The SWFT blockchain is looking to create a cross-chain platform that allows for instant conversion of any cryptocurrency into another cryptocurrency. It is a competitor of Ripple and like that token it hopes to be a replacement to the SWIFT transfer system used by modern banks.
The SWFT blockchain is unique because it combines elements of blockchain technology, big data and artificial intelligence to make a useful and solid platform.
The SWFT blockchain was created to solve several challenges faced by the cryptocurrency industry. In fact, there are four challenges being directly addressed by the SWFT team. These are inefficient transfer processes, low inventory capacities, inadequate market depth, and high investment risk due to currency price fluctuations.
The SWFT platform will hedge user risks, while also providing users with a trading interface that is efficient, fast and user-friendly.
The SWFT Blockchain Platform
As mentioned above, the SWFT platform was created to solve four problems faced by the cryptocurrency industry.
The SWFT development team has created a unique pairing algorithm which the platform uses to provide moderate, sheltered and fast trading conditions for individuals, businesses and other cryptocurrency organizations. One use-case for its standard API allows for over-the-counter transactions, but developers can use the API to code many other use-cases.
SWFT Blockchain Platform Mobile App
The primary objective being explored by the SWFT team to solve the four identified problems is the creation of an integrated trading platform. While many cryptocurrency trading platforms exist, the SWFT platform will be different.
How you’re probably wondering.
The SWFT platform plans on making the cryptocurrency markets more efficient. It does this by providing instant cryptocurrency exchange services that are both inexpensive and safe as well as being nearly instantaneous. This is all achieved through the unique pairing algorithm used by SWFT.
All three platforms make exchanging cryptocurrencies quick and easy. The convenient platform has also solved the issue of insufficient market depth and limitations when attempting a transfer by smart pairing of buyers and sellers across exchanges and markets using artificial intelligence algorithms and cross-chain technology.
It efficiently allocates assets and this not only makes it more efficient, but also more affordable for the users making transfers.
SWFT Review: History
The SWFT blockchain is a fairly recent development, having forst been described in a white paper written by Ramble Lan in the fall of 2017. That white paper called SWFT an “answer for storing funds and account information on illiquid broght together platforms”.
The founding team of SWFT is located in Silicon Valley, but also has ties to one of the very first blockchain projects in China – GooCoin. That partnership is worth mentioning because GooCoin has some 1.5 million users.
The founders of SWFT came to their project after using arbitrage to profit from the price difference of the same cryptocurrency on different exchanges. They realized that as long as this type of arbitrage exists there can be no mainstream adoption of cryptocurrencies. And without mainstream adoption there will be a stifling of blockchain innovation.
So, they set out to create a cross-chain cryptocurrency exchange platform that would do away with the illiquidity that allows arbitrage to take place. At the same time they saw the opportunity to make exchanges nearly instantaneous and nearly free as well.
Japanese financial institutions were the first to see the potential benefits of cross-chain technology described by the SWFT white paper, and they proposed a partnership. That led to the opening of the first SWFT Blockchain offices in Tokyo in January 2018.
SWFT Platform Benefits
In addition to the convenience and low fees offered by the SWFT platform, there are additional benefits. This type of cross-chain technology is likely to become the preferred exchange platform of the future, tying together global cryptocurrency exchange and blockchains of all types. Below are some of the additional benefits already present in the SWFT blockchain:
Decentralization – All blockchains are decentralized to one extent or another, but SWFT was created to be very decentralized from the start. This means its existence isn’t tied to a single entity, or small group of entities.
Convenience – Because the SWFT exchange isn’t reliant on fiat currencies it is far more convenient to use. There’s no delays from banking transactions or traditional payment processing.
Regulatory Protection – SWFT is protested from the interference of regulation because it doesn’t rely on fiat currencies at all. The SWFT platform provides an over-the-counter (OTC) exchange for cryptocurrencies only, with complete transparency to avoid regulatory risk.
Unified Currency – Swftcoin provides cross-border payment companies and financial institutions with a unified currency, which guarantees secure transactions. It also provides a common ground during transfers using different digital currencies.
Exchange Discounts – Those using the SwftCoin token for the transfer platform or OTC markets will receive a discount on fees, saving them even more money when making currency exchanges.
Liquidity – Because of the pairing algorithm, the SWFT platform adds liquidity to markets. And the growing use of the exchange services ensure liquidity for the Swftcoin as it becomes increasingly used for transaction fees.
SwftCoin (SWFTC ) Token Details
The SwftCoin began trading at $0.03 and reached an all-time high of $0.0867 on January 10, 2018. It is an ERC-20 token running on the Ethereum network, and has a current coin supply of 3,639,990,384 SWFTC with a total supply of 10,000,000,000 SWFTC.
The price has seen a dramatic drop from its all-time high, trading at $0.002067 as of September 2018. It has a market cap of roughly $7.5 million and hasn’t been a popular project among cryptocurrency enthusiasts.
The SwftCoin was created as a transaction token and it is the recommended payment method for transactions on the SWFT platform. It’s also the only way to pay for services on the platform. In this rgard the lower price is good for SWFT platform users since the lower price means lower transaction fees.
You can purchase SWFTC at Huobi and OKEx. The SWFTC is also listed at HitBTC, but there is almost no trading volume. They can also be acquired through the SWFT platform itself in a transparent and irreversible swap with other cryptocurrencies.
The Future of SWFT
Even though the price of the token has been declining, the platform itself has seen continual improvements. It now features 38 different cryptocurrencies, and the team is aiming for 50 by the end of 2018.
SWFT also enjoys a wide variety of partnerships and investments, with more than 20 financial institutions partnering or investing in the project as of September 2018. This includes a major investment from DraperDragon, which is a member of the Draper Venture Capital Network.
The SWFT platform is currently on version 3.2.3 and is adding new features on a regular basis. However, there is no roadmap for the SWFT platform to let us know where it might be headed in the coming 12-18 months.
SWFT Review: Conclusion
The SWFT platform is taking on an ambitious project, seeking to unseat Ripple as a method of global banking. Currently it is working with cryptocurrencies, creating an cross-chain exchange that is fast and inexpensive for dozens of different cryptocurrencies.
Eventually the project plans to add fiat currencies to its exchange, which would mean users could transfer USD to EUR or CNY quickly, easily and inexpensively. Or exchanges could be made from fiat to crypto and vice versa.
Unfortunately we have no roadmap to let us know when we can expect new features and improvements to the platform. And for investors there’s also the issue of the SWFTC token price, which has fallen more than 90% in the past year. While this is great for users, who now pay much smaller transaction fees, it isn’t great for investors.