What Is Swap (XWP) And Why You Should Invest In It

What Is Swap (XWP) And Why You Should Invest In It

There are a lot of use cases for blockchain technology.

The need for blockchain technology in different industries makes the urge to create other blockchains with specific purposes, like public blockchains versus private ones.

Private blockchains are becoming popular due to their high security and decentralization.

Pejman Zwin

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They use advanced cryptography and mathematics to create highly secure, decentralized, and scalable networks.

Your identity is anonymous in a private blockchain, and you can make any transactions in a private blockchain.

No one will figure out it’s you, and it’s genuinely untraceable and unlinkable.

There are a lot of concerns around Bitcoin becoming centralized, and the 51% attack could happen in the future.

How to prevent this from happening?

How to create a more sustainable blockchain in which everyone can participate.

Swap is a private blockchain that has created a highly secure and decentralized network and has tackled some issues that Bitcoin and other blockchains have.

It has some interesting ideas and implementations that have attracted crypto enthusiasts’ attention.

What is Swap, and what kind of technology has it developed to envision a better crypto experience for users?

Read this article.

What is Swap (XWP)?

What is Swap (XWP)?

Swap is a private blockchain with a privacy coin, XWP.

It’s been developed based on CryptoNote and Cuckoo Cycle technologies.

CryptoNote and Cuckoo Cycle

It creates a secure and decentralized blockchain.

Thanks to its good hash algorithm, it is even more decentralized than Bitcoin.

Swap aims to facilitate private financial transactions.

It’s an open-source project meaning that its community is running it.

It claims to have robust privacy and especially ecosystem fairness.

Swap uses two robust protocols to empower its ecosystem.

One for private transactions and one for mining and network stability and fairness.

CryptoNote and Cuckoo.

These two blockchain protocols have unique features and purposes.

Keep reading!

You will find out more about CryptoNote and Cuckoo Cycle technologies.

Further reading

What is CryptoNote?

What is CryptoNote?

CryptoNote is a blockchain framework for creating decentralized and privacy-based cryptocurrencies.

It’s a private blockchain protocol published in 2013 by an anonymous creator nicknamed Nicolas Van Saberhagen.

Anonymous creator

It’s fundamentally a blockchain, but it doesn’t have any commercial value, and its network restarts every two months.

But it has mainly been developed for other projects to build their cryptocurrency and blockchain on top of that.

Every cryptocurrency built on the CryptoNote protocol is called a CryptoNote coin.

These coins use the CryptoNote application layer as a foundation of their technology.

This protocol has some unique features.

It carries two specific characteristics: untraceability and unlinkability, meaning that it’s impossible to track the transactor’s identity and transaction history.

The goal is to create anonymous transactions with more efficiency.

CryptoNote’s core features are as follows:

  • Untraceable activities

There’s no traceable public key in the network. The protocol generates a random mixed public key for every transaction; thus, the identity of the sender and receiver remains anonymous.

It is the stepping stone for private blockchains; to keep the transactions anonymous, which is not possible to figure out who sends coins to whom.

The important thing about these transactions is that they remain valid even if the actual address has been hidden and a made-up key is signing the transaction.

CryptoNote uses Ring Signatures to provide untraceable transactions called RCT. Many crypto projects use CryptoNote like Swap (XWP).

  • Unlinkable transaction history

It indicates that no more than one transaction will be executed with a single key.

Because of CryptoNote’s unlinkability feature, the protocol generates a random key for every transaction.

Transaction keys will be used only once and will be burned after that. So no entity can investigate any address’s transaction history.

Because there would be no real address key, and no transaction is related to its address.

There is only a set of on-time used keys, and nothing can be tracked or linked within the CryptoNote network.

The protocol uses the transaction signer’s public key to create a random one-time key for every transaction.

Unlinkability makes a secure, shared transaction between the sender and receiver with no third party involved.

  • Key images for double-spending proof

Using untraceability and unlinkability features, how does the network stay double-spending proof, meaning that the network calculates every address’s balance and tracks their payments so they don’t spend what they don’t have?

The CryptoNote protocol uses memorable key images to track the linkability of generated keys from a single public key so that the identity of the address remains anonymous.

Simply, the protocol tracks the linkability of generated keys, but it doesn’t know the underlying public key.

The public key remains hidden, and the protocol only links the generated keys derived from the public key.

They call the unique technique Key images. It is impossible to link a transaction to a public key.

Still, it is possible to connect generated keys to each other so that the network makes sure no double-spending will occur.

  • Extinction of On-Chain data

Untraceablity and unlinkability cause the extinction of the on-chain analysis. There will be no output linked to input due to unlinkability.

It means that analyzing the transaction amounts and coin movements is impossible.

Companies can’t track coin movements in a blockchain using CryptoNote’s protocol. It emphasizes complete security for Swap users and network participants.

Every activity within the network stays anonymous, thus creating a secure, decentralized, and private blockchain for the community.

Implementing such a secure network and being community-driven is not easy.

CryptoNote has been releasing new updates since 2013 to be a cutting-edge technology and application layer protocol for private blockchains and privacy coins.

CryptoNote is still developing its technology for other privacy coin use cases and advanced cryptography techniques like zero-knowledge rollups and graph-based databases.

  • Flexible block size and difficulty

CryptoNote does not use a fixed block size and block difficulty instead of Bitcoin’s one-megabyte block size limit and halving every four years.

Bitcoin block size is limited to one megabyte, meaning that the maximum capacity is limited to 5 to 7 transactions per block.

