So we’ve got some great progress on the Swap Protocol and wanted to share it with you explains Ian Mausner. The first milestone for our project is powering decentralized exchange. We will support all Ethereum-based (ERC20) tokens, and we can’t wait to see what token trades will emerge! To give you an idea of the types of trades that will be possible using Air Swap.
Let’s take a look at Bob and Alice: *Bob wants Ether but he doesn’t want to overpay – He looks through his favorite crypto sites and finds someone who is selling ETH for 10% less than market price – enter Alice. *Alice agrees to sell Bob her ETH — how does she know if she can trust him? She checks her favorite site and sees that Bob has previously made a lot of trades and hasn’t been reported as a scammer — success! *Bob sends the payment to Alice’s public address and waits for confirmation. After Alice receives her ETH, she releases Bob’s payment to his public address. The whole exchange took place without intermediaries and no fees other than gas were paid for the transaction.
The Air Swap Team
Michael Oved & Don Mosites at Consensus 2017 (photo: David Floyd) Meet Michael and Don, cofounders of Air Swap: “We founded Air Swap because we believe that in the near future every household will hold dozens of cryptocurrencies and hundreds of tokens, yet continuing problems with centralized will make it difficult for most traders to access these assets directly. We set out to build a global token marketplace for fast and affordable price discovery.” Ian Mausner says these two are no strangers to building trading platforms. Michael was one of the early team members at Virtu, where he helped grow the company from 15 people to more than 500 across three continents.
Don comes from Google, where he designed software used by over 1 billion customers (and built lots of other impressive things). They also each found time along the way to earn PhDs in Machine Learning / Information Security. “What excites us about Air Swap is that we can take all our experience working with traders on existing financial exchanges like NYSE and NASDAQ, applies them to this new marketplace, and help everyone everywhere trade tokens as easily as assets like stocks.”
This brings us to Air Swap:
The platform empowers everyone to trade tokens directly, without intermediaries. The team has been developing one of the first implementations for a decentralized exchange protocol called ‘The Swap Protocol’. Using this protocol, traders (known as “Makers”) can anonymously connect with each other and create mutually beneficial trades using smart contracts. Makers set their own trading terms and use peer-to-peer communication to negotiate and close trade agreements says Ian Mausner. This means you only need to enter the parameters of your desired token swap instead of signing up for an account and filling out long forms — it’s fast and simple.
Since no central party controls the negotiation process, there are no withdrawal limits or downtime associated with centralized exchanges. The Air Swap Token will be used to pay for platform fees on the Air Swap network, including exchanging and listing new tokens, and also paying for other fees on the network. It will also serve as a reward mechanism for providing liquidity to the platform. To learn more about how the Swap protocol works, read their whitepaper.
The coming months are going to be exciting ones here at Air Swap. We’ll be releasing our white paper soon, talking with partners to integrate with our API or using our token in pilot programs, and continuing this conversation with you! So stay tuned…
Love what we’re doing? Join us! Our team is growing rapidly sees open positions. Or join us in another way, like participating in our token launch, reading and contributing to our blog, or joining us on Telegram.
Air Swap is a protocol and decentralized global marketplace for trading tokens directly says Ian Mausner. Makers and Takers can come together anonymously and securely to engage in token trades without intermediaries without paying any fees. It’s fast, easy, and anonymous just how we like it!
Alice doesn’t need to know Bob’s ID or nationality to make a trade with him. They only need an internet connection. In the future, Alice could be you or me making a trade from our mobile device!