Highlights from SWFT Blockchain’s first AMA
Red Packets, SwftCoin, staking, competitive advantages and more!
Did you know that Red Packets are the best way to share crypto with your friends and family? Or did you know about SWFT Blockchain’s staking-like feature that allows you to earn passive rewards?
Do you know the exact number of currencies that you can swap on SWFT Blockchain? Or better yet, do you know how to get 50% off your swap fees when using SWFT Blockchain?
Melchis, our Business Development Manager, and Pablo, our Marketing Manager, answered all this and more during our AMA (ask me anything) last Wednesday! Although they were overwhelmed by the hundreds of questions received during the hour, Melchis and Pablo had planned ahead and were prepared to answer as many questions as possible during the AMA.
For many SWFT Blockchain users, Wednesday was their first chance to learn about why SWFT Blockchain was created and what is in store for the future. They also got some insider tips on how to make the most of SWFT Blockchain by buying SwftCoin SWFTC to get 50% off on swap fees and swap freely with only 0.1% fees per swap.
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Many people asked about what makes SWFT Blockchain so special, with one user even asking why they had to use it. After assuring them that they did not have to use any wallet in particular, we mentioned they might want to use SWFT Blockchain because it lets them swap over 180 currencies for each other in seconds with only 0.1% in fees per swap and lets them use SWFT Pay to instantly send over 100 currencies to anyone, anywhere, over any messaging platform with a link or as a Red Packet. Of course, these are not the only features that make SWFT Blockchain unique, so we went and made the following recipe:
👨🍳👩🍳 Recipe for SWFT Blockchain:
💵 180+ currencies
💱 15,000+ possible swaps (trading pairs
💸 Payments
🏷 Discount tokens and Token lock-up
🔒 Cold-storage security
Sprinkle all that with Red Packets!
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There were some who wondered why SWFT Blockchain had not introduced a staking-like feature so they could earn passive rewards by HODLing. They missed the launch of our Finance section in the app, where you can participate in a token lock with SwftCoin and get daily earnings!
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We also got asked about why SWFT Blockchain and SwftCoin were founded and spoke a little bit about how we set out to address some of the issues in the world of crypto. Before SWFT Blockchain, trading one cryptocurrency for another meant going to one exchange, trading for BTC, sending your BTC to a different exchange, and then trading that to your desired currency. That process was complicated, time-consuming, and risky. We wanted to make getting from currency A to currency B easy and fast, while guaranteeing the best rate. SwftCoin was born in order to give our users discounts on fees and give us a bigger liquidity pool to make sure that our cross-chain swaps take seconds. SwftCoin is also used as a clearing and settlement token on SWFT Blockchain.
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Some people wondered what our security process was like and were reassured to hear that SWFT Blockchain uses multiple layers of cold-storage, 2 factor authentication, Touch/Face ID and more to make sure that their assets are safe. Our partnerships with avant-garde blockchain security companies like AnChain.AI and SealBlockIO ensure that our customers’ assets are as safe as possible. This was also a chance for us to continue encouraging our users to activate all the necessary protocols to keep their assets safe. We ask that all our users keep their passwords safe and activate 2FA by going to settings in the SWFT Blockchain app and turning on the Google Authenticator.
What’s next?
The AMA was also our chance to address questions about the future of SWFT Blockchain. Questions ranged from what currencies would be added next, to what features we were planning on introducing in the future. AMA participants were happy to hear that although we are definitely thrilled with our development so far, we obviously have bigger plans. We are always trying to improve our product and adding features so that they can get more done with SWFT Blockchain. Recently, we added features like discount tokens and token lock-up so you can earn passive rewards. We are also looking forward to adding a referral dashboard so our users can track easily their earnings from referrals. Our goal for 2019 was adding 100 more currencies on top of the 100 we had available in January. It is August now and we are almost at 190 currencies, so we will probably meet our goal this month and may be able to reach 250 currencies by the end of the year! From a business side, we have also been focusing on developing more wallet and DApp partnerships. We are already powering swaps on wallets like Math Wallet and Elastos Elephant Wallet and we are busy integrating with other wallets, DApps, websites, and online business to further enable cross-chain swaps, smart deposits, decentralized swaps, and crypto payments.
After all, we were able to grow during the bear market thanks to our team and our active investors and mentors like Draper Dragon at Draper Venture Network.
