>What is Swype?
Swipe has developed a debit card and wallet platform that gives users access to spend various cryptocurrencies in fiat currencies on-demand.
The crypto-fiat conversion can be done in a few seconds. Swipe aims to make crypto finance mainstream by connecting existing payment networks to cryptocurrencies.
Swipe allows users to deposit crypto into their Swipe Wallets, which give instant access to spend those funds in fiat currencies, while using traditional Visa debit cards.
>How does Swipe work?
Swipe Network consists of 3 protocols that operate the network in an asynchronous format:
1. Swipe Card: A Visa debit card that enables cardholders to spend balances that are linked to the Swipe Wallet mobile application.
2. Swipe Wallet: A digital wallet application that enables users to buy, sell, spend, and more with their cryptocurrencies.
3. Swipe Smart-Contracts: These delegated smart contracts are given to users within the Swipe Network and execute certain actions using its native SXP token.
While the Swipe Network is the core of the Swipe ecosystem of products, it’s important to note that the Swipe Network requires all 3 components to operate as designed today on-chain. However, the other Swipe products, such as Swipe Wallet and Swipe Card, can function independently with the Swipe Network off-chain.
In a future version, the Swipe Network on-chain process will be governed by a decentralized autonomous organization (DAO) and will utilize a proof-of-stake consensus method to secure the platform. This system will be secured via SXP staked on a smart-contract within the network that offers incentives, such as a transaction fees for validating transactions on-chain.
