Opinion on the Switcheo platform
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Switcheo is a decentralized trading platform dedicated to NEO blockchain tokens. Switcheo therefore quotes all NEP-5 tokens against the NEO, the GAS and the SWTH.
As Switcheo is a decentralized platform, users do not have to create an account; all NEO wallet holders (e.g.: NEON Wallet) can connect to Switcheo using their NEO wallet’s private key, then view (and trade) all their NEP-5 tokens. Transactions on Switcheo are carried out on the basis of a contract, directly on the NEO blockchain; this also means that users do not have one wallet per cryptocurrency directly on the cryptocurrency trading platform; they connect directly through their NEO wallet and then trade their NEP-5 tokens for other NEP-5 tokens.
Post transaction, the tokens remain in the form of a "contract" until the user decides to re-transfer the tokens directly to his NEO wallet. He will then just have to wait a few minutes to see his new NEP-5 tokens appear directly on his wallet.
Switcheo's advantage: NEO tokens have so far been "indivisible". This means that only a fixed amount (without decimals) of NEO could be bought or sold on the other "centralised" trading platforms. Switcheo, thanks to transactions being carried out by contracts, allows divisibility of NEO tokens. Only a fixed amount of NEO can be transferred back to the NEO wallet; on the other hand, the balances (decimals) remain in the form of a contract attached to the NEO wallet.
NB: NEO recently announced that NEO tokens would soon be divisible. Good news! The decimals of NEO tokens will therefore no longer have to remain in the form of a contract on Switcheo; users will soon be able to withdraw all of their NEO tokens.
Here is a little video tutorial in which a user explains about everything on Switcheo, from creating a NEO wallet, to connecting to Switcheo, then buying NEP-5 tokens directly on Switcheo:
Switcheo version 2.0 should be put into production very soon. Cryptotraders are looking forward to it! Among the new features of this version:
- Full breakdown of each transaction
- Complete details for each transaction
- Possibility to display all pairs (instead of only the current pair)
Switcheo version 2.0 will also give immediate confirmation of each transaction! Previously, each transaction took at least 30 seconds to be confirmed on the NEO blockchain and the customer could wait up to a minute to have their transaction confirmed.
This improvement gives users a degree of ease, but opens the door to all trading robots that can finally be used on Switcheo.
Finally, users can now choose the amount of tokens they wish to deposit into their contract balance and these tokens can then be used for instant trading.
This is not forgetting the integration of NEP-8 / NEP-9 / NEP-10 tokens:
Switcheo: a decentralized platform
As Switcheo is a decentralized platform, users do not have to create an account; all NEO wallet holders (e.g.: NEON Wallet) can connect to Switcheo using their NEO wallet’s private key, then view (and trade) all their NEP-5 tokens. Transactions on Switcheo are carried out on the basis of a contract, directly on the NEO blockchain; this also means that users do not have one wallet per cryptocurrency directly on the cryptocurrency trading platform; they connect directly through their NEO wallet and then trade their NEP-5 tokens for other NEP-5 tokens.
Post transaction, the tokens remain in the form of a "contract" until the user decides to re-transfer the tokens directly to his NEO wallet. He will then just have to wait a few minutes to see his new NEP-5 tokens appear directly on his wallet.
Switcheo's advantage: NEO tokens have so far been "indivisible". This means that only a fixed amount (without decimals) of NEO could be bought or sold on the other "centralised" trading platforms. Switcheo, thanks to transactions being carried out by contracts, allows divisibility of NEO tokens. Only a fixed amount of NEO can be transferred back to the NEO wallet; on the other hand, the balances (decimals) remain in the form of a contract attached to the NEO wallet.
NB: NEO recently announced that NEO tokens would soon be divisible. Good news! The decimals of NEO tokens will therefore no longer have to remain in the form of a contract on Switcheo; users will soon be able to withdraw all of their NEO tokens.
Here is a little video tutorial in which a user explains about everything on Switcheo, from creating a NEO wallet, to connecting to Switcheo, then buying NEP-5 tokens directly on Switcheo:
Switcheo trading v2.0
Switcheo version 2.0 should be put into production very soon. Cryptotraders are looking forward to it! Among the new features of this version:
- Full breakdown of each transaction
- Complete details for each transaction
- Possibility to display all pairs (instead of only the current pair)
Switcheo version 2.0 will also give immediate confirmation of each transaction! Previously, each transaction took at least 30 seconds to be confirmed on the NEO blockchain and the customer could wait up to a minute to have their transaction confirmed.
This improvement gives users a degree of ease, but opens the door to all trading robots that can finally be used on Switcheo.
Finally, users can now choose the amount of tokens they wish to deposit into their contract balance and these tokens can then be used for instant trading.
Switcheo platform roadmap
This is not forgetting the integration of NEP-8 / NEP-9 / NEP-10 tokens:
