Switcheo Weekly Round-Up #3 — Switcheo Exchange v2.0

Hello Everyone!

It has been a month since we first launched our MainNet on 31st March 2018 and we would like to thank everyone for your invaluable feedback in helping us perfecting our exchange.

Taking into consideration all the feedback we have received, we are happy to announce that we will be launching a new version of Switcheo Exchange smart contract!

Packed with new features, Switcheo Exchange v2.0 TestNet will be going live on Tuesday, 8th May 2018. Our MainNet will be launched the following week, together with community guides on how to make full use of the upgrade.

New & Improved Transaction Window

We’ve redesigned our transaction history window with the aim of providing our users a clearer view of their past transactions.

We’ve added important details such as:

  • Full breakdown of each order (individual trades on a standing offer are also shown)
  • Full date and time details for each trade
  • Ability to show all pairs (instead of just current pair)

We’ve also added groupings / filters for your transactions with the following tabs:

  • All: Shows trade history of all statuses — open, success, failed and cancelled.
  • Open: Shows make orders which are open and waiting to be filled. You can still cancel the orders that are shown here.
  • Completed: Shows trades which are successful or filled.
  • Cancelled: Shows trade that had been cancelled.

Immediate Trade Confirmations

Previously, each trade took at least 30 seconds to be confirmed on the NEO blockchain and may take up to a minute for the successful transaction to be seen by the client.

However, we understand that this is frustrating for a number of traders, and is also confusing for new users. Furthermore, this makes it impossible for bots to exist, as they require trades to be confirmed immediately.

We’ve spent the past week rewiring our back-end and improving our smart contract to improve on this. We’re happy to inform that we’re almost there and will begin our public testing phase next week.

When the new version is launched, all trades will be executed and confirmed immediately as long as you have sufficient tokens in your contract balance. No more waiting for transactions to happen!

We will also be releasing a guide on how to migrate to our new contract once TestNet testing is complete. As this is a deviation from our original whitepaper, we are in the process of updating it to note the new changes, and explain the architecture in more detail.

Public Bot API

Together with the new smart contract, we’ve reworked our backend APIs to make it easier for external parties to build transactions and have them broadcasted.

We will be releasing a clear and extensive documentation for this newly created public API. This API is the same one that is used by the Switcheo UI client.

We will also develop helper libraries (SDKs) for developers, traders, and partners to quickly integrate with Switcheo Exchange.

We are confident that this will improve our trading volume in the long term by unlocking a large pool of additional liquidity.

Deposit Flow

Last but not least, users will now be able to choose the amount of tokens they wish to deposit into their Contract Balance and these tokens can then be used for instantaneous trading.

Finally…

As our CEO, Ivan said:

“At Switcheo Network, our main purpose is to build a Decentralized Exchange with an intuitive user interface, while hiding all its complexity behind it. Allowing our users to trade as if they are on a Centralized Exchange.”

We are therefore deeply committed to provide our users with the best trading experience on Switcheo Exchange and will continue to work towards our goal. We would also like to extend our gratitude to everyone, especially our community members, for the unfaltering support thus far.

Do stay tuned for more exciting updates this month and keep the #SwitchToSwitcheo entries coming!

For more information on Switcheo, visit the following links:
Medium: https://switcheo.network
Twitter : @switcheonetwork
Reddit: /r/switcheo
Telegram: https://t.me/switcheo
News & Updates: https://t.me/switcheoANN