What is Swarm City (SWT)?
Future of SWT Cryptocurrency and know how to buy SWT

#1: What is Swarm City?

Swarm City: The Basics

Swarm City is a decentralized, peer-to-peer commerce platform which gives users access to a decentralized global community of service providers and consumers. It is the built on the Ethereum Blockchain and will be available as web-based app, Android and iOS platforms. In simpler words, Swarm City enables anyone to start their own brand or hives at their home without any third party interference.

Swarm City Development

  1. Swarm City started off as Arcade City in December 2015 as a decentralized ride-sharing platform.
  2. In 2017, the team forked off from Arcade City and formed Swarm City. It has been in development since then and has a pretty active Medium press blog for developer updates.
  3. Swarm City hasn’t even released the beta prototype of their main product in the market but has already generated considerable hype. It has successful backers attached to its organization, such as:
    1. Paul Puey - He is the CEO and the co-founder of the popular bitcoin wallet storage company Edge. Paul is a computer science graduate from UC Berkeley where he used to develop CMS systems long before they saw any adoption.
    2. Dmitry Buterin - Dmitry is a serial entrepreneur, founder of three multi-million dollar business and also the co-founder of BlockGeeks, one of the best websites for blockchain education. He is also the father of Vitalik Buterin.
    3. Antoine Verdon - Antoine is the co-founder and CEO at BlockFactory AG which provides advisory and development services in blockchain space. Antonie has also co-founded Proxeus and Swiss Legal Tech Association.

 

#2: What are the Benefits of Swarm City?

SWT Technology

The current e-commerce systems, including the likes of Uber, Amazon and AirBnB have assisted considerably in removing the transparency gap between buyers and sellers by offering a virtual marketplace that verifies each party. But the above systems are built upon a centralized system and controlled by a single identity. This adds several problems in the society. Here are the problems that a centralized society faces -

  • Centralized Systems are expensive to build and more expensive to manage.
  • Single Verifying Identity.
  • Prone to security system failures and hacks.
  1. Swarm City solves these problems by creating a communication-based decentralized platform with no third-party intervention. Built upon the Ethereum blockchain and smart contracts, Swarm City uses the SWT token for payments across channels.
  2. The primary goal of Swarm City is to decentralize commerce by removing the middlemen and making the process trustless. Swarm City is trying to make everyone build their own AirBnB and Uber.
  3. Swarm City’s underlying technology is based upon Smart Contracts, which means that even Swarm City can’t intervene between a transaction.
  4. The Swarm City interface will use hashtags for communicating between two parties. A Hashtag is a MiniMe smart contract. A hashtag can be created by any of the citizen or user of the Swarm City by simply typing it in the web interface.
  5. For example, if anyone wants to book a cab, the user can simply put up a request like “#need a ride from Pine Street to Elm 5SWT” and a responder may reply back to the request with either a counter offer or accepting the offer. As soon as both the parties accept the offer the funds get locked so that both the provider and the consumer honor the request. If one of the party does not honor the agreement it affects their reputation on the Swarm City network which affects them in their future contracts.

Swarm has a long roadmap ahead. It has already released Terminal and is currently working on developing and testing Broadwalk.

  1. Terminal: Terminal is a basic vault or wallet that will be used to create a Swarm City citizen identity. Every Swarm City citizen will be recognized by their wallet.

  1. Broadwalk: Once you have created your Swarm City citizen identity, you arrive at Broadwalk. Broadwalk is where your first deal will be made. Every deal you make and honor mints you rep which makes you much more trustable citizen of the city.

 

#3: How to buy and store SWT(Swarm City Token)?

How to Buy SWT ?

  1. Swarm City is traded on 3+ international exchanges and on decentralized exchanges like EtherDelta. It is mostly paired with ETH, since it is an Ethereum token but is also available on Bittrex for BTC pairings.

  2. You can also use CoinSwitch, the largest cryptocurrency conversion platform, which makes the process much simpler. CoinSwitch offers you the aggregate going rate across multiple exchanges, allowing you to choose as you prefer.

SWT Storage

Storing SWT or Swarm City Token is the same as storing any ERC-20 token. The best option for storing any cryptocurrency would be a hardware wallet. You can invest in a hardware wallet like Ledger Nano S or Trezor and stay tension free about losing your coins.

If you don’t want to invest in a hardware wallet right now you can always go for web wallets or software wallets like MyEtherWallet or MetaMask.

Swarm City also has a web wallet on its official website which you can use to convert your Arcade City tokens to Swarm City Tokens or store your own Swarm City Tokens.

 

#4: What is the future of Swarm City?

Like most cryptocurrencies in 2018, Swarm CIty is also following the market trends.

  1. Swarm City raised more than half a million dollar during its initial ICO stage in 2016. It raised 67,000 ETH valued at $675,000.

  2. The ex-founder of Arcade City left the team after the hard fork though, alleging them for ‘fraud’ and not aligning to the communities view about the project.

  3. The coin is currently priced less than half dollar with it’s price dropping almost more than 75% from the earlier 3 months high.

  4. The all time high of Swarm City was $7.61 during the October-December phase of 2017. As of 8th August 2018, its price is at $ 0.352267 with market capitalization of $ 2.92M and daily volume of $30,000.

Also Read: Complete Analysis of Swarm City | Live Swarm City (SWT) Price Charts And Predictions

Date

Open

High

Low

Close

Volume

Market Cap

01-Aug-18

0.628453

0.740118

0.628412

0.68371

2,476,910

5,204,196

31-Jul-18

0.620835

0.752947

0.569834

0.620929

1,505,670

5,141,107

01-Jul-18

0.632496

0.694561

0.580638

0.629437

17,758

5,233,878

30-Jun-18

0.603752

0.637329

0.597134

0.632355

16,352

4,996,023

31-May-18

1.01

1.05

1.01

1.01

58,601

8,391,428

01-May-18

1.66

1.66

1.53

1.64

163,022

13,559,439

30-Apr-18

1.64

1.75

1.62

1.66

256,397

13,355,581

01-Apr-18

1.08

1.13

0.995227

1.03

126,838

8,782,629

 

#5: How is Swarm City different from other cryptocurrencies?

  1. The primary product of Swarm City is its interface rather than token. The Swarm City Token will be used as a payment method on the network. The more the people use the Swarm City network the more will be the value of the Swarm City Token.

  2. Unlike other decentralised commerce platforms which maintain a catalog of items, Swarm City incorporates a communication based system for service providers and consumers for the transactions to occur.

 

#6: Should you invest in Swarm City?

  1. SWT has dropped around 75% in the recent months which probably makes it a good buy if you believe in the coins fundamentals . The all-time high of the coin is $7.61. The coin has decent volume on exchanges like Bittrex and Upbit.

  2. The founder of the Arcade City project i.e. Christopher David left the project after it hard forked into Swarm City claiming that hard fork did not align with his and the communities view on the project. He publicly claimed the hard fork to be “fraudulent”. Swarm City responded to that by saying they are using Arcade City’s white paper as the background foundation for Swarm City.

  3. The token has a market cap of $5.2 million as of August 2018, which might seem like a low figure but considering that Swarm City is yet to release its own mainnet, this does look like a good figure and might see a good traction once the product releases in the market.

  4. If Swarm City does succeed in its goal, we might soon see every person being their own Uber and AirBnB without middlemen.
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