CryptoNote uses a flexible block size depending on the situation of the block. Using an adjustable block size will decrease the number of blocks, thus creating less energy usage and emissions.

CryptoNote has developed a built-in automatic block size adjustment based on certain conditions.

CryptoNote also has developed a curve-based halving system that deploys into the network after each block is created.

It creates a gradual logarithmic halving system integrated into the protocol that the difficulty of mining slowly increases. It is opposed to Bitcoin halving every four years.

Another security and cryptographic hash protocol that Swap (XWP) uses is the Cuckoo cycle proof of work algorithm.

It’s an ASIC resistance proof of work consensus mechanism with a hash algorithm Swap uses to maintain a fair mining environment where everyone can participate equally.

Let’s discuss Cuckoo!

Further reading

What is the Cuckoo Cycle algorithm?

What is the Cuckoo Cycle algorithm?

Bitcoin’s proof of work consensus mechanism coined by Satoshi Nakamoto has raised some issues lately around centralization problems with the development of ASIC technologies.

Cuckoo Cycle algorithm

ASIC, abbreviated by the term Application-specific Integrated Circuit, is a mining device.

It can be specifically designed for different networks and hash algorithms based on the processor’s speed.

Powerful ASIC technologies and mining devices have led to higher hash rate adoption.

It is reported that Bitmain has developed ASIC-based mining devices that now control 42% of the whole Bitcoin’s network hash rate.

If the hash rate control of the network reaches 51% by one group or a person using a powerful ASIC device, a 51% attack may happen.

After that, the network won’t be secure and decentralized anymore.

When Satoshi introduced Bitcoin’s proof of work with the SHA-256 hash algorithm, a 51% attack was just a hypothesis, and that was impossible.

But nowadays, with powerful integrated mining devices like ASIC, the 51% attack is becoming a real threat to the network.

The Cuckoo cycle is a proof of work mechanism that has created a different hash algorithm in which the solution for mining coins is not based on the hardware power.

It’s bound to memory bandwidth instead of the processor’s speed. It limits ASIC-based miners’ adoption and control over hash rate.

It establishes an environment where everyone can contribute almost equally to the network using regular CPU or GPU processors.

Cuckoo uses two hash functions instead of one that works based on graph theory, meeting the needs for creating a fair ASIC-proof mining environment that assures the network’s decentralization.

Swap uses a specific type of Cuckoo algorithm named Cockatoo cycle with a 15-second block time.

Swap's roadmap

What is Swap’s roadmap?

Swap has integrated all kinds of wallets such as hardware, software, application-based, etc.

It has also developed different mining networks and systems such as IoIMiner, GMiner, GrinproMiner, and Swap pools where miners can share the block rewards.

Swap has also released a Swap Micropool for desktop to start mining XWP with a 15-second block time.

Now let’s discuss Swap’s milestones for the future.

  • Releasing iOS wallet
  • Smart contracts deployment
  • NFT market maker
  • Atomic swaps using lightning network

Swap continues to be a robust, secure, and decentralized ASIC-proof network with a fair mining environment.

It hasn’t been listed on any major crypto exchange yet. Still, considering its underlying technologies and its influence on the blockchain community, it can hopefully be listed on big crypto exchanges and see major updates and price values.

How can I buy XWP

How can I buy XWP?

Before starting trading, check out our full guide to entering the crypto market article if you are a beginner.

XWP is listed on two exchanges. Today I am going to guide you on how to buy XWP.

The easiest way is using Tradeogre exchange:

  • First, you need to open the Tradeogre website.
  • In the top right corner, click on the profile picture.
  • Click on the sign-in button and if you don’t have an account, click on register now.
  • Simply fill in the options required and click on register.
  • You will receive an email asking you to confirm your email address.
  • After confirming your email, go to your profile, click on the “security” option and activate your google authenticator for Tradeogre. I extremely advise you to do so because of your account’s online fraud probabilities and security matters.
  • From the menu, choose the “balances” option and search BTC so you can make a deposit to the website.
  • Click on deposit, and the wallet address should be there.
  • After deposit, click on the “markets” option in the top left corner.
  • Search XWP in the search bar and click on the BTC-XWP pair.
  • You should be able to see the trading panel, and from there, you can buy or sell XWP.
Further reading
Frequently Asked Questions about Swap (XWP)

Frequently Asked Questions about Swap (XWP)

Why is Swap not listed on high-volume exchanges?

The answer to that question is that the developing team doesn’t want to spend money getting listed on exchanges. The token is only available at exchanges that thought XWP is worthy of listing. Based on this, don’t expect the coin to be listed on famous exchanges soon.

What wallets are supporting XWP?

Swap is only available on the XWP wallet, and you can easily transfer your XWP coins to this wallet. Interestingly, the wallet only supports XWP and no other tokens.

Where can I exchange XWP?

There are two exchanges where you can trade XWP, Tradeogre, and Graviex. High volume exchanges will not list this token in the near future, so if you want to have this token, create your own account at one of these exchanges. After that, you will be able to trade XWP.

How much is XWP coin?

Currently, an XWP coin is worth $0.008072 with a $123,422 market cap and the 24h volume for this token is only $86, which is surprisingly low. You can also check other cryptocurrency’s prices on our website.

Who created Swap?

The co-founders of Swap are two people, Long Huynh and Sebastian Green. Sebastian Green is an experienced developer. Long Huynh does the code review and testing for Swap.

Thanks for reading.

Stay tuned for more crypto content and price analysis.

Further reading