Swarm City: Blockchain Token – What is it?

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Estimated reading time: 2 minutes, 35 seconds

In this series, we will cover the different types of blockchain platforms and cryptocurrencies on the market right now. We’ll give you a quick description of each blockchain/token, its function, who is their competition and where you can learn more. Episode 21 of Blockchain Token covers Swarm City.

Originally formed as Arcade City, Swarm City is a platform in which a peer-to-peer, sharing economy can take place securely using the Ethereum blockchain. Swarm City has goals for ridesharing, AirBnB like systems, and more.

Swarm City was originally formed as Arcade City, which was a decentralized ridesharing platform on the blockchain started in 2016. The project encountered a few issues, leading the team to fork and form Swarm City January 1st, 2017.

Swarm City wishes to decentralize the sharing economy by providing useful services that we use on a daily basis, such as ridesharing or renting a place to stay for a weekend. This is the same as their initial mission from Arcade City. Their website states that they are still following through with the product they described in the Arcade City Whitepaper. Their platform would allow one person to connect with another, and “share” some service from them, paying them in Swarm (SWT), the network’s token.

Their main goal seems to be decentralizing commerce (communication and transacting) through using blockchain technology and protocols to remove middlemen and therefore save providers and users money, while retaining appropriate value for their resources.

In February 2017, Terminal, the first rendition of the platform, was made public. In this version, you can create a profile, transfer SWT between users, and exchange ARC (Arcade City tokens) to SWT. In June 2017, they released Boardwalk, which opens the doors on the platform for more communication and commerce trading to take place. The third release will be Storefront, which will allow users to organize, offer, and buy, services.

Simply put, Swarm City’s token, SWT, is used as the unit of exchange for all transactions on their network. SWT is needed to participate in the ecosystem and to do anything on the network. Since SWT is an ERC20 token, and Swarm City runs on Ethereum, Ether is involved to an extent, but the majority of all interactions and all fees within this platform will be using the Swarm City Token (even if the price is shown in USD or euros).

Currently, there are not really any other projects with the same aim as Swarm City. Some projects, like Iconomi are focused on decentralizing and distributing economies, but Swarm City comes in with a different perspective and way of attaining that.

Get some more information here https://swarm.city/ /r/SwarmCity


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