Our favorite question, however, was related to why we created Red Packets.
We created Red Packets because we wanted to help people spread their love for crypto. And what better way to do that than actually sharing crypto?
We didn’t come up with red packets. Red envelopes have been around in China for centuries. Even WeChat has their own red packet feature. We are one of the first to bring red packets to crypto and we let you share red packets filled with over 100 currencies.
Spread crypto love! Share Red Packets!
Stay tuned for an announcement of our next AMA with our CFO & Partner, Alex Witt and check out the full transcript of all the questions we were able to answer on Wednesday below!
Full transcript
Question
Answer
Why SWFT is better than other wallets? Have you any fixed deposit function?
It’s probably the fact that you can swap 180+ currencies in seconds without leaving your wallet. Or that you can instantly pay anyone anywhere with 100+ currencies using SWFT Pay. Or that you can send and claim Red Packets to all your friends. It’s like a wallet with superpowers!
Check out our Finance section using the button on the top right to access our SWFTC locks and check out our daily earnings (or interest rates)!
What is the difference between SWFT wallet with another wallet? And why do we have to use this wallet?
SWFT Blockchain lets you swap over 180 currencies directly at 0.1% fees without leaving your wallet. It also lets you send over 100 currencies instantly to anyone anywhere over any messaging platform. You don’t HAVE to use SWFT Blockchain, but knowing that, you may want to.
Why was SwftCoin founded?
We wanted to address some of the issues in the world of crypto. Before SWFT Blockchain, trading one cryptocurrency for another meant going to one exchange, trading for BTC, sending your BTC to a different exchange, and then trading that to your desired currency. That process was complicated, time-consuming, and risky. We wanted to make getting from currency A to currency B easy and fast, while guaranteeing the best rate. SwftCoin was born in order to give our users discounts on fees and give us a bigger liquidity pool to make sure that our cross-chain swaps take seconds.
Staking is a trend at this time, do you have any plans for staking on SWFT App?
You can access your token locks in the Finance page through the drop down menu in the top-right corner of the Exchange page. This is similar to staking and will allow you to earn passive rewards!
What can us consumers do to help SwftCoin get out to the masses?
Share crypto in SWFT Red Packets!
Why is the fee from SWFT Blockchain so expensive? Why do swaps on SWFT Blockchain cost 0.2%? Can such a large fee give members comfort?
Buy some SWFTC to get 50% off on fees! With SWFTC in your SWFT Blockchain wallet, the swap fees will only be 0.1%! Either way, we believe 0.2% and 0.1% are super low swap fees. Especially if you compare that to the fees of our competitors, like Changelly and Shapeshift.
How can SWFT Blockchain maintain the security of the members’ assets?
SWFT Blockchain uses multiple layers of cold-storage, 2 factor authentication, Touch/Face ID and more to make sure that your assets are safe. We have partnered with security companies like Anchain.ai and Sealblock to make sure that your assets are as safe as possible.
Advantages and disadvantages of SWFTC?
Advantage: 50% off on swap fees across SWFT Blockchain. Disadvantage: Not HODLing it 😉
How does SWFT Blockchain attract users ? And future innovation?
We attract users by offering the quickest cross-chain swaps at the lowest fees in one wallet! We keep improving our products and introducing innovative solutions to make it easier for you to use, send, and spend money.
In crypto, you need to acquire tokens for each platform in order to build on the cross chain system. How do you gather liquidity for tokens/coins listed on SWFT Blockchain?
We tap into a lot of cryptocurrency exchanges like Binance and OKex and pool tokens and coins together. We have different pools on our own accounts on exchanges and our own cold-wallets and we also have API links with some exchanges. Our liquidity and our great rates are determined by our patent-pending algorithm but rely on the overall market.
Why when exchange fees in the SWFT Blockchain app for some coins is very expensive?
You mean our swap fees? Our swap fees are super low at 0.1%! Which fees do you mean?
Why does the Trade menu on SWFT Blockchain application only have a few pairs?
SWFT Trade is an advanced trading tool that gives you a live, detailed look at the whole market (including many of the exchanges we pool from) and lets you place buy and sell orders while taking advantage of the best rates. SWFT Trade currently only has pairs for BTC, ETH, USDT, and SWFTC. Since SWFT Trade is an advanced feature, it will only support some of the most popular pairs on SWFT Blockchain. However, we will continue to add more pairs to SWFT Trade!
