SWAPY NETWORK - The solution for Universal Access to Credit
INTRODUCTION
If you're reading this post, it is very likely you have some ideas about cryptocurrency and blockchain technology and I'd like to introduce you to SWAPY NETWORK a project that aims to make credit cheaper and universally accessible using blockchain and decentralization.
The Swapy Exchange is a marketplace where international investors and credit companies from all around the world come together enjoying cost-effective, global and secure money markets. The Swapy network also puts in place a Swapy Financial ID that will be acceptable in every corner of the globe providing a commercial identity for people. Therefore, people will have the unique digital commercial character that will promote the privacy as well as data integrity. This project presents the Swapy Data Market which will provide enormous benefits for the participants, because the financial data will be transformed into unique value using sophisticated decentralized tokenized system because participants will be able to trade their financial information earning tokens.
THE SWAPY NETWORK PLATFORM
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
- Swapy ID
- Swapy DataMarket
Swapy Exchange is 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. Transactions 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.
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.
The Solution Swapy Network is providing
Swapy Network is a decentralized protocol that aims to connect the various participants within the financial industry, which includes the borrowers, creditors, insurers, data producers, the data consumers, and others. With Swapy Network, individuals and/or companies are able to offer or consume services and collaborate within the ecosystem to decrease the prices of financial services, all the while being more inclusive of new entrants in the financial industry. The fees to operate in Swapy Network will be charged in Swapy cryptographic tokens (SWAPY). This way, token holders will have access rights to use the Swapy Network, benefiting from and contributing to it, and receiving tokens in exchange. This section provides an overview of the Swapy Token, the proposed D’Apps, and the protocol itself.
How does Swapy Network aims to solve the problems of access to credit?
It facilitates offers of credit in order to lower the costs of capital.
It eliminates information asymmetry between participants through a commonly shared and updated data network.
It provides better data so that credit companies can make better lending decisions and offer lower rates to good clients.
It encourages lower cost capital and better information which can reduce entrance barriers for new companies.
This is Swapy Network market-based approach to accomplish the dream of Universal Access to Credit.
TOKEN AND ICO INFORMATION
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.
Token Distribution
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.
TEAM
For more information about the project visit the links below;
Website : https://www.swapy.network
Whitepaper : https://s3.us-east-2.amazonaws.com/swapynetwork/SwapyNetwork_TokenSale_Whitepaper-EN-US.pdf
ANN Thread : http://bitcointalk.org/index.php?topic=2372636.0
Bounty : https://bountyhive.io/join/Swapy%20Network
Author: Brainerdpaul
BitcoinTalk profile link: https://bitcointalk.org/index.php?action=profile;u=1680409