Swarm City: decentralized commerce & the sharing economy
Swarm City is a platform in which a peer-to-peer, sharing economy can take place securely on the Ethereum blockchain. Swarm City has goals for ridesharing, AirBnB like systems, and others.
To understand where Swarm City is today, you have to somewhat understand how it all started, and how Swarm City was formed. Swarm City began as Arcade City, which was a decentralized ridesharing platform on the blockchain started in 2016. They had some business issues, and that seemingly led them to fork and form Swarm City the first day of 2017. You can read a bit about that here and also a FAQ on their website about it here. The story on this does not seem clear, and may make you wary of their business model.
Regardless of that, though, Swarm City wishes to decentralize the economy and useful services that we frequently use today, 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 networks token. Their main goal seems to be decentralizing commerce (communication and transacting) through using blockchain technology and protocols to remove middlemen and therefore enhance the economy.
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 and offer, or buy, services.
Swarm City (SWT) Token
Simply put, Swarm City’s token, SWT, is used as the unit of exchange for all transactions on their 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 within this platform and all fees will be using the Swarm City Token (even if you can see the price in USD or euros). SWT is needed to participate in the ecosystem and to do anything on the network.
Because Swarm City came from Arcade City, if you have Arcade City tokens, you can convert them to Swarm City tokens, if you have not already. The teams whitepaper on how to is on GitHub.
From Swarm City’s official site, you can access the platform, read a little bit more about their mission and goals, meet the team, and read their FAQ, amoungst other things. It also has some history and timelines for the project, which may be helpful in understanding their growth out of Arcade City.
Swarm City’s official blog is on Medium. Here they post updates about the platform, news, and other important information.
Their GitHub has their source code, along with their released information of their different levels of releases on the platform (e.g. Terminal, Boardwalk, Storefront).
A General Presentation on Swarm City (from their website)
The Whitepaper Swarm City references is actually their Whitepaper from Arcade City, but they state that this Whitepaper is still their focus and what they are working on. So do not think we are crazy for posting Arcade City’s Whitepaper! Also keep in mind that the token plan might be revised, or partially irrelevant now through the switch. The Token Exchange Whitepaper (released in January 2017) would be good to look over too, since it has some updates since they forked their brand.