There are many wallets with many functions as SWFT Blockchain, how do you show for community you are the best?
Do they have red packets?
Hi guys. What does the future hold for SWFT Blockchain? Are there any plans to add more products and services or are you happy with how things are going?
We are definitely thrilled with our development so far but we obviously have bigger plans. We are always trying to improve our product and adding features so that you can do more stuff with SWFT Blockchain. Recently we added discount tokens and token lock-up so you can earn passive rewards. Our goal for 2019 was adding 100 more currencies on top of the 100 we had available in January. It is almost August and we are almost at 190. So, our token listing is going super well and we may reach 250 currencies by the end of the year! From a business side, we have also been focusing on developing more wallet and dapp partnerships. We are already powering swaps on wallets like Math Wallet and Elastos Elephant Wallet and can’t wait to announce more!
So you say “Next-Generation Blockchain Global Transfer Agreement” how ?
Our super-fast swap platform is made possible by integrating the world’s major exchanges and blockchains to effectively hedge risks and provide you with an efficient and easy-to-use platform for cryptocurrency swaps, no matter where you may be in the world. We are enabling swaps (blockchain, transfer agreement) and our user base and use-case is global (global). We think that’s pretty next-generation.
How many Blockchains do you plan on introducing?
We have 40 blockchains right now and we’ll keep adding more. Can’t know the exact number for sure. But if there’s a need to swap from one currency on one chain to another currency on another chain, we can help. If you want us to add any chains that are currently not supported, let us know and we will contact their team!
Ethereum has been the dominant smart contract platform, so why are some ethereum tokens not supporting decentralised transaction on your platform?
We add support for currencies one-by-one since we need to have a liquidity pool which requires a lot of work for every coin. Therefore, decentralized swaps are more dependent on the individual currency rather than the blockchain it is built on.
Can the range for swap and trading be reduced ?? I think the nominal is too high. Thx
The range is constantly adjusted based on the buy orders for that specific currency in the exchanges we tap into.
With the likes of Changelly & ShapeShift and other related crypto project, how do you plan to be ahead of competitors to mass adoptions, swift and hassle free crypto exchange?
Although our decentralized swaps are more affordable competitors of Changelly and Shapeshift’s swaps (0.1% fee compared to Changelly’s 0.5% and Shapeshift’s variable flat fees), the fact that we also provide a wallet makes us truly unique. Making in-wallet swaps with SWFT Blockchain is super easy and takes seconds. Our app, available on the iOS App Store and Google Play, includes all these features and SWFT Pay, which lets you send money with a link to anyone anywhere over any messaging platform or email. Red Packets are also part of SWFT Pay and are a fun and easy way to share crypto with your friends who might not have any yet. Our feature-filled, user-friendly wallet, including cross-chain swaps, SWFT Pay, and Red Packets makes SWFT Blockchain a more accessible, all-in-one, cryptocurrency experience.
How do I get more involved with your community?
Share red packets! And reach out to us. Our door is always open!
Are you Considering to Support more Tokens ? Can you Talk to @PumaPay Team and Add (PMA) ?
Yes, our goal was to have support for 200 currencies by the end of 2019. It is almost August now and we have almost 190 currencies! We will reach out to PumaPay and hope to make it available soon!
How does SWFT attract the users in the big markets like China? How can SWFT attract investors in this big markets?
Our development team is based in China and we have a big China-specific marketing team. We interact with investors from all over the world.
Hello SWFT Pay, a one-stop instant exchange, payment aggregation platform with access to all major cryptocurrencies payment channels and with 99.99% system availability, so what can you do for me?
Hi! We can swap your crypto in seconds and let you pay in over 100 currencies instantly using a link. We can also give you advanced trading tools with SWFT Trade so you can place buy and sell orders and take advantage of our patent-pending algorithm that determines the best rates. If you want to share crypto with friends or family, or anyone else, you can send over 100 currencies in Red Packets. All this and more at the palm of your hand with our wallet app that’s available on the iOS App Store and Google Play.
Will you ever be integrated into a Crypto point of sale system?
