Swipe is more than just a technology-driven by a distributed network, in contrast to other cryptocurrencies. Instead, Swipe is an ecosystem of digital wallets and applications that work together to enable users to purchase and spend cryptocurrency assets in both physical and virtual venues.

A for-profit company's creation, swipe wallets offer a user experience akin to that of regular mobile wallets when coupled with Visa debit cards and a smartphone app. This offers exclusive benefits for cardholders, like free Spotify accounts and up to 8% payback in Bitcoin.

On the other hand, a number of additional features that are exclusive to Swipe wallets are made possible by the incorporation of its proprietary coin, SXP. For example, there are no costs associated with using Swipe's debit cards. Rather, in order to obtain debit cards with further benefits, users must stake SXP tokens. Users on the Swipe network earn more benefits the more SXP tokens they lock in special contracts.

A user can get upgraded to a special debit card that entitles them to free Netflix and Spotify accounts in addition to 8% payback in Bitcoin by staking at least 30,000 SXP.

How Swipe Works

The Ethereum blockchain is used by the Swipe network to store user cryptocurrency deposits and provide them with a number of advantages.

On the other hand, the platform also has an off-chain API that makes it compatible with conventional payment infrastructure, allowing for features like merchant payments.

Swipe Wallet

Swipe wallet allows users can deposit money and buy any of the more than 30 cryptocurrencies that Swipe offers straight away. The wallet can also be used to store bitcoin assets and perform cryptocurrency conversions.

The ability for customers to pay businesses using their Swipe cards is a fundamental component of the Swipe ecosystem. In this instance, the network's smart contracts will instantly convert any cryptocurrency kept in the wallet to the required cash payment that the retailers will take at the time of sale. Through the wallet application, users may keep track of their card and stake the necessary amount of SXP to upgrade it at any moment.

Swipe Tokenomics

The Swipe network is powered by the SXP token. SXP is used to cover all transaction fees. There are 300 million SXP tokens in circulation. The circulation as of September 2020 is 66 million SXP. According to the deflationary model of the Swipe blockchain, 80% of the SXP used to fund transactions will be burned (with 20% going toward the Oracle contract) until 100 million tokens remain in circulation.