Swaple is a crypto company that provides two products: a wallet and a swapping platform (Marketplace) for cryptocurrencies where digital assets can be conveniently, safely and privately stored or quickly swapped. The Marketplace does not have charts or technical analysis tools but instead features a more comfortable and accessible swapping platform. People who are not experienced in technical analysis or have no need for such tools will find it much more user-friendly. The Marketplace is a place where both experienced and novice investors alike can comfortably manoeuver within the local and global cryptocurrency ecosystems.
A Swaple Wallet is a a software-based downloadable “hot wallet”. A “hot
wallet” is any crypto wallet that can be connected in some way to the
internet and that allows individuals to safely store their cryptocurrency
while also being able to facilitate crypto transactions.
The fundamental purpose of a wallet is to function as a relatively safe storehouse for your money that is readily accessible and completely under your control. While crypto “hot” wallets like the Swaple Wallet do not represent the absolute safest option for storage of your assets (this would be what are commonly called “cold wallets”), they do offer storage that is far more dynamic than any cold wallet as the contents are easier to manage and use.
Individuals seeking to actually make purchases and conduct transactions with their cryptoassets will find “hot wallets” like the Swaple wallet to be especially convenient as the assets stored in the wallet can be easily, quickly, and directly transferred across the internet. It has often been asserted that “hot wallets” function much like a checking account (or a real wallet) whereas “cold wallets” are more akin to a savings account. The implication here is that “hot wallets” are more useful whereas “cold wallets” are less vulnerable and therefore a better place to store larger amounts of crypto or individual assets of higher value.
The Swaple Wallet is designed to be able to interact directly with any-and-all blockchains, which means that it is also theoretically able to support and give users access to any-and-all cryptoassets as well. This includes both fungible and non-fungible tokens (NFTs). Whatʼs more, implicitly this also means that users no longer have to go to any external exchange or go through multi-step processes to make purchases or trades but instead can do it all right from within the Swaple Wallet interface. This “One Stop, Swap” dynamism makes the Swaple Wallet the ideal tool for mass-adoption.
Because the Swaple Wallet is able to theoretically achieve access to any-and-all coins and tokens, this also fundamentally means that Swaple can support access to any-and-all Dapps (Decentralized Applications) in the future as well. Due to this, Swaple has built a comfortable browser that will come to feature the worldʼs strongest Dapp catalog in the whole crypto market, thus giving users the widest access to the best that Web 3.0 has to offer!
Swappers wanting to find peers to swap with will be able to do so using the Swaple Platform’s Bulletin Board. Here swappers can either post the details of their desired swaps or browse already posted swaps to find another swapper to swap with.
Any coin or token that two swappers want to swap can be swapped. The only requirement for a coin or token to be swapped on the Swaple Platform is two agreeable swappers. Swaple supports standard Ethereum tokens and Bitcoin. Further blockchain support will be added in due course.
Once two swappers have found each other on the Marketplace and have
agreed to a swap, they will
then proceed to open the swap and fund it by sending funds to the escrow
wallets provided to them.
They will then be asked for their receiving wallet address. Once both parties have sent their assets to escrow and the transactions have been confirmed, the assets will then be swapped to the respective wallets provided by the swappers.
Swappers will receive the exact amount specified in the original Marketplace post, and their rates will not increase unexpectedly based on the volume being swapped or any other factors because a traditional exchange is never used and the rates are agreed upon by both swappers ahead of time.
Note that the funding amount will be slightly higher than the Swap amount so as to cover the network transaction fees.
Swaple does not put any limits on the amount a swapper can swap. A swap can be as big or small as the swappers involved agree upon.
There are two types of fees when using Swaple : Transaction fees to pay for
network costs and Swaple service fees. Transaction fees get built into the funding amount required to
fund a Swap.
Swaple service fees can be paid in either the coin you are swapping or in SWAP Coin Swappers using SWAP Coin to facilitate a swap are not charged any service fees for using the platform.
The amount of SWAP needed to facilitate a swap is the equivalent of 0.1% of the value being swapped. All the SWAP coin used each month to facilitate swaps will be returned to swappersʼ wallets at the end of each month, effectively making swapping free. Swappers do still have the option to facilitate swaps by paying a fee in altcoins or bitcoin at the rate of 0.1% of the value being swapped, if they feel inclined to do so.
Swaple does not require swappers to open a Swaple Account. There is the option to use a guest account. Those who do choose to open a Swaple Account will get the extra benefit of Swaple ratings and swap history. Swaple ratings and swap history will help swappers find more reliable swappers to swap with. As an added benefit, those swappers with exceptional Swaple ratings will receive a discount on their swapping fees.
All funds stay in the swappersʼ own wallets until a swap is initiated. Then the swappers send their funds to be swapped These funds are stored momentarity in a Swaple escrow wallet until both swappers have fully funded their side of the swap. Swaple then immediately swaps the funds, sending them to the appropriate party. These transactions are all visible on the respective blockchains.