What is Swarm City? Built on the Ethereum network, Swarm City is a decentralized and peer-to-peer (P2P) trading platform. In this article, you can find answers to questions that investors wonder, such as what Swarm City is, what it offers, what is SWT coin, and how to buy it. As Kriptokoin.com, we have prepared it for our readers. Let’s examine this cryptocurrency together.
What is Swarm City?
Swarm City is a peer-to-peer payment platform similar to Bitcoin but running on Ethereum. The cryptocurrency project aims to eliminate third parties. Thus, it allows full peer-to-peer trading. Users who transact with SWT do not need banks and applications such as Uber, that is, intermediaries. Therefore, they do not pay any fees to these organizations for their brokerage. In other words, the project aims to make the payment space a decentralized place built on Blockchain.
What does Swarm City offer?
In the past, you needed a trusted third party to trade an asset. These third parties were usually banks that charged a commission on your transactions. Over time, new and various payment apps such as Uber and AirBNB have emerged. These were much more transparent than banks, but quickly seized the monopoly of the industry and were managed with a centralized structure. Swarm City aims to make the payment and commerce space peer-to-peer (P2P).
For this, it is possible to become a member of the Blockchain platform and upload a profile photo. Then you can use Swarm City’s Boardwalk app. With Boardwalk, users can create a request for any service they need, such as ridesharing. To make a claim on the platform, you need to use hashtags. After you do these, the platform’s service provider approves your request and completes your transaction.
What is SWT? What does it do?
Swarm City Token (SWT) is the ERC-20-based native cryptocurrency of the Swarm City platform. As more people start using Swarm City, the price of SWT coin also increases. For example, you want to rent a car within the platform, you have to pay the service provider with SWT. Service providers that ensure the sustainability and security of the network earn SWT rewards for completing your transaction.
In addition, if you have a service to rent, you can offer it on the platform in return for SWT payment. So, when someone decides to rent or buy your service, you get a cryptocurrency payment in return. Since you contribute to the ecosystem of the platform, you also indirectly contribute to the SWT price. Thus, the possibility of increasing the value of your assets over time increases.
What is Swarm City? How to take SWT?
Swarm City emerged in 2017 and is currently traded on only 2 cryptocurrency exchanges. These exchanges are: YoBit and HitBTC. If you are interested in buying SWT, you must first become a member of one of these exchanges and verify your account. Next, you must deposit an asset in the account you created, which is suitable for SWT parities. After doing these, you can place a buy order by clicking SWT.
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