Swingby Report by Jesse

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.