immutable and perpetual way, making the whole process extremely secure and transparent.

Swaaps will offer the liquidity reliability, and low volatility of stablecoins – such as DAI and Tether – and the non-biased and democratic nature of crypto currencies - such as Bitcoin, Litecoin and Ether – at the same time. Such properties will make Swaap attractive for a wide-ranged public, creating a new concept of cryptographic
currency that diverges from both the stablecoins and the free-floating crypto currencies as we know.

Among the reasons we believe Swaap will be a smarter and more attractive choice among other crypto currencies and stablecoins:

It is backed by a diversified range of collateral, which makes it less volatile than any other crypto currency and more reliable than any other stablecoin.

It uses the Ethereum network and blockchain ledger, which is a reputable, well-tested, and reliable platform, opposite to new and untested networks.

It is built as an ERC-20 token, making it compatible with most Ethereum wallets and a range of existent technologies that will allow users to enhance their experience by allowing easy integration and usage of the tokens.

It will have a free-floating exchange value, making it an extremely attractive investment instrument.

It will offer reliable and multi-currency liquidity through official platforms, eliminating fraud and scamming risks to the users.

What is Swaap?

Swaap is an universal blockchain payment system, that can be used by anyone, anywhere. It is free to use, open source and decentralized. Swaap tokens - or SAP - are backed by a range of assets, cash and cash equivalents and this ensures that will be always available liquidity for you to convert your tokens in fiat currency when you need it.

Technology and Processes

Issuance and Acquirement of Swaaps

Users will be able to mint Swaaps at any time by depositing collateral against it, and it they will be able to do it directly through our platform. The collateral will be measured against the current market price and the user will be credited with the Swaaps, directly on their ERC-20 wallet. The collateral will be pooled and stored in our liquidity pool.

Swaap Exchange Tokens, or SAPX, will have a perpetual exchange ratio of 1:1 SAP and its value will be determined by the sum of all currencies and assets in the liquidity pool, denominated in USD, divided by the total amount of outstanding tokens.

This will ensure that the platform will never run out of liquidity – even if all users decide to redeem their tokens at the same time – whilst still allowing speculation on the future value of the liquidity pool when exchanging the main tokens.

Swaap Governance Tokens

A limited amount of governance tokens will be issued and rewarded to community leaders, volunteers, team members and supporters that will help on developing and managing the Swaap platform. These tokens will be freely exchanged between users and will give voting rights to its holders, which will be called ‘Governors’, and governance will be exercised through governance pools, published on our official website.

Voting will imply on sending these tokens to an official ERC-20 address, representing either ‘Yes’ or ‘No’, and whichever address end up with the greater token count by the end of the voting period, will be the winner. There will never be a maximum or set number of tokens a Governor can send, always being those with most tokens, the ones with the greater voting and decision power within the platform.

The Vision

To provide a global payment solution that will operate on blockchain technology, along with a financial framework eradicating any third-party financial institution. And to remove the need of currency exchange.

Liquidity Pool

The liquidity pool will provide guarantee and liquidity to the token, being a key element for the functioning of the entire platform. It will host multiple currencies and assets, which will be stored securely and only accessible for token exchange purposes.

All collateral stored by the user will be digitized and converted into smart contract units and a different smart contract will be created to represent different assets or currencies. All of this is done on the blockchain, and users will have 24/7 access to these smart contracts for audit and compliance checks. They will be accessible via our website directly via an Ethereum block explorer platform, such as Etherscan.

Because some of the assets to be held in pools cannot be fully digitized - such as fiat currency, for example -, they must be trusted to banks and other financial institutions for custody and custody. These funds will be audited periodically by an independent third party company, and the information will be released to the public.

Flow of Funds

The charts below demonstrate how funds and tokens are issued, exchanged, held, and destroyed within the Swaap framework.

I. Token Purchasing

Flowchart: 1. User deposits collateral; 2. SAP tokens are issued and credited to the user; 3. Mirroring SAPX tokens are issued and credited to the company; 4. SAPX tokens will remain under the company’s custody until future redemption by a user.

II. Redemption, Stage 1

Flowchart: 1. User requests to exchange SAP for SAPX; 2. SAPX held by the company is transferred to user on a 1:1 exchange ratio; 3. The exchanged SAP tokens are permanently destroyed by the company.

III. Redemption, Stage 2

Flowchart: 1. User requests to exchange SAPX for fiat currency; 2. Fiat currency is sent to the user’s bank
account; 3. The exchanged SAPX tokens are permanently destroyed by the company.

