Swingby AMA Recap (15th August, 2020)
🔷 Swingby Network AMA Recap🔷
We organized AMA successfully with Swingby Network team on 15th of August, 2020 in our telegram community group .
Thank you to Guga for answering all the questions & for choosing Crypto Bharat for AMA. We look forward to collaborating more with you in the future.
Questions were submitted in our announcement tweet and questions were also asked on telegram by our community members. A quiz session was also held as part of AMA.
Following is the transcript/recap of the AMA.
Guga The Collector:
hey guys
√π:
AMA with SwingBy (SwingBy.network) is going on right now.
I meanwhile do join official telegram group :- T.me/swingBy
Also you can follow SwingBy twitter handle for upcoming updates :- twitter.com/SwingByProtocol
AMA rules for today’s AMA
Heyy Guga welcome to CB community 🚀
Kalps:
Welcome @GugaTheCollector 🚀
√π:
Guga please do tell us brief introduction about yourself 🙂
Guga The Collector:
hi everyone, hi CryptoBharat Community, thank you for having me
My name is Guga, i have been the authorized speaker for Swingby.network for some time now and i’d like to invite everyone here in this journey with me :)
√π:
Sure 😃
So , Guga let’s begin with our AMA with a basic question .
Please do tell us what is Swingby Protocol?
Guga The Collector:
Swingby Protocol is a project to bring interchange swaps to the blockchain space in a trust-less and decentralised way that requires no third party and no custody.
√π:
That’s nice 🚀
So moving onto next question.
So what does the token (SWINGBY) do?
Guga The Collector:
The token is required to stake on nodes in the network. The network runs on nodes — the system requires “m of n” nodes to sign the swaps using TSS. The network is entirely proof of stake and the nodes share the swap commissions. The tokens then allow you to run nodes on the system and earn the commission fees
Until this comes to live though, we have a pre-staking program available from stake.swingby.network or bitmax’s staking portal with a 1% weekly
√π:
Wow that’s great .
Ok last question from Admins of CB community.
Can you give some use cases for swingby outside of consumers just wanting to swap between 2 assets? You think exchanges can also use this technology?
Guga The Collector:
Of course there are other use cases besides A->B and B->A chain swaps
Using the cross chain swap protocol, users can trade on both ERC20 and BEP2 dexes from a single overview for example and benefit from arbitrage opportunities or increased liquidity.
Exchanges can use the extra liquidity given from the Skypools when they choose to use our services.
We are working now with a peer-to-peer exchange that requires wrapped BTC to integrate with their escrow functions, this limits their market to those holding wrapped BTC. By plugging into our protocol we can enable users to seamlessly send in BTC and the platform to handle the wrapped BTC without the user ever knowing.
This enables millions of dollars a year of volume on our protocol without the end users ever even realising.
√π:
Nicely explained Guga 👍
Shall we move onto twitter Q’s round .
Guga The Collector:
lets go !
√π:
Ok gonna throw 5 selected questions now one by one.
1.) Why is Skybridge using threshold signature encryption (TSS) and multiparty computing (MPC) research? how does this technology provide advantage for Skybridge?
https://twitter.com/JacksonMartiXc/status/1294244694940098560?s=19
Guga The Collector:
the TSS is very cutting edge cryptography. It allows the nodes to agree and sign an outbound x without any node seeing the full key. The amount of nodes needed to compromise to get a full key from them is the barrier that protects the network. It is more than a 51% attack, you would need to compromise 2/3 of the diverse network in order to corrupt it. This is further secured with the POS of nodes staking a large number of tokens and thus $ at risk.
√π:
2.)As I can see many projects always used DEFI to be hyped, but no real use cases to be give. As one of the project in Defi Space how could you differentiate your project to other existing Decentralized Finance Project out there??
@PremTak6
@OfficialOpTak
@iamprakash0045
https://twitter.com/heeralal_gehlot/status/1294490012486995970?s=19
Guga The Collector:
1. We are chain agnostic. We will integrate as many chains as possible and won’t play favorites.
2. With our recent release of GG20, we believe we are the fastest protocols out there, running instant swaps.
3. Our current staking rewards is among the highest available in the space — up to 67% APR. we want to encourage everyone to participate.
4. As said before, we are working with a p2p exchange and will work with more exchanges that will serve millions in volume without the users even knowing that traders / end-users are using our protocol.
5. Using the cross chain swap protocol, users can trade on both ERC20 and BEP2 dexes from a single overview for example and benefit from arbitrage opportunities or increased liquidity.
√π:
3.) How do you plan to spread awareness about your project in different countries where English is not spoken well? Do you have local communities for the them to let them better understand about your project?
