SwapDEX announces official launch of their Blockchain (Main-Network)
SwapDEX launches its native Blockchain for users to participate in Staking and Chain Governance, setting the foundation for their DeFi-Ecosystem.
The SwapDEX Chain is a blockchain custom built utilizing the substrate framework by parity technologies.
The underlying technology grants the SwapDEX chain multiple benefits like forkless upgrades, being implementable via pallets that can update the chain from top to bottom, avoiding the risk of hardforks that otherwise could be causedby a majority of Nodes missing out on updates.
SwapDEX makes use of a unique distribution of transaction fees: 50% to liquidity providers on the upcoming DEX (Decentralized Exchange), 20% going to the Treasury, an independent funding pot that can be used for upcoming projects that plan to deploy smart contracts and D’apps on the chain and 20% being burned as a deflationary measure as well as 10% of fees going to 200 uniquely rewarding exclusive NFTs.
The Nominated Proof of Stake consensus mechanism enables its users to decide over the chain’s parameters like the number of active validators (nodes that support the network), the blocktime (currently set at six seconds) as well as important upgrades to the chain.
Additionally, users can access a decentralized funding pot called “treasury” that allows supporting projects and developers that plan to release their product on the SwapDEX chain.
To spread voting weights further, votes can be leveraged by locking funds for extended periods of time so smaller investors can have an impact on votes, reducing the decisive power of whales.
To attract existing projects, the blockchain features a fully operational Ethereum Virtual Machine (EVM) that allows for any smart contract that’s written in Solidity to be deployed quickly onto the chain for a small gas fee (as of now equalling a fraction of a cent)
Developers can also utilize the benefits of a full-fledged Live Test Network (Kusari) that functions as a proving ground for smart contracts and D’Apps in a real-world environment. To gain the full trust of potential investors, projects can get their ideas “fully tested” and then “rubber stamped” on the Kusari Live Test Network before moving to the SwapDEX Mainnet.
After the SwapDEX chain is secured by a decentralized server infrastructure — often called nodes or validators — it will continue to add key features step by step to their Dashboard.
SwapDEX are also looking for partnerships that would like to take advantage of the infrastructure they have developed.