Main Applications

Here we summarize the main applications of Swaaps across the crypto and blockchain eco system and for its users on a broader scale.

The main benefits applicable to all groups are:

  • The blockchain technology makes Swaaps a secure and fail proof mean of exchange on a global level, with borderless payments being made and settled in a matter of seconds or minutes.
  • Crypto currencies and assets are in high demand by the investment public, which can push the value of the tokens higher.
  • It is well collateralised with a diverse range of asset and asset classes, making its value less volatile and very resilient in times of financial instability.
  • It has a whole eco system that serves users with user friendly and powerful applications.

Exchanges

  • Operating exchanges with fiat currencies and legacy systems can be complicated, slow, risky, and expensive. By offering Swaaps, an exchange can relieve themselves of such complications and risks and leverage on the benefits of working with a modern, decentralized, and technologically advanced mean of exchange, such as:
  • Use crypto as a store of value, saving fees, physical space, logistics and operation costs.
  • Outsource fiat custodial risk to us just manage cryptos.
  • Store you Swaaps offline on a hard wallet, with low maintenance cost for a super secure environment.
  • Anything you can do with Bitcoin as an exchange, you can do with Swaap, and much more.

Individuals

The crypto public is remarkably diverse, but regardless of what individuals are doing with other crypto currencies and assets today, they can do more and better with Swaap. It can bring benefits to traders looking for profits, to long term investors looking for a secure store-of-value, to shoppers looking to avoid credit card fees or
maintain their privacy, to individuals looking to receive from or send money abroad, to more revolutionary individuals looking to change the world, to those living in less developed countries looking for access to financial services for the first time, to developers looking to create new technologies and to all of those who have found many other uses for crypto currencies.

For all these individuals, Swaap offers:

  • The possibility of transacting on a borderless way using a reliable, secure, fast, and low-cost technology.
  • The complete elimination of the ‘middleman’ and any other intermediaries; you have full control of your funds, always.
  • The possibility of buying and selling pseudo anonymously.
  • The avoidance of the currently expensive and non-reliable legacy banking system.
  • The possibility of integrating existing technologies compatible with Ethereum and ERC-20 tokens.

Merchants

Merchants can benefit greatly from accepting Swaap as a form of payment, mostly by the fact that receiving Swaaps is completely free. There are already a range of existing compatible technologies that allow merchants to start receiving Swaaps almost instantly and with the simple scanning of a QR Code.

The main benefits we see are:

  • Free: Receiving Swaaps is completely free, so the merchant will be paid in full for their products and services.
  • Instant: Your funds will be immediately available in your wallet and you will not need to wait to use
    them.
  • Secure: It is super secure to receive Swaaps as all transactions are validated by the Ethereum Network.
  • Integrated: The technology is easily integrable to existent payment technologies, with a range of tools already available, for free.

Eco-System

As with most of other cryptos and blockchains, several different applications can be built on top of Swaap and we intend to launch a series of official solutions that will be part of an eco-system, carrying our token on its core. These services will be built and provided both through our company’s own initiative and through partnerships. One of the key-projects we intend to develop is a fully operational financial platform, which will be similar to a digital bank, offering services such as loans, savings, current and investment accounts. We also aim to use this platform as the main official point-of-liquidity for Swaap users, which will be able to mint, convert and withdraw their funds on a seamless and efficient way.

Other projects that may comprise the Swaap eco-system could be: A crypto exchange, accepting fiat currency deposits but using Swaap as its main market of exchange; A crypto margin trading app, where users will be able to trade cryptos on a leverage and using Swaap as its main market of exchange; Swaap crypto wallet, compatible with all major crypto currencies, with real-time exchange options from fiat to SAP and vice-versa; A payment gateway, to offer a more comprehensive solution to merchants and professionals integrating their business and start being paid in Swaaps.

CONCLUSION

In a world where competition is high and the key to survival is to be unique and the one to set new traditions.
We offer to market a currency with highly secure platform. That provide exchange across the globe without any boundaries. And to make it more reliable it runs on a whole Eco system providing solutions tailor made to user’s needs.

For more information about this project you can see it below:

My Bitcointalk : Chaniagho

#blockchain #cryptocurrency #swaap
3 years ago in #etherum by
$0.00
    Reply 0

    Coin Marketplace

    STEEM 0.29
    TRX 0.12
    JST 0.033
    BTC 62934.09
    ETH 3118.65
    USDT 1.00
    SBD 3.85