The Swipe Network is a protocol designed to spend cryptocurrencies in real-time with an on-chain and off-chain dual method. The Swipe Network is powered by the Swipe Token (SXP) which is the protocols native cryptocurrency.
Any network related transaction requires SXP as the gas for the network fees. For example, if a user withdraws Bitcoin from the Swipe Wallet, the user pays a very a small SXP network fee.
Spend SXP as a currency such as at point-of-sale or for gift cards directly within the Swipe Wallet and Swipe Card at merchants worldwide. The SXP used will be converted to fiat to perform the transaction.
Discounts & Enhancements
Users are able to get the higher Swipe Card with a SXP stake of 300,000 for 6 months. Users are also able to retain higher SXP balances for enhanced discounts and enhanced rewards per the Whitepaper.
SXP can operate on the network in two folds:
- Currency: Spend SXP at millions of merchants globally with the ability to convert to fiat at point-of-sale with the Swipe Wallet and Swipe Visa Debit Card.
- Fees: Use SXP towards paying fees on the platform.
- Discounts & Rewards: When the Swipe Network is active, all fee's on the Swipe Wallet & Card Platform will be denominated in SXP which will grant up to 75% discount in fees and up to 1% additional cash back from the following structure:
- Card Lock-Up: Stake 300,000 SXP for the Swipe Slate Black Visa Card for 6 months and receive all of the benefits the card offers.
- Bonding: Use SXP as collateral for the Swipe Network and run a validator node with our offline staking tool and earn fees from block rewards.
- Voting: Vote on protocol updates and parameters such as network fee percentages, amounts burned, and more.
The Swipe Network currently is designed to do the following fee burns.
1. It will destroy 80% of SXP Fees generated by the Swipe Network while keeping 2% in the Network smart contract for staking rewards
2. It will destroy 100% of SXP fees generated by Swipe Wallet Fees
To read more about the Swipe Network read the Swipe White Paper