The squad backside the Swingby Network says information technology has created an like shooting fish in a barrel fashion for users to execute token swaps between blockchains.

On Jan. 22, 2022, the Skybridge testnet had its official launch. Through Skybridge, Bitcoin tin can be used on the Binance Chain every bit a result of a one-to-1 peg with Binance-backed BTC tokens. This broadens access to unlike blockchains — along with cheaper transaction fees, faster settlement times and the freedom to utilize DApps and DeFi lending platforms — while ensuring that consumers proceed to benefit from price fluctuations in the world'south premier cryptocurrency.

Swingby was ane of the outset five companies to receive a grant from the Ethereum Community Fund, which strives to support compelling terminate-user applications that boost rates of mainstream adoption. Although Skybridge was initially existence built on Ethereum, development later moved to the Binance Concatenation. The company said at that place were several factors in this determination, including quicker block confirmation times, the ability to process thousands of transactions per second, and links to a decentralized exchange that hosts a diverse range of crypto assets.

Broad appeal

The company is hoping to reach cryptocurrency users who desire to apply the tokens they already own on other blockchains, eliminating the inconvenience of constantly swapping coins through 3rd parties. This also extends to consumers who want to preserve their privacy, as its "trustless platform protects identities during token swaps" — with users retaining custody of their assets 100% of the time.

The Swingby Skybridge is available here

Executives likewise claim there are compelling advantages for node operators who are unsatisfied with the rewards currently offered by existing networks. Decentralized exchanges are also fix to benefit, with Swingby claiming these platforms can achieve a much-needed boost to liquidity by allowing individuals to ship BTC to other blockchains.

Now, the Swingby Skybridge testnet is live and fully operational, and the team at Swingby has created a detailed programme for 2022. A individual sale for Swingby tokens, to which partners and industry experts have been invited, is due to conclude in February. A public crowdsale for tokens volition commence in Feb, paving the mode for a mainnet launch in the second quarter of 2022. From here, tests will begin on delivering bidirectional swaps between Tether and Binance'due south stablecoin.

In its white paper, Swingby noted that blockchain ecosystems have evolved quickly over recent years, but go on to face two major problems: scalability and cross-concatenation operability. Overcoming both of these hurdles is crucial if mainstream adoption is going to be realized.

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