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

What is Swap (XWP)?

Swap is a private blockchain with a privacy coin, XWP. It has been developed based on CryptoNote and Cuckoo Cycle technologies.

It creates a secure and decentralized blockchain. Thanks to its strong hashing 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 an especially fair ecosystem. 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.

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.

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.

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 has 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 identities of the sender and receiver remain anonymous. It is the stepping stone for private blockchains: keeping transactions anonymous, so it is not possible to figure out who has sent 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 signs the transaction. CryptoNote uses Ring Signatures to provide untraceable transactions called RCT. Many crypto projects use CryptoNote, including Swap (XWP).

• Unlinkable transaction history

This 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 are used only once and are then burned. So no entity can investigate any address’s transaction history because there is no real address key, and no transaction is related to its address.

There is only a set of one-time use 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 to be 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 put, 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 this unique technique Key Images.

It is impossible to link a transaction to a public key. But it is still possible to connect generated keys to each other so that the network can ensure no double-spending will occur.

• Extinction of on-chain data

Untraceability and unlinkability remove the possibility of on-chain analysis. There is no output linked to input due to unlinkability. This means that analyzing 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, as opposed to 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 five to seven transactions per block.

CryptoNote uses a flexible block size depending on the situation of the block. Using an adjustable block size decreases the number of blocks, thus reducing energy usage and emissions.

CryptoNote has developed built-in automatic block size adjustment based on certain conditions. CryptoNote has also 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 so that the difficulty of mining slowly increases. This is in contrast 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-resistant proof of work consensus mechanism with a hash algorithm. Swap uses it to maintain a fair mining environment where everyone can participate equally. Let’s discuss Cuckoo!

What is the Cuckoo Cycle algorithm?

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

The ASIC, short for 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 network hash rate. If the hash rate control of the network reaches 51% by one group or person using a powerful ASIC device, a 51% attack may happen. The network will then no longer be secure and decentralized.

When Satoshi introduced Bitcoin’s proof of work with the SHA-256 hash algorithm, a 51% attack was just a hypothesis, and it was infeasible. But nowadays, with powerful integrated mining devices like ASICs, the 51% attack is becoming a real threat to the network.

The Cuckoo Cycle is a proof of work mechanism that has created an alternate 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 and works based on graph theory, meeting the need 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.

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; systems such as IoIMiner, GMiner, and 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 will hopefully be listed on big crypto exchanges and see major updates and price values.

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 the 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 strongly advise you to do this because of the risks of online fraud on your account and other 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 depositing, 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.

Frequently Asked Questions about Swap (XWP)

Why is Swap not listed on high-volume exchanges?

The answer to that question is that the development team doesn’t want to spend money getting listed on exchanges. The token is only available on exchanges that think XWP is worthy of listing. Based on this, don’t expect the coin to be listed on well-known exchanges soon.

Which wallets support 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 with one of these exchanges. After that, you will be able to trade XWP.

How much is XWP coin worth?

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 cryptocurrencies 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.