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Swarm City Coin – Detailed review
When investing in virtual currency, you need to do your research. We provide you with reviews of each world top cryptocurrency out there, so that you can find the best crypto coins to invest in for you. This review of Swarm City Coin consists of three chapters: origin & background, technology and pros & cons.
Origin & Background
A development team from Antwerpen created Swarm City. The project originally launched as a decentralized world known as Arcade City. The whitepaper for Arcade City appeared online in October 2016. Swarm City is also an open source project.
Swarm City is a decentralized commerce solution running on the Ethereum blockchain. On the platform, any user can publish a request for services or goods as an offer. For every such offer created, Swarm City makes a smart contract. Thereafter, both users deposit tokens into the smart contract as a guarantee for a successful transaction.
The platform uses the Swarm City Token (SWT) to transact value. Swarm City is a commerce platform. One of the key aspects of Swarm City is the use of the Swarm City Token or SWT. It’s the sole means of exchange in Swarm City. All transactions on Swarm City are through usage of SWT. Swarm City needs to use its own token to power the blockchain like other decentralized platforms.
The Swarm City community consists of a global network of peer-to-peer service providers and consumers. Moreover, these individuals interact with one another over Swarm City. Furthermore, Swarm City enables people to communicate and transact in a decentralized way. Like other blockchain platforms, Swarm City has no middleman or trusted centralized platform. It’s a P2P environment based on the Ethereum blockchain.
- Swarm City has a repute system and it works without the need to collect personal data.
- Also, the platform makes a big deal out of the fact that it will never collect or store personal data.
We have not identified any obvious cons with the Swarm City platform or the Swarm City Coin.
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