Swingby

Swingby

SWINGBY
$0.000357651%0.53

Key Metrics

Price$0.000357651
Real Volume (24H)$2,194.68
Marketcap$311,156.18
Fully Diluted Valuation$1,955,032
ATH$1.14
ATH Date2/19/2021, 6:11:16 PM
ATL$0.00155182
ATL Date11/12/2022, 11:45:48 AM
Circulating Supply450M
Total Supply1B
WebsiteN/A
WhitepaperN/A
Popularity Rank2970
Chart
What is Swingby?

Swingby (SWINGBY) stands as a unique decentralized proof-of-stake network that harnesses the power of advanced cryptography research. With a focus on enabling users to seamlessly transfer tokens across different chains without relying on a trusted third party, Swingby aims to revolutionize the world of blockchain interoperability.

At the core of Swingby's technology lies the bridge protocol known as Skybridge. This protocol establishes trustless bridges between Ethereum, Bitcoin, Binance Chain, and other prominent blockchains. These bridges are reinforced by a grid of node groups that facilitate fast token swaps through the implementation of multi-party computing. Multi-party computing, a cryptographic concept that enables multiple parties to compute a function without revealing their inputs, serves as the backbone of Skybridge's functionality.

Skybridge, as a product of Swingby, empowers users to seamlessly move Bitcoin tokens between Ethereum, Bitcoin, and Binance Chain without the need for a central custodian. By eliminating this reliance on centralized entities, Swingby opens up new possibilities for decentralized finance (DeFi) applications, such as decentralized exchange (DEX) trading and liquidity pooling, all within a user-friendly interface.

Swingby's Skybridge leverages cutting-edge multi-party computing (MPC) research and threshold signature scheme (TSS) to deliver a layer-2 cross-chain bridging protocol that caters to multiple participants. TSS involves an interactive protocol among multiple parties to replace the sign algorithms of a virtual signature technique. This relatively new technology offers numerous advantages and performs exceptionally well for cross-chain swaps, with various open-source projects also embracing its capabilities. Unlike many other blockchain interoperability protocols, Skybridge does not rely on complex smart contracts or user interfaces, ensuring a streamlined and efficient user experience.

The Swingby Network, as described in the whitepaper, operates as a peer-to-peer and permissionless grid of nodes. All nodes within the network are considered equal, with no central authority governing their interactions. Node operators in the Swingby Network stake and own tokens specific to their Swingby Node, with the staking process occurring on the Binance Chain. To initiate a swap, users can simply transfer funds to the designated address within the network. It is important to note that Swingby's primary goal is not to position itself as a DeFi project but rather to bridge various DeFi applications across different chains. The platform also plans to expand its support for multiple chains in the future, building upon its initial focus on Bitcoin and Ethereum as the launch bridge pair due to their widespread acceptance and significance in both the ERC20 bitcoin token market capitalization and the DeFi space.

The native token utilized within the Swingby Skybridge ecosystem is the Swingby Token (SBY). As a BEP-2 token on the Binance Chain, SBY serves as a means to validate eligibility for participation in a TSS group. Furthermore, the token is distributed to support the development and growth of the Swingby network ecosystem. While primarily deployed on the Binance Chain, Swingby envisions the issuance of SBY tokens on various other blockchains connected to the Swingby Skybridge, further expanding the token's reach and utility.

In conclusion, Swingby (SWINGBY) brings forth a groundbreaking decentralized proof-of-stake network that leverages advanced cryptography techniques to enable seamless token transfers across multiple chains. Through its Skybridge protocol, Swingby eliminates the need for trust in cross-chain transactions, empowering users to engage in fast and secure token swaps. With its focus on interoperability and user-friendly interfaces, Swingby is poised to drive the adoption of decentralized finance applications and foster the growth of the broader blockchain ecosystem. The Swingby Token (SBY) serves as a vital component within this network, facilitating participation and supporting the ongoing development of the Swingby ecosystem across various blockchains.

Disclaimer

The investment information, comments, and recommendations provided here do not fall under the scope of investment consulting. Therefore, making an investment decision based solely on the information and comments provided here may not yield results that meet your expectations.

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