All You Need to Know About AIRSWAP, The Next Big Cryptocurrency Exchange
AIRSWAP REVIEW
My last blog post was on 'airdrop' and now I am writing on 'airswap'.The common word is air which is very essential for human beings to survive.I know that all of us know these basics.Have you ever thought that 'air' word is slowly and gradually becoming very important for the survival of cryptocurrency world also?
Today we are gonna talk something very serious and important.As discussed in the last piece of writing about the unorganized nature of the cryptocurrency world, we are always prone to digital theft, scam and much more new terms to come :)
Initially, we started with online wallet then moved to hardware wallet and let's see what the next big thing?
One thing we all need to understand that still, the cryptocurrency ecosystem is evolving and you will first find new problems followed by a solution which will further bring change in the cryptocurrency ecosystem.
The process will continue until we reach a stable stage or we get a better alternative to cryptocurrency.Until we don't see any such thing happening we need to upgrade ourselves as per cryptocurrency ecosystem.
Gone are the days when we used to set up a business and it used to run for at least few generations without any need for innovation.
To my understanding, entire cryptocurrency ecosystem is fighting for its survival.The cryptocurrency ecosystem has divided the entire world into three parts.I am talking some real stuff.A good portion is in support, a huge portion is against it and, a decent portion is neutral and is following the wait and watch policy.
I am also among those who are keeping a close watch on the entire process and events.
Let's first dig into the title of this post.
What is Airswap?
Why there was a need for an exchange like Airswap?
Why we are calling it the next big cryptocurrency exchange?
To begin...
Let's first discuss the kind of exchange we have and what is missing in the current exchanges?
Currently, most of the cryptocurrency exchanges are centralized ones like bittrex or poloniex.
When you are using a centralized cryptocurrency exchange then you don't have full control either on your fund or on your private key.Since these centralized cryptocurrency exchanges save your key in a centralized server or database they have a close watch on all your crypto funds transfer.
And none of us really want our crypto funds to be watched upon by any third party.
"Necessity is the Mother of Invention"
Definitely, there was a need for de-centralized cryptocurrency exchange like AIRSWAP.
To make things more clear let's dig the de-centralized exchange.
[What is a de-centralized cryptocurrency exchange like Airswap?]
A de-centralized cryptocurrency exchange is an exchange which has the architecture of the platform built in such a manner that no centralized server or bundle of servers have control over the entire platform.
To understand it in simpler terms there is no need for third-party intervention.
[What are the features of de-centralized cryptocurrency exchange like Airswap?]
- An exchange not controlled by the third party.
- An exchange that can't be shut down by any government.
- An exchange that doesn't faces failures like centralized server failures etc.
- An exchange that doesn't ask for KYC verification.
- An exchange that allows the cryptocurrency users to manage and control their funds with hundred percent privacy.
[What are the major differences between centralized and de-centralized exchange?]
PicsCredit:Masterthecrypto
[What are benefits of de-centralized exchange like Airswap?]
- Identity theft will reduce to zero.
- Banking Cartels will not exist anymore.
- Innovation with no limits.
- Anyone can transfer wealth to anyone at any time and from any part of the world.
- Highly secure with zero probability of corruption.
- NO DOWNTIME.
I hope my readers and my dear friends will have a clear idea about de-centralized cryptocurrency exchange.In case you have a doubt please do contact me or ask your query in the comment section.I am always there to help you to the best of my potentials.
Almost I have written around 650 words but still, I haven't even started to talk about the topic 'airswap' which is the highlight of this blog post.My intention was to first clear the doubt if any exists between the centralized and de-centralized exchange for better understanding.
Coming back to AIRSWAP...
[What is Airswap?]
Airswap is a de-centralized cryptocurrency exchange which uses SWAP protocol for exchanging ethereum token.
Note: Swap protocol is peer-to-peer protocol.The best part of this trading platform is that the users will not have to pay any trading fee. Since there will not be any involvement of the third party to the exchange making it almost hack free.
Airswap is a Hong Kong-based company, a joint venture with consensus, recently made headlines for partnering with Fortress hedge fund manager Michael Novogratz.
From the research that I have done, I can definitely assure you that this exchange will be known for privacy, security, and transparency.
Let's understand the key components of Airswap as it will definitely add value in case you are interested in making a career in blockchain or you are a cryptocurrency trader.
Peer Protocol-
I hope you are aware of peer-to-peer cryptocurrency trading.In case you aren't....No issues let me explain it to you.
As the name suggests peer-to-peer transaction involves two individuals.For eg, you can consider ordering a pizza from pizza hut, chicken from KFC or even a cup of coffee from CCD as a peer-to-peer transaction.Whenever you are buying something from an e-commerce website remember it's a peer-to-peer transaction.
There isn't the involvement of any third party.A peer-to-peer trading is private as it involves two parties who have a common interest.
