Swapy is building a decentralized protocol with a suite of three integrated applications aiming to provide Universal Access to Credit. These applications are: The Swapy Exchange, which aims to connect smart money to emerging economies. It will introduce international investors from countries where the interest rates are comparatively low to credit companies in countries where the interest rates are comparatively high, providing better returns to the investors and lower cost capital for the credit companies; Swapy Financial ID, which aims to empower people, giving them a financial identity that has the purpose to be valid anywhere in the world; Swapy Data Market, which aims to transform users’ financial data into self-determined value through a token-based system.
The Solution: Swapy Network
Swapy Network is a decentralized protocol that aims to connect the various participants within the financial industry: borrowers, creditors, insurers, data producers, data consumers, and others. With Swapy Network, individuals and/or companies are able to offer or consume services and collaborate within the ecosystem to decrease the prices of financial services, all the while being more inclusive of new entrants in the financial industry. The fees to operate in Swapy Network will be charged in Swapy cryptographic tokens (SWAPY). This way, token holders will have access rights to use the Swapy Network, benefiting from and contributing to it, and receiving tokens in exchange. This section provides an overview of the Swapy Token, the proposed D’Apps, and the protocol itself.
The Swapy Token (SWAPY)
The Swapy Token (SWAPY) is a ERC2012 token and the basic unit of value in the Swapy Network. One unit will have 18 decimal points, which means that the lowest value one can hold is 0.000000000000000001 SWAPY. The Swapy Token is an utility token and it will be used to pay for the individual’s information, pay for services in Swapy Network (such as credit scoring) and be used as collateral when requesting loans, as soon as these features become available through the decentralized applications that are being developed by the Swapy team. The Swapy team expect that Swapy Network achieves sustainability and promote a virtuous cycle surrounding the issuance of a new cryptocurrency, promoting benefits to the peers in the Swapy Network.
The Swapy Financial ID
The Swapy Financial ID aims to be a digital financial identity valid in any country. Its purpose is to eliminate the information asymmetry, as well as improving the data integrity and privacy. The key characteristics include:
– One KYC to rule them all
– Financial history portability
Swapy Network is an open-source project managed by the Swapy Company, a company fullyowned by Credit Dream, Inc. Credit Dream, Inc is a Delaware Corporation established in November 2014 with the mission to provide Universal Access to Credit.
The number of Tokens minted at launch will be 100,000,000 (One Hundred Million). There will be no new Swapy Tokens minted over time. Therefore, the total supply of tokens is known and finite. The distribution after the Token Generation event is illustrated by the Figure 12 and will be as follows: Credit Dream, Inc stockholders: 15% (Founders, employees and early investors); Credit Dream, Inc Endowment: 15%; Partners and advisors: 10%; External developers fund: 10%; Initial Coin Offering: 50%.