Swap (XWP): The fastest privacy coin in the world
Swap is a secure peer-to-peer privacy blockchain empowering individuals and organizations throughout the whole world with for easy, private and anonymous payments of goods and services.
Max Supply (before tail emission): 18,400,000 XWP
Genesis: November 16, 2018, at 09:06:03 (UTC).
Anonymity Sets (per txn): Ring size of 11.
Privacy: Ring Signatures, RingCT and Bulletproofs.
Progressive proof of work algorithm: Cuckaroo29s hashing significantly improves the block verification speed substantially making block propagation alot faster.
Privacy by default: CryptoNote protocol-based privacy standards for transactions (can’t be turned off).
BulletProof technology: Decreases cryptographic proof sizes.
15 second block time: Faster confirmations and higher transaction throughput.
Reduced block size: This improves the network performance and its stability.
Reasonable transaction fee: Establishes a working economy discouraging the mining of empty blocks.
Limited supply with non-linear emission curve: This encourages early adoption and early security of the network.
Feeless: Made without governance fees and remaining without governance fees. Swap uses miner fees to encourage network security.
No premine: Fair, equal community release.
Wallets: Ledger support, web wallet, two GUIs, CLI, an android wallet and an iOS wallet in development.
The Swap codebase, which you can find here – (https://github.com/swap-dev/swap) is clean and reading-friendly, making it easy to understand the code and to audit it. The entire Swap codebase (CryptoNote + C29s) has been peer-reviewed. Peer-reviewed tech is a big deal, because it brings trust. Swap has 15-second block time making it insanely fast. The funds show up and are confirmed in your wallet withing seconds. This is important when paying or being paid for goods and services.
“Being peer-reviewed is important because it gives a measure of trust to the software. However, because of the obfuscation and complexity in the PoW used by Monero and other CryptoNote protocol-based coins, we felt that we needed to move from their PoW and find something better. After all, their PoW is not peer-reviewed.”
– Seb Green, 2019
Swap has the same inflation as Monero, except Swap started 4 years after Monero did. Now the big difference is that the XWP chain is 8 times faster than XMR. The rewards per minute is the same, but the rewards per block are 8 times smaller at the same point on the emission curve. Hello super-fast private payments.
The faster syncing and less resource intensive full node are a big deal. The Swap transactions are confirmed and can be spend in less than 3 minutes due to the increased speed of block time and the Cuckaroo29s algorithm.
A little bit of history. Swap started with its own genesis block as a repo fork of the Haven protocol, because they started charging a certain “governance fee”. It was named Free Haven. But the free and fair cryptocurrency slowly grew within the community, and turned into a serious project. Immediately it was decided that the project would not charge any fees of any kind, meaning no premine, no founders rewards and no dev fees.
The project quickly moved away from Haven to the Monero codebase. Swap could now take advantage of the Monero community for enhancements and bug.
Later on, in February 20, 2019, The Swap project forked to Cuckaroo29s Cycle PoW, becoming the first CryptoNote coin to integrate Cuckaroo for fair mining. It also provides the Swap blockchain with increased stability and security. Lo and behold Swap became the world’s first to combine two powerful privacy technologies; the CryptoNote Protocols + Cuckoo Proof of Work cycle.
“With a 42-line complete specification, Cuckaroo Cycle is less than half the size of either the well known Blake2b or SHA256 algorithms. While trivially verifiable, finding a 42-cycle, on the other hand, is far from trivial, requiring considerable resources.”
– John Tromp
Swap is one of the few projects which, while focusing on being a pure cryptocurrency with strong fundamentals, took the concept of fairness as one its most important pillars. In being a fair crypto with no investors and no treasury (no premine and no fees), Swap is totally dependent on donations from the community. This makes the project not beholden to any organization, institution or person. Swap is not even beholden to the founders who never made any money from the project. Yes, the project doesn’t have any money but that’s what makes Swap fair. You can trust that there are no shenanigans going on behind the scenes. Swap can’t dump their free coins behind the back of investors, sell all of it in secret and leave the project. Because of this Swap is a special coin that needs its community. Swap’s philosophy has always been grassroots marketing.
Community and volunteers
This is a pure volunteer community project. Here is a group of people who came together because they value not only freedom, privacy and fairness but the community.
Because Swap is fully trustless, permissionless and decentralized anyone can run their own node, start building on Swap or open a pull request on GitHub. Swap is truly run completely by volunteers.
Ethos of the coin is by miners for minersand by the community for the community. Swaps community are the ones have been growing the coin. Join the project and lets have a talk!
Future of Swap
Early it was decided that the project would have no dates, no roadmap, no false promises. Movng forward Swap will continue to concentrate on building a robust and secure blockchain. There are no specific long-term goals and although Atomic swaps is one the major implementations under consideration, development is progressive and continuous. The idea is to keep doing what’s needed to keep the chain in tip top condition, while being true to the fundamentals which is a fast a stable and secure blockchain, robust privacy, ecosystem fairness and full transparency.