Universe is changing, as is the world and so is technology. Technological advancements have made life easier, closing the dots and bridging the gaps. The world around you is within the confines of your fingers where smartphones are your portals to the outside world. There is a rapid advancement with technologies becoming obsolete in no time and all this is directed towards one goal alone - SAVING TIME thus making life easier and faster.
Let's suppose, you are to travel and need to book your flight or the hotel. There are a number of options starting from the airline to the hotel websites. You will have certain specifications, like the travel date, time, room preference, budget, and so on and so forth. For you to get your desired result means spending a good amount of time navigating different websites for best deals or you could simply log on to Kayak (not promoting it) or similar travel aggregator websites which get you the information in way lesser time and in most likelihood better deals. It does the research and fare comparison for you, involving numerous sources, and offers all of it on a single platform. It has thus simplified the process and the task while providing all of it at no extra cost to the user. Most important of all, it has saved you time.
Now if are to swap your tokens, you can either log on to different exchanges separately or head on to an aggregator like SwapSpace which does the work for you.
A little of old Past and a bit of Present past
I remember my early days with Crypto which felt like a dark tunnel with no sight of the light or the end. With passing time, I got to learn a bit or two. It's not easy for someone who has barely any knowledge of the technology or the technical know-how to figure out the way. For most of the questions, that I was looking to find answers to, figuring out how to put across the right question for it felt arduous in itself. My challenge was to convert currencies and with fewer legitimate exchanges that I could trust, it felt like an uphill task. Speaking of it, exchange hack felt more of a norm making crypto-space ever slippery and uncomfortable especially for the likes of me. Adding to the state, I ended up being duped quite a few times, all thanks to my stupidity and ignorance but nevertheless that taught me some valuable lessons. And of my early days, I remember two things that helped me out, one was Blockfolio and the other Changelly. It presented an easy interface for swaps.
I did my last article, which was also for a contest about Chainge Finance. Long story short, I was trying to get some FSN tokens to explore the working of the application and because of the limited exchange options and the data, I ended up wasting a lot of time looking for alternatives. There weren't too many options in terms of exchanges. For most of the exchanges, I had to do KYC which I try avoiding as far as possible. I could have saved myself time and effort if I had a friend like SwapSpace with FSN listed on it.
Let's talk SwapSpace
To alleviate the grueling and arduous procedure of swapping tokens on Centralised exchanges, crypto swapping platforms in the form of Decentralised exchanges came as a respite. But why grueling and arduous? Using CEXes means user registration, KYC formalities, multiple passwords, added verification requirements, no access to the private keys of your assets, and with that the ever-present security risks. Did DEXes solve all of it? Not really. DEXes have their own problems as liquidity is a challenge and user experience is not easy besides no fiat currency transactions. These do not offer the convenience of CEXes. Cross-chain swaps require intermediaries in the form of centralised systems.
In case you are wondering and I have seen this question crop up as to whether SwapSpace is a Decentralised or a Centralised exchange aggregator, SwapSpace is an aggregator for both centralised and decentralised exchanges.
SwapSpace is a non-custodial, instant cryptocurrency exchange aggregator that collects rates across various custodial and non-custodial trading platforms (i.e., ChangeNOW, Changelly, Binance, and more) and offers them in one location. It thus provides the most profitable option for the user without the hassle of searching multiple exchanges reducing time and like I said earlier, time equals money and so much more. Guess what, that happens to be the mission statement of SwapeSpace. Besides saving time and effort, it provides fee percentage, number of cryptocurrencies on a given exchange along with the exchanges’ ratings (trust score) to help users make a conscious decision. Crypto world is not an easy place to be and any help (in this case multiple) is always appreciated.
-At present, SwapSpace has over 500 cryptocurrencies offering coin swaps on same chain as well as cross-chain.
-It offers fixed and floating rates without limits.
-Registration is not required and hence no KYC (unless KYC/AML is a requirement of the exchange being used for the exchange).
-No additional fees which make the service free.
-The private keys stay with the user.
-Personal information is encrypted on the servers
-Reliable support, available 24/7
Do all these features make SwapSpace a winner. Are these enough? Let's find that out a little later in the post after we know how things work on it.
How to use SwapSpace
SwapSpace does all the hard work for you, there is no need to create an account or deposit funds before actually swapping. To conduct a token swap, users must provide a private wallet address for both cryptocurrencies they wish to trade between.
SwapSpace has an extremely easy-to-use interface. I am not going to clutter this article with screenshots from the website or show you an actual swap because I am certain there are other articles that have done it at length and in-depth. I am, however, dropping a link to a video tutorial from the SwapSpace with the steps listed below-
Choose the cryptocurrencies that you want to exchange from the drop-down and enter the required amount. Click on view offers.
