1.3.0 - Motivations & Principles

Our Mission

Swapp is leading a massive movement to disrupt the data industry. For far too long, tech giants like Google and Facebook have tracked your every move, earned billions per year in monetization, but have shared none of that revenue with you, the rightful owner.

Our Motivation

The average person is shown over 100 ads per day. And while the tech giants earn billions of dollars, you earn zero. That ends today.

Swapp RE-imagines data monetization by using the blockchain to cut out the middlemen and distributes 100% of data revenue to its users (in the form of SWAPP tokens).

The DeFi Movement

Trusting your money in the custody of other humans is inherently risky. This glaring flaw in traditional financial instruments is a primary motivation for developing SWAPP. The SWAPP contract aims to ensure that a user can always be in full custody and control of their SWAPP tokens, even during the course of various economic activities.

The initial minting of SWAPP, earning referral bonuses, opening and closing stakes, receiving interest, and even selling SWAPP for ETH or other tokens can all be done end-to-end without the user’s SWAPP tokens ever being under the control of another person or system. Compare this to the world of banks you can(‘t) trust and traditional money managers that (don’t) have your best interests at heart.

One very important aspect of owning cryptocurrencies is having a place to safely, easily, and quickly trade them when the need arises. We believe Uniswap, a popular and highly regarded decentralized exchange (DEX) smart contract on Ethereum, is such a place. Following the 30 day "Auction Phase", the SWAPP contract will automatically, trustlessly, and irrevocably bootstrap its own initial liquidity pool on Uniswap. At least 85% of all ETH sent by users to the SWAPP contract during the LT Epoch will in turn be automatically transferred to Uniswap by the SWAPP contract, along with an amount of minted SWAPP in equal value.

In exchange for, and simultaneous to, this liquidity pool deposit, Uniswap transfers to the SWAPP contract an appropriate amount of UNI liquidity tokens, which carry the sole power to later withdraw that liquidity pool. The SWAPP contract will automatically, immediately, and provably destroy these UNI tokens by transferring them to a known burn address. In doing so, the SWAPP contract ensures that this initial ETH/SWAPP liquidity pool cannot be withdrawn from Uniswap by any person, party, contract, or entity — for all eternity.

The SWAPP contract also allows users to earn interest on SWAPP token time deposits called stakes, which are most similar to bonds, but more flexible. A stake earns interest like a bond, but with the added feature of allowing interest withdrawals at any time during the life of the stake; not something bonds allow. These bond-like interest-bearing stakes in SWAPP are always fully in the custody of the user and their wallet, never held, influenced, or able to be confiscated by any third party.