Swapy Network — Realizing the “Universal Access to Credit” Dream

It is estimated that around 2 billion working-age adults all around the world, especially in developing countries, have no access to formal financial services delivered by regulated financial institutions like banks. This has been largely attributed to the absence of affordable banking services due to high capital cost & lack of awareness or incentive to generate credit opportunity.

Inside the long list of issues that Blockchain technology aims to solve, financial inclusion may be one of the most overlooked one’s. The folks at Swapy Network aim to create a “Universal Access to Credit” mechanism to assist in financial inclusion & provide the underprivileged people, a credit opportunity to bolster their financial power & standard of living.

The Swapy network is a decentralised protocol which aims to ensure universal access to credit by connecting investors and borrowers. Swapy proposes to create not one, but three decentralized applications (dApps) namely;

Swapy Exchange — An exchange that connects investor money to emerging economies. The benefitted parties would be both International investors from countries with low interest rates & credit seekers from countries with high interest rates. For example, an Japanese based investor can invest his/her money in a Brazilian startup through Swapy. Remember, the central bank interest rate in Japan is negative (-0.1%) while in Brazil its around 7%. The transaction will be governed by a smart contract signed between an investor and a credit company in the Swapy Exchange. This smart contract will be deployed into the Ethereum blockchain & the assets will be transferred across borders using cryptocurrencies. However, the funds and paybacks are pegged to the US dollar to avoid the high volatility associated with cryptocurrencies. This will be a win-win for both parties- the investors & credit seekers, as both of them are able to mitigate their domestic pitfalls, through cross-border dealings. The Swapy Network team hopes to provide all these features with a 100% committment to legal compliance. The alpha version of the Exchange has been released already & can be downloaded here.

Swapy Financial ID — A universal financial identity for individuals, providing a simplified Identity Verification System(IDV) or Know Your Customer (KYC). This will be particularly helpful for financial entities reliant on conventional KYC procedures that are cumbersome by nature. Swapy Financial ID will be a one stop solution for KYC & credit history analysis as all transactions are stored in the blockchain & are readily available upon authentication.
Swapy Data Market — A mechanism through which individuals can monetise their own data, also empowering new players in the financial space by giving them access to data. Swapy Network proposes a Data Marketplace that eliminates intermediaries & empowers individuals to trade their own data for monetary gains on a voluntary basis. The proposed marketplace aims to create a level playing field for new entrants in the financial space, as the present scenario is heavily skewed in favor of big corporations.

Swapy Data Market — A mechanism through which individuals can monetise their own data, also empowering new players in the financial space by giving them access to data. Swapy Network proposes a Data Marketplace that eliminates intermediaries & empowers individuals to trade their own data for monetary gains on a voluntary basis. The proposed marketplace aims to create a level playing field for new entrants in the financial space, as the present scenario is heavily skewed in favor of big corporations.

Swapy Token (SWAPY), an ERC20 token, is the basic unit of value in the Swapy Network. It provides the only way to pay the fees for the services in the network. In the Swapy Exchange for example, 1% of every transaction carrried out is proposed as a fee that will be paid in Swapy tokens. So for a $100,000 transaction, a $1000 would be generated as revenue for Swapy Exchange.

About the SWAPY Token Sale

Total number of Tokens minted: 100,000,000 (One Hundred Million). The distribution will be as follows;
-Company’s stockholders: 15%
-Company’s Endowment: 15%
-Partners and advisors: 10%
-External developers fund: 10%
-Initial Coin Offering: 50%

Price of the token against Ether: 1 ETH = 600 SWAPY. The dates of token sale will be announced soon, but whitelisting has already started here.

The Swapy Network Team

Edmilson Rodrigues is the CEO of Swapy Network. A former Google empoyee & and serial entrepreneur, Edmilson features in the Humans of Swapy Series in the Swapy Network Youtube channel, where he describes the flaws of the credit system in his native Brazil & how the big banks have the monopoly. Túlio Braga is the CTO, he is a Master student in Computer Science (UFMG), graduated in Computer Engineering & completed innovation course at Stanford University. Plinio Braga is the Lead Designer & Co-Founder: He is a graduate in Design from Universidade Federal de Minas Gerais, UFMG. Bruna Fiori is the COO, an Economist and Controller, she also serves as Counselor of the Regional Council of Economy. Information about the entire team can be found here

The Swapy team has already got the backing of renowned VC’s & businessmen like Tim Draper & Don Tapscott. Their work has already been covered by popular publications such as CoinDesk, VentureBeat & PCMag.

Visit the Swapy Network Website — https://www.swapy.network
Join the Telegram group — http://telegram.me/swapynetwork
Follow Swapy Network on Medium —https://medium.com/@SwapyNetwork

Subscribe to the Swapy Network Youtube Channel — Youtube Channel

References
White Paper