I will explain the same with an example of Maker denoted by "M" and Taker denoted by "T".
Maker (M): The party that provides the order.
Taker (T): The party that fills the order.
- Taker calls Maker for an order.
- Maker replies with an order.
- Taker calls contract to fill the order.
Indexer Protocol-
Indexer works on the concept of 'intent to trade'.The process is very simple.Here multiple makers can signal 'intent to trade' to indexer and when a maker ask for counterparties he/she may end up selecting one from multiple options.Once the Indexer has found the maker, the taker will be informed about it.Now Taker can negotiate with Maker and once ready for the agreement, the order is filled on smart contract.
- Makers call on the indexer.
- Takers also call on the indexer.
- Indexer calls on taker when a suitable or favorable match is found.
- Taker calls on Maker.
- Maker replies with an order.
- Takers call on contract to fill the order.
Oracle Protocol-
An oracle protocol is an off-chain service that provides pricing information to both makers and takers.
When pricing an order prior to delivering it to a Taker, a Maker may ask the Oracle for what it considers a fair price suggestion.
Likewise, having received an order, a Taker may ask the Oracle to check the price on the order to verify that it’s fair.
The Oracle provides this pricing information to help both the Maker and the Taker make more educated pricing decisions and to smooth the process of trade negotiation.
When pricing an order prior to delivering it to a Taker, a Maker may ask the Oracle for what it considers a fair price suggestion.
Likewise, having received an order, a Taker may ask the Oracle to check the price on the order to verify that it’s fair.
The Oracle provides this pricing information to help both the Maker and the Taker make more educated pricing decisions and to smooth the process of trade negotiation.
- Takers call on the Makers.
- Makers call on the Oracle.
- Oracle provides a price to the Maker.
- Maker replies with an order only after analyzing the price.
- Taker calls the Contract for Order fulfillment.
A similar interaction happens between Taker and Oracle when Taker receives an Order.
- Taker calls the Maker.
- Maker replies with an order.
- Taker call on Oracle.
- Oracle returns a price to the Taker.
- Taker calls the Contract only after the analyzing the price information.
Ethereum Smart Contract-
An ethereum smart contract is used to fill or cancel orders.
Fill:- An atomic swap of tokens called by a Taker. The contract ensures that the message sender matches taker and ensures that the time indicated in expiration has not passed.
To fill orders, peers must have already called approve on the specified tokens to allow the contract to withdraw at least the specified amounts.
For token transfers, the contract calls transferFrom on the respective tokens.
At the successful completion of this function, a Filled event is broadcast to the blockchain. The parameters,
vr and sconstitute the maker signature.
Cancel:- A cancellation of an order that has already been communicated to a Taker but not yet filled. Called by the Maker of the order.
Marks the order as already having been filled on the contract so a subsequent attempt to fill the order will fail.
At the successful completion of this function, a Canceled event is broadcast to the blockchain.
[Airswap Co-Founders]
[Airswap Market Cap]
I have taken the screenshot a few minutes back and the data is really promising.The circulating supply is almost slightly less than 30 percent of the total supply. At the time of writing this article, you can a market gain of about 5 percent.
The graph shows the coin has a great future.We can see very clearly the coin is not a pump and dump coin and it has the potential to manage the market disturbance and market manipulation.I am very optimistic about the coins which are either growing slowly or even falling down slowly.I believe the above graph depicts the potential of airswap to withhold even the worst turbulence of the market.
[Where you can buy Airswap tokens?]
- Binance
- Liqui
- OKEx
- Gatecoin
There are other exchanges also like Huobi but above are my recommended once.
[Airswap Wallet]
- Hardware Wallet: Trezor and Ledger Nano S
- Desktop Wallet: Jaxx
- Web Wallet: Jaxx
- Mobile Wallet: Jaxx (Android, iOS)
[Airswap Token Sale]
The company quickly sold out of tokens.The airswap ICO was scheduled for October 10 to November 10.
The token sale made headline because of an investor unsuccessful attempt to buy a large number of the token.He couldn't buy the token as airswap tokens were fully sold out.Around 9400 token buyers participated representing 135 countries.
[Airswap Resources]
[AirSwap Partner Network]
As claimed by the airswap co-founder Mr. Michael Oved, the project will be able to reconstruct marketplace without the interference of middlemen at a global scale.
The main vision of Airswap Roadmap is progressing from one-to-one trades to a many-to-many network.
[AirSwap Liquidity Partner Tokens]
[AirSwap Fluidity Submit]
The summit will be hosted at the Weylin.The speakers at the summit will be mostly talking about the finance domain.These speakers will also through light on possibilities and limitation of decentralization itself.
Conclusion: I am looking forward to this project and like others, I too have hope from Airswap.In case the concept peer-to-peer works out then it will open a new path for the entire cryptocurrency ecosystem.As per my understanding it will be one of the greatest innovation till date in the cryptocurrency domain.
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