31 Mar platform Switcheo Network announced the launch of the eponymous decentralized exchange (DEX) Switcheo, which became the first stock exchange based on blockchain NEO. According to the report of the team for the first week the volume of stock exchange transactions amounted to more than $2 million, making Switcheo fourth largest DEX on the stock market. How does the new exchange, with some operating challenges faced by its developers and what goals outlined by the team for the near future — in our material.
Project exchange Switcheo was presented in the competition of developers of decentralized applications City of Zion (CoZ) held in September 2017, then he became one of the first winners of the competition. In February 2018, it was announced that the team Switcheo Network is preparing the launch Switcheo, which will be held in March ICO. In just a day, from 16 to 17 March, the project managed to attract the necessary $8.7 million and at the end of the month to launch the first decentralized exchange on the blockchain NEO.
To date, users of the exchanger Switcheo have access to tokens of the standard NEP-5, including:
Red Pulse (RPX)
Bridge Protocol (IAM)
Native token Switcheo (SWH)
SWH works on the same principle as the token crypto currency exchange Binance BNB, its holders may have to pay a fee at a discount. So, if you pay transaction SWH in the amount of the Commission is 0.01%, whereas if you pay in other cryptocurrencies from users will be charged 0.1% of the total amount of the transaction. Also, SWH can be used for payment krischanovich operations that will be available in the future. Also, in addition to NEO and GAS exchange Switcheo will use SWH for quotes cryptocurrencies to improve their liquidity.
After the first week of the team Switcheo DEX reported on the trading volume in the amount of $2 million, making Switcheo fourth largest decentralized exchange after Ethfinex, Idex and Cobinhood.
The team also reported problems faced by stock exchange: according to one of representatives Switcheo Network, in the first week there were delays in the withdrawal of assets from the stock exchange. The reason for this was the Protocol of the blockchain NEO, which provides for the use of the double transaction in the withdrawal of assets from smart contracts as a way to prevent double spend in the network. In Switcheo the first transaction is triggered through the user interface, while the second transaction occurs automatically after the blockchain receives confirmation of approval first. However, due to difficulties in the operation of the algorithm of information transmission Switcheo the second transaction took place in the blockchain with a delay. Developers were able to quickly find and neutralize the problem.
Today Switcheo works with bloccano NEO and tokens of the standard NEP-5, however, the team strives to make her multichannel platform that interacts with other networks. In plans of developers — to introduce compatibility functions Switcheo with Qtum and Ethereum blockchains. This is an active work on the development of Qtum DEX and support tokens QRC20 (QTUM), and by the third quarter of 2018 exchange Switcheo planning to support tokens of the standard ERC-20.
As for the coming weeks, after the successful launch of the team exchange Switcheo outlined a plan of action that includes the following objectives:
To reduce the time of transaction confirmation to < 30 seconds;
To reduce the time needed to bring assets up to < 1 minute;
To exclude the cases of cancellation of orders in the first week, the exchange has rejected some of the orders which are not timely received information about transfer of the Deposit;
To introduce a system of monitoring the movement of tokens so that users can track the status of transactions and always know exactly where their tokens;
Update interface status of the transaction — one of the many planned updates for window, displaying the status of transactions;
Development support Ledger team plan to introduce new ways of signing transactions on the stock exchange Switcheo;
Upgrade smart contracts V2 NEO and introduction ofcan matching — the team plans to upgrade the smart contracts the network NEO and the development functions ofcan-matching of orders that will allow you to receive immediate confirmation;
Any action will have instant feedback and conclusion — a stream of all transactions will be moved to offchance servers, thus users will see only the end result of their actions, as it happens in centralized markets.