Thank you for joining us in another wild week of crypto. Today we’ll be looking at the brand new addition to the defi space currently in testnet called Swingby.
Introduction
Swingby (SWINGBY) is looking to build a new technology that enables fast, secure token swaps between blockchains by operating a non-custodial, decentralized system that works with any wallet. This would enable anyone to move tokens between blockchains without relying on a central custodian. Where most current solutions rely on a human administrator in some form running centralized services like oracles and custodians. Swingby offers a new approach by building a technical custodian with decentralized control mechanisms to create a valid signature. With the focus being to end most threats currently associated with custodianship like loss, or theft of private keys.
The backbone of what Swingby promises and in testnet is a system called The Skybridge. Skybridge uses a threshold signature cryptography (TSS) and multi-party computing (MPC) research to create a permissionless network where no central authority can determine who can take part. To achieve this network authenticity, node operators have to prove that they own SWINGBY tokens on Binance Chain, and lock (or stake) them for as long as they intend to participate in a TSS group. They are then able to prove this when TSS rounds (public key creation, signing events) occur. With TSS coordinating between many parties to create digital signatures for crypto transactions, an advantage is that it creates a single valid signature that accompanies the transaction. Unlike multi-sig and similar implementations that need multiple signatures, this single signature method allows the protocol to be used on any ECDSA chain whether it has multi-sig capabilities or not. A simple UX is used to send tokens to the TSS multi-signature address, whose private keys are securely distributed across the network nodes, and receive them on the target chain. In the future Swingby will combine Skybridge with platforms like Binance DEX, Uniswap, and Balancer to create “Sky Pools” that will bring a unique any-to-any token exchange with liquidity and full anonymity features to improve the Skybridge network. With the Sky Pools infrastructure being possibly compatible with over 50 chains and tokens that use the ECDSA or EdDSA algorithms. Making Skybridge eventually able to be used to create a depository receipt on any chain without the need to trust any centralized source.
Swingby offers self custody pre-staking of their token via BitMax and their own Staking Portal. This operates as a seniority-based system where SWINGBY nodes will start to gain up-time once it fulfills the peer requirements and is connected to the network. Even if a node fulfills the SWINGBY stake required but adds more tokens on top of that, it will not affect its priority. Only by falling below the minimum staking requirement will the seniority reset back to zero. Making early adopter nodes almost impossible to outcompete and may later discourage new nodes from joining the network. It’s first come, first served as per usual with initial staking participants.
The Token
(SWINGBY) was deployed as a BEP-2 token on the Binance Chain in March of 2020. So far Swingby has distributed tokens from an early seed round, BNB staking competition, private sale and…
Hi! My name is Lark Davis!
I’m a cryptocurrency investor with years of experience and I’ve been making consistent profits in the crypto space.
I’m passionate about helping others do the same, so I run multiple educational channels on crypto investing.
