In the few short weeks since the TrustSwap team launched their SWAP token sale on Uniswap, they have continued to work hard to on-board several respectable exchanges, push their first code to github, and build a strong community of faithful SWAP HODLers. With a fresh push into Asian markets well underway and main net just around the corner, there is a lot for supporters of the project to be excited about!
TrustSwap began as a simple idea: to make an easy and cost-effective way for any two people to trustlessly exchange digital assets without paying astronomical escrow fees to a middleman. When TrustSwap founder and CEO Jeff Kirdeikis initially recognized the great need for such a solution, he decided he had to build it. He knew right away that he was on to something big but once he began talking to his online community of cryptocurrency investors about the idea and asking for help brainstorming other use cases, he quickly realized that this core concept could be just the tip of an enormous ice burg.
The concept of “Smart contracts as a service” became the foundational business model for TrustSwap and the vision to build out a tokenized DeFi platform offering a full suite of smart contract solutions began to take shape.
The Phase One rollout of the TrustSwap main net platform will be deployed in September and will initially include the following services.
SmartLock — Time-based Payments
TrustSwap’s SmartLock service is similar to SmartSwap but will also allow users set up automated crypto payments which will trustlessly distribute tokens according to a predetermined schedule. While this has many use cases for individuals and businesses such as payroll, trust funds, and will execution; the initial target market for this service will be new token projects and ICOs who want an affordable and easy way for the team and/or early investors to lock up their tokens for slow release over time (thus minimizing risk of large dumps crashing token price).
Once this service becomes available and widely marketed, savvy investors will likely demand that any new crypto project uses SmartLock to protect their interests by releasing tokens over time or when specific project milestones are met. SmartLock could become widely adopted as an industry standard once the obvious benefits and cost savings become clear.
TrustStake — Official Main Net Staking Platform
The third and possibly the most highly anticipated aspect of the TrustSwap Phase One rollout is TrustStake. The TrustSwap platform will allow token holders to stake SWAP tokens on the platform to receive staking rewards and take part in TrustSwap community governance.
The SWAP token is a deflationary ERC-20 utility/governance token which unlocks a 50% discount when used to pay for services on the TrustSwap platform. All platform fees paid in SWAP are allocated as follows:
~ 80% are distributed as staking rewards
~ 10% are burned (reducing supply)
~ 10% go to the TrustSwap Foundation Fund
Staking SWAP will also allow token holders to vote on proposals for new products and services to be developed and added to the TrustSwap platform by allocating funds from the TrustSwap Foundation.
This is just the beginning for TrustSwap.
Each new idea that is incorporated into the TrustSwap ecosystem will open new possibilities adding more utility and value to the SWAP token over time. Especially as these initial products become enhanced, combined, and packaged for easy on-boarding across diverse market sectors. TrustSwap is building a foundational DeFi layer that will build bridges between the traditional finance world and the quickly-growing cryptocurrency landscape and will help make crypto safer for everyone by providing easy, affordable access to smart contract services.
The team is always happy to hear from the public and can answer any questions you may have.
You can also watch this short video explaining more about the SWAP token:
TrustSwap is a full-service DeFi platform offering a suite of practical applications that empower people and organizations to easily and securely exchange cryptocurrency and digital assets using fully-audited, customizable smart contracts. TrustSwap saves time and money by greatly reducing the need for banks and attorneys, with services such as SmartSwap (trustless P2P transactions), SmartEscrow (trustless escrow), and SmartSubscriptions (time-released payments).
TrustSwap is also an ILO launchpad that provides a powerful toolkit to help new blockchain projects easily integrate into DeFi while building trust and protecting early investors. These include SmartLock (distributes Team/OTC tokens over time to prevent exit scams) and SmartWrap (ERC20 token wrapping). The TrustSwap platform is powered by the SWAP token on the Ethereum blockchain.
To learn more about integrating cryptocurrency payments and smart contract solutions into your business, or for more information about TrustSwap or the SWAP token, please visit https://trustswap.org/."