Next week the first decentralized exchange on NEO will be launched.
Switcheo is launching their decentralized exchange with all the user friendly benefits of a centralized exchange. A decentralized exchange, or DEX, is a distributed platform that allows end-users to trade digital assets directly, without a third party being involved. The best part about a DEX is the ability to list all the dedicated tokens right away (NEP-5 in this case). Besides this a DEX offers full anonymity and security. A downside to this is that it will not be possible to recover wallets that are lost, and in general is for the more experienced cryptocurrency trader.
Although Switcheo is a DEX some additional safety measures have been taken when it comes to regulations. They aim to implement D-KYC whitelists so that users can trade in compliance with the relevant legislation. Just like Binance they’ve implemented a system that tracks suspicious volume trades, if such a situation does occur the trades will be frozen. In regards to this the legal authorities can be informed, so they can help trace and/or track the illegal activities conducted through the blockchain.
The road map shows that Switcheo will not only be a NEO DEX. They also plan to launch QRC20 token trading in Q2 2018, and ERC20 tokens in Q3 2018. In Q4 they’ve planned to launch cross-chain trading.
Switcheo Road Map
While NEX (another NEO DEX in the making) is getting a lot more hype, Switcheo will have the first mover advantage. Another difference is that the NEX tokens are securities whereas SWH tokens are utility tokens. The token metrics for Switcheo are also a lot better when compared with NEX.
Switcheo Token Sale Details
-
Hardcap: 8,700,000 USD
-
5,500,000 USD (up to 50% bonus) sold in pre-sale
-
68% of the tokens are for sale
-
Total tokens: 1,000,000,000
-
Unsold tokens will be burned
Important to note is that both NEX and Switcheo are similar on first sight, but are quite different in terms of their approach.
NEX aims for the long term vision of NEO, where design and customer support are not priority number one. - but rather fitting in the NEO vision/look. Basically they will stay in the route of how NEO/Antshares has been going on since day one. My personal expectations here are that in reality even though the NEX platform launch is scheduled for Q3, getting all the translations through etc. will most likely become Q4.Switcheo on the other hand plans to strike now. They have user interface and getting everything up and running ASAP as their main priority.
This is seen back in their road map, as they are already ready to get started. They are officially launching the platform in a week from now already - being more than half a year ahead on NEX.
Personally I believe Switcheo deserves much more hype for the platform they are about to bring us, while NEX has been building hype, for something they still need to build.
Demo
Whitepaper
https://switcheo.network/switcheo_whitepaper_v1.0.pdf
<o:p></o:p>
Read More on their site