Select the best rate based on your requirements (floating or fixed rate, fees, exchanges' user rating, or your own personal preference)
Enter the recipient address and the refund address (refund address is optional)
Transfer the funds to the exchange service and wait for the exchange to proceed.
There is no need for registration, or the KYC (unless a requirement of the exchange service) and we get to achieve the desired result without any complicated steps.
What is SwapSpace trying to achieve
The entire crypto-space is scattered and isolated with different blockchains trying to achieve different goals and provide specific solutions. Cross-chain interoperability solutions are being sought to integrate the silos of different blockchains to provide a seamless experience towards the mass adoption of blockchain technology. Towards this goal, exchange aggregators will go a long way in providing a seamless experience to swap tokens on same or cross-chains. With the Defi boom, most of the exchange aggregators that have come up are on decentralised finance. This brings a whole lot of opportunities aimed at optimised solutions that can bring the best of both decentralised and centralised finance. This is what SwapSpace is trying to achieve by being a driver to advance innovations and make cryptocurrency more appealing to the mainstream. Most of you would agree that technology does come with a bit of difficulty to start with and anything that tries to simplify that experience does find support and adoption. For a user, SwapSpace is an experience that simplifies the whole know-how in much lesser time by bringing all the scattered pieces of blockchain together.
SwapSpace Versus OpeanOcean
Another exchange aggregator which provides services similar to SwapSpace is OpenOcean. Instead of listing out the conventional pros and cons, I believe a simple comparison of the two by listing out the differences will help in easy understanding. To be honest, It is not a fair comparison primarily due to the different services and goals of these individual projects but it does highlight the differences as far as Swaps are concerned.
(a) OpenOcean has a total of 81 cryptocurrency pairs and 34 DEXes and only one CEX (Binance) so far. It needs you to create an account to use the CEX service.
SwapSpace has options in excess of 500 different cryptocurrencies, 14 instant crypto exchanges and more than 100000 exchange pairs. It doesn't need you to create an account.
(b) OpenOcean has its own governance token OOE while SwapSpace has none. I feel that makes SwapSpace much simpler unless it decides to venture out and test different waters to find utility for the introduction of a token.
(c) Besides exchange aggregation services, OpenOcean has its eyes set on other features.
SwapSpace so far has stayed true to its only goal of being an exchange aggregator.
(d) Affiliate program, OpenOcean has none.
SwapSpace has one which offers you an opportunity to earn a 50% revenue share for each exchange from your platform made via SwapSpace.
SwapZone is another platform that offers similar services. It has 10 exchange partners listed and the roadmap does not offer anything revolutionary which will make it a better option anytime in the future.
SwapSpace adoption Deterrents/ Suggestions
One of the most important things towards the success of any crypto project is constant feedback from the community while working on feasible suggestions. This helps in removing any roadblocks towards adoption and while I got your ears through this contest, dropping a few suggestions might come in handy.
(a) More integration of exchanges and currency pairs - Crypto space is pretty dynamic with newer projects coming in every other day. Everyone wants to find the next 1000x opportunity and for that, it requires more integration of cryptocurrency pairs and exchanges. If my coin is not listed, it doesn't serve my purpose. Nothing is more in this world.
(b) Limited information - The website can add more information like the 'Docs' and what it aims to achieve in the future. The roadmap may have a little more detailed information. It does give a long-term vision of the project, although it is not necessary.
(c) Integration of other hardware wallets - Trezor is the only hardware wallet integrated so far. If the project aims to onboard more users, it will need to integrate other hardware wallets like Ledger.
(d) Exchanges' trust score - Using only the TrustPilot score for the exchanges' credibility is not a fair score as some of the newer and lesser known exchanges with very few reviews manage to score pretty high. Reviews from other crypto focussed platforms are important to give a more realistic score.
(e) More information about the team - The names of the team members are listed but it is always an added advantage if there is more information about the team. Helps in developing transparency and trust. Not something which is necessary for the success of a project but it does help.
Should you use SwapSpace
Crypto world is dynamic and this constant evolution does make adoption difficult. As such, platforms that make this experience simple are ever needed so that more users can get things done without scratching their heads. There are more than enough reasons to adopt SwapSpace. From an extremely simple interface that doesn't need an account registration or the KYC/AML, the platform boasts excellent customer service. And the fact that there aren't too many exchange aggregators providing the same service is definitely an advantage and a reason. It saves you time while doing the hard work for you providing a transparent pricing mechanism without charging any fees making the service FREE for the user (It earns commission from the chosen exchange). I am all excited about the telegram bot swaps in the future.
So, If you are planning to head on to SwapSpace and want to make your first swap, feel free to use my referral link. And nothing better than being served on a platter, and that's exactly what SwapSpace does.
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(Please note - This article will also show under my alter ego - Cyek)