We are evaluating the viability of this option for SWFT Pay as we continue to work to add features that make it easier to use, send, and spend money anywhere.
Is swft another decentralized exchange? How do I get more involved with your community?
No! We aren’t just a decentralized exchange. We do decentralized currency swaps but we also do much more! We are a wallet and cryptocurrency swap platform that lets you swap 180+ currencies in seconds, without having to worry about exchanges. Our decentralized swap feature lets you swap from Token A to Token B from one wallet to another, without having to deposit or withdraw. If you want to get more involved, PM us or shoot us an email! contact@swft.pro
Do you currently have a plan on ground to penetrate the Africa market and grow your brand here? If yes, would you be needing ambassadors?
Our marketing has been more global and less geographically targeted so far but we may launch an ambassador program once we release our referral dashboard feature! If you are interested, let us know!
Why some coins can’t swap?
Whether some currencies can be swapped or not has to do with the buy and sell orders in the exchanges which we pool from. If there are no buy orders for the currency you want to swap, or if the spread between buy and sell orders is too big, we cannot determine a good price, and therefore it cannot be swapped.
Why is your platform always have deposit and withdraw issues?
We have a lot of security process in place to make sure the person who is withdrawing from your account is you. This sometimes can cause delays in the system and we are working to speed the process up during the busy times.
SWFT needs a 2FA Authentication for stronger security access, why have you not integrated such?
We have 2FA, Touch ID, and Face ID. Our 2FA is integrated with Google Authenticator. You can activate this by going to settings. We recommend all our users activate all the security features in order to strengthen the security of their account.
Will SWFT incorporate Fiat to buy cryptocurrencies.
We are working with some of the renowned Banks and payment gateways. We will be adding fiat soon. Stay tuned!
What makes SWFT different? What’s your secret ingredient that you use to go to the next level?
👨🍳👩🍳 Recipe for SWFT Blockchain:
💵 180+ currencies
💱15,000+ possible swaps (trading pairs
💸 Payments
🏷 Discount tokens and Token lock-up
🔒 Cold-storage security
Sprinkle all that with Red Packets!
Do you plan to introduce more currencies in SWFT Blockchain app?
We are always adding more!
What’s the next step for SwftCoin, is it just pump and dump or you have something big coming?
We are aiming for long term success. The current price of SWFTC is not ideal and we have no control over that. However, SWFTC is the engine behind SWFT Blockchain. We are growing SWFT Blockchain and people are using SwftCoin to get 50% off on their swap fees and participate in token locks in our Finance spage. We hope SWFTC grows along with SWFT Blockchain and that its potential value begins to reflect SWFT Blockchain’s value to the crypto space.
What is the best thing in SWFT Blockchain that the user won’t leave for another wallet?
Red packets with over 100 currencies! Or 0.1% swap fees! Or in-wallet swaps in seconds! You pick!
Can you integrate SWFT Blockchain into other devices to support payment?
Yes, this is a big part of our business. We are integrating with other wallets, dapps, websites, and online business to enable cross-chain swaps, smart deposits, decentralized swaps, and crypto payments.
If this sounds like something you could use, let us know and we can discuss some opportunities!
What methods does SWFT Blockchain have to develop community and marketing for its projects?
The best one that comes to mind is Red Packets. These are great introductions to crypto for no-coiners. However, we are also active on all important social media platforms, including WeChat (for China), and we attend and speak at many industry events. Today’s AMA is also a great way to develop a community based on trust and mutual understanding with our users.
Why you create red packets? And what will you do if other projects create red packets like yours?
We wanted to help people spread their love for crypto. And what better way to do that than actually sharing crypto?
We didn’t come up with red packets. Red envelopes have been around in China for centuries. WeChat even has their own red packet feature. We are one of the first to bring red packets to crypto and we let you share red packets filled with over 100 currencies.
Spread the love!
How did you guys survive in this long bear market and what difficulties have you encountered during this period?
We have had the fortune of being funded by great investors like Draper Dragon who believe in our product and are active advisors and mentors. The bull market was a great opportunity for us stay busy building features on SWFT Blockchain and adding utility to SWFTC. At this time last year we had 30 currencies available on SWFT Blockchain and now we have reached over 180. We’ve also introduced SWFT Pay, red packets, and staking. The team has done terrific job and we believe we are ready for the next bull run.