@KishorGe
@heeralal_gehlot
@Pramodsankhla3
https://twitter.com/imro0791/status/1294489484533219329?s=19
Guga The Collector:
We have conducted several AMAs, approaching different communities from different regions of the world everytime. Unfortunately we do not have a localized community for them yet, however, we will continue to run our worldwide AMA series over the years
√π:
4.) Can you explain us about ChaosNet ? Which will be Launching this Q4 2020 and what were the benefits and advantages this gives SwingbyProtocol and Users ?
@mimam72
@SnCrypto
@malditahon101
https://twitter.com/Sharma000197/status/1293786250998984706?s=19
Guga The Collector:
To put it in simple terms, ChaosNet is a step forward from testnet. This is where we’ll be testing our product further to ensure our product works 100% securely and seamlessly. This will of course be beneficial for any party that is interested as it’ll give us the final ‘go’ before mainnet and itll build confidence to those who’s actively participating.
√π:
Alright guys now I’m gonna send last twitter question. Be ready with your questions for Guga . 🚀
5.) What are the requirements to become a Swingby Node operator? What exclusive benefits receive those who are?
@Emidm28 @MaxiVV05 @Pirantelito
https://twitter.com/KathDM3/status/1294478009802661888?s=19
Guga The Collector:
We do not have a specific number of tokens needed to be a node yet. however, those who are running a node will be able to earn commission fees for each swap and further down the line, be a part of governance in our ecosystem.
lets go !
√π:
So let’s open the gates of group and take questions from community Guga you’re ready !!
Guga The Collector:
yep yep !
√π:
Guys ready to bombard the group now !! Go 🚀🚀
(Group was unmuted for community members to submit questions. Our members submitted more than 300 questions for the Swingby Team. Wow!)
√π:
Over to you Guga 🚀
Guga The Collector:
😅😅
there’s a lot of questions ya
ill try and get to you guys 1 by 1 ya
√π:
Sure 😃
Kath:
⭐ What are the key differences between Swingby Protocol and Thorchain?
Guga The Collector:
This question comes up a lot, and the key differences are in the way the swaps are handled.
Thorchain has an intermediary step between swaps and the swap transactions require building first.
Swingby is a much simpler swap process with no middle step and works natively with any wallet.
What’s great for example is you can send BTC on BEP 2 into the skybridge address, with the BTC chain output address in the memo, and the skybridge simply processes the swap and sends out the BTC. For the sending party, it’s just like any normal transaction.
FEED ME MORE:
Explain the statement that SWINGBY is Chain Agnostic, how does this solve DeFi biggest problems of interoperability, providing cross chain interactions and multiple blockchains
Guga The Collector:
Being Chain Agnostic means we will not be saying no to any chain that wants to work with us.
We are aware that we started our journey as a BEP2 token, however that does not mean we will not work with ERC20 or other native-exchange-chains.
Gotsuka:
In the Roadmap is mentioned the future launch of ChaosNET, that is described like a platform that Will allow bidirectional swap with BTC, but apart of BTC Which other Coins Will support this NET? And will be unaudited for how many time?
Guga The Collector:
We’re BTC.B < → BTC is the first, but it won’t be the last one
we’ll be building more swap pairs later
This will run approximately for 1Q, giving us enough time to test our protocol in all ways imaginable
Kambe Daisuke:
How can developers contribute to your project and how do you make plan to get them involved?What products have been launched by #Swingby Protocol and is there a new product from #Swingby Protocol that will be introduced in the future?
Guga The Collector:
we’ll be inviting individuals to help us stress-test our product in the near future, so please do follow us on twitter.com/swingbyprotocol to join on this one or, you can tune into @Swingby
Eva:
Why is Swingby releasing free interest, and where are the benefits of Swingby?
Guga The Collector:
we like to think the staking as an opportunity to educate people on how easy it’ll be to stake from your own wallet, and how easy it is to self-stake and use our protocol later on
as of now, you send in a TX to your own wallet with a memo as a staking code.
using our protocol later on is similar to this. You’ll be able to send in your BTC.B to our designated address with a BTC mainnet address as the memo and we’ll send in the mainnet BTC to that address. as simple as that
Rembrandt Lucky:
Staking is currently a popular topic in crypto industry. So, tell us more about swingby staking program. Give me step by step to follow the staking? Also, What percentage of profits do we get if we take a staking?
Guga The Collector:
the current staking yields 1%/week or 67% APR at a compounded rate :)
you can follow the staking guide here
https://medium.com/swingby-protocol/introducing-swingby-pre-staking-6e2d0633420f
Limits~Arya EC ajh:
swingby testnet offering bidirectional BTC swaps to Binance Chain, why you chose Binance Chain, why not ethereum,Cosmos sdk, etc, give me your reason
Guga The Collector:
Binance chain is a mature chain with features that make it suitable for exchanging tokens, for example sub-second blocks, one block finality, and good liquidity.
