Interesting things are happening in the world of cryptocurrency at all times. AirSwap is a rather interesting project which aims to grow to become a global token marketplace. As of right now, the project is currently in private beta, yet it will have a positive impact on the overall trading of Ethereum tokens.
What is AirSwap all about?
There are quite a few reasons why AirSwap is worth keeping an eye on. The project is designed to be a global token marketplace for Ethereum tokens, but one that is powered by search. As such, the company wants to focus on introducing the concept of decentralized cryptocurrency trading, which has become a very popular trend in this industry. By removing the need for intermediaries, the ecosystem can thrive as a whole.
Under the Hood
By saying their marketplace is powered by search, it is evident the team is taking a very different approach. With so many new Ethereum tokens coming to market virtually every week, keeping tabs on things is becoming a major challenge. Determining which currencies can be traded on which centralized platform is a hassle. Using a decentralized marketplace for all tokens simply makes a lot more sense in this regard, which is a positive evolution overall.
With AirSwap, users can make or take markets on their own accord without requiring approval. When a new market is created, other network participants can discover this market and start exchanging assets accordingly. Trading with peers around the world is as simple as searching for the token you are interested in and selecting a trade. This whole process sounds a lot more streamlined compared to what we are used to in this day and age of centralized exchanges.
Users will remain in control of their assets at all times. Trades on the AirSwap protocol are settled between users directly, with no custodians of funds to take into account. More makers joining the ecosystem will lead to a lot of new and innovative token trading markets, which can only be considered a good thing in the long run. In terms of scaling, this will certainly lead to some interesting developments and opportunities.
The AirSwap Token Explained
As one has come to expect these days, AirSwap also has its own native token, which grants users access to all of these maker and taker markets accordingly. It seems the native token will also serve as a way to pay transaction fees associated with exchanging tokens on this platform, similar to how gas works with Ethereum. It will be interesting to see if other use cases for this token come about in the future.
The Road Ahead
As of right now, the AirSwap protocol is in private beta testing on the testnet. We will also see more testing of the token and exchange contracts, as well as core protocol features. A web application for purchasing tokens has already been created, and it’s entering the final phase of testing as well. Later this year, we will see the launch of a partner network, as well as further developments to enhance the overall appeal of the protocol itself.