Swipe (SXP) - a platform that aims to form a bridge between the fiat and cryptocurrency worlds with an API that is designed to create global payment cards, based on the native SXP token.
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General information about Swipe (SXP)
Users can use SXP for staking by staking SXP on the Ethereum blockchain to secure the payment network. You can also use it to get a Swipe Visa Card for higher layer cards, use it to get discounts on the platform, convert it to fiat and use it on a Swipe Visa Card, and much more.
The SXP, used on the network, activates the Swipe network, which collects a protocol processing fee. 80% of these protocol fees that are generated in Swipe Network smart contracts will be burned, while 20% will remain in the oracle contract.
In addition, Swipe - a multi-asset digital wallet app and a Visa debit card. It allows users to buy, sell and spend various cryptocurrencies. Swipe uses the Ethereum blockchain to run the Swipe Network.
Swipe takes a two-layer approach for its users to combine off-chain and on-chain functionality on its platform, which runs on the Swipe Token (SXP). For offline use, supported cryptocurrencies can be instantly converted to fiat and used at the point of sale. When the Swipe network is activated on the platform, users receive a smart contract wallet that uses SXP directly on the network to perform its functions. When functions are called on the Swipe Network, 80% of these SXP fees are automatically burned, creating a deflationary supply model.
Project uniqueness
Swipe allows the world's largest digital asset exchanges Binance and FTX to connect to the world's largest payment network Visa through the Swipe API.
Today, users can use SXP in the following ways:
| Currency | Users choose SXP as their funding source. It can be used on a Swipe Visa card to convert to euros and spend at millions of merchants. |
| Staking | For higher level cards, discounts and reward upgrades, users must wager SXP, which is locked on the chain. |
| Fees | If the Swipe Network is enabled on the platform, users can use SXP to pay all fees on the platform, such as conversion fees and withdrawal fees. |
The Swipe API allows real-time cryptocurrency to fiat conversions with just one debit card swipe at the point of sale or e-commerce transaction. This allows the company to create a seamless user experience for its customers. The API project includes Swipe Rewards, a card cashback network that allows cardholders to earn up to 30%.
Buying and selling a token
Swipe (SXP) is an ERC-20 token, as a result of which its integrity is maintained by Ethereum’s Proof of Work (POW) consensus mechanism and a massive network of nodes. Swipechain uses a Byzantine tolerance consensus mechanism via delegated proof of stake (DPoS). The Swipe Token is currently available for trading on over 50 different exchanges, including several of the largest and most reputable platforms, including:
- Binance;
- KuCoin;
- Poloniex.
SXP is currently listed on various cryptocurrencies, including Tether (USDT), Bitcoin (BTC) and Ethereum (ETH), as well as several fiat currencies such as the Korean Won (KRW), Euros (EUR) and US Dollars (USD).