By choosing Binance chain, we think Skybridge will be a useful tool from start while we also get an opportunity to prove our technology.
The Ethereum space is crowded and we felt that starting on a less crowded chain would give us a differentiator.
Rembrandt Lucky:
‘MAINNET LAUNCH” is one of the strategies to attract users and achieve mass adaption. As i see, SwingBy Platform is Currently in Testnet Mode.. So, When we can expect Full and Mainnet version of Swingby Platform?
Guga The Collector:
BTC mainnet swaps is planned to come in Q1 2021
Sicxa:
Are there any new partnerships and interesting upcoming use-cases?
#SwingBy
Guga The Collector:
of course there will be more partners coming in, but we can’t disclose this for the time being
Limits~Arya EC ajh:
What reward options are there for swingby holders? minimum staking and for how long? What will be the requirements for the node and node of the validator?
Guga The Collector:
as stated before staking is 1% a week :)
there is no minimum staking and no minimum time too, check the article linked here
Pre-Staking Guide:
https://medium.com/swingby-protocol/introducing-swingby-pre-staking-6e2d0633420f
Sicxa:
What are the major milestones you have achieved so far?
#SwingBy
Guga The Collector:
i’d say we’re proud of our recent developer updates, we’ve recently released our dev’s update here
https://medium.com/swingby-protocol/august-7th-dev-update-183be680e64a
soon we’ll be the fastest protocols out there :)
®RiiO®|VIP✓:
“Token burn” is useful for any project, as it controls the amount of token circulation and provides greater incentives to investors.
Does SWINGBY have a plan for burning tokens?
Guga The Collector:
Once we have 4 swap-pairs the pre-staking will be over and we encourage users to stake nodes to earn real staking rewards. At that point, the current plan is to burn the remaining “Staking Rewards” pool that has not been used. This is around 30% of total supply.
Nwanne Benteke:
The greatest threats to DeFi is that of Security, so can you explain how secure your are, do I need KYC to use SWINGBY and how is your Support for handling Queries
Guga The Collector:
we do not have any plans for KYC for now, and we’ve never and will never keep anyone’s private information
as said above, we’ll be using TSS and itll take more than a 51% attack to compromise our protocol.
Rich Kid ₿:
How quickly will my transaction be processed when using swingby? How confidential are user properties and information?
Guga The Collector:
instantly. 😎
HARMONY ONE 1:
I am an ETHICAL HACKER AND EXPERIENCED DEVELOPER, do you have plans for HACKATHON or BUG BOUNTY so as to check the security of your ecosytem periodically and also invite developers to build
Guga The Collector:
as mentioned earlier, we do have something planned, follow us at twitter.com/swingbyprotocol and @Swingby and do not miss it !
Kambe Daisuke:
I have a few questions about the team, how many developers are working on the project?
Guga The Collector:
we are about.. 12 people scattered all around the world, mostly EU and SG
Kambe Daisuke:
What are your plans for future? How did #Swingby Protocol deal with Covid-19?
Guga The Collector:
we’ve been working from different places even before covid. Fortunately our team does not slow down at all during these times
Sen:
How you prevent the unfair the spreads and Slippages between orders? And How swingby Protocol face this intrinsic limitation?
Guga The Collector:
In asset-asset swaps there is no slippage as it is a 1–1 swap so no pricing slippage.
As for solving the price oracle problems, we have some tricks up our sleeves but they’re not ready for public release yet unfortunately.
But it’s a subject we have spent a lot of time and effort thinking about.
alrighty guys..
i guess thats my time here :)
√π:
Ok Guga we all can understand you’re limited with time .
Guga The Collector:
first of all, if i havent answered your questions, please join us @swingby and ask us your questions there :)
√π:
AMA with SwingBy (SwingBy.network) is over now as Guga cannot answer everyone’s Questions due to obvious reasons.
Incase you want to ask or know anything about SwingBy do join official Telegram group :- T.me/swingBy
You can also follow SwingBy twitter handle for upcoming updates :- twitter.com/SwingByProtocol
Wish you very best SwingBy team , i hope our community members learnt alot about SwingBy Thank you for AMA Today. Stay safe 🚀
Guga The Collector:
great questions from you guys, thanks for having me and for participating
√π:
Thank you Guga for your time . It was nice AMA Today with SwingBy
Guga The Collector:
Thanks CryptoBharat team for inviting me here :)
Rich Kid ₿:
Great AMA session
Feedback and comments are always welcome 😊
Compiled by- twitter.com/KalpeshEm for the Crypto Bharat Community.
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