Hello, dear Friend,
In 17 MAY, 2020, we held an AMA with SWITCH - all in 1 ecosystem with swaps, a full DEX, the ability to buy gift cards with crypto and more! Switch will soon be launching fiat gateways, NFT marketplace, gambling and more. We are many thank to our guest is Josh Case - Founder of Switch. The AMA happen as follows:
Segment 1: Warm-up questions - Mr Josh_will introduce little about Switch as well as himseft.
Segment 2: The freedom Q&A session. This is the recap of AMA
Thank Mr Josh to join with our AMA. This below is Recap of an AMA.
Segment 1: Warm-up questions
Q1: What is SWITCH marketing strategies? Do you feel satisfied with success you have made till now, when you look back to day when you have started this project?
Answer: We never really went the traditional route with marketing and I think it was worked out great for us! Instead of paying for exchanges, and articles, we have put all of our time and energy into small influencer networks. These networks have nice audiences and are a great way to build a following. John McAfee being one of our biggest supporters doesnt hurt either. He really gets the word out for us, and media picks us up a lot.
Q2: Switch ecosystem is building and developing very fast, can you tell us more about some products of the Switch ecosystem?
Yes we are moving very fast. Switch.ag is an instant swap site that checks prices from Kyber, Bancor, UniSwap and more to ensure you are always getting the best price. You can trade from over 100 coins instantly with 1 click. No sign up No KYC. SwitchDex.ag is a DEX network with over 40 portals. It's a fully functional decentralized exchange running on the ETH blockchain. We have recently acquired VeriSafe and WavesBet and will be putting out a ton of new features and products soon. You can find more info in our blogs at https://medium.com/@switchag\
Q3: Could you give me 3 key points to convince me and other angel investors invest in Switch in long-term?
Our tokens are directly tied to our product revenue. 100% of ALL fees generated by all of our products are airdropped to our token holders. I think that's a pretty good incentive. In the future token holders will also get voting rights, reduced fees for trading, and more!
Q4: As I see,currently on the market,there are a lot of DEX(Decentralized exchange) such as Binance DEX,Vitex...,so what are the advantages of SwitchDex to compete with them?
A lot of the "dex" products out there are just using dex as a marketing piece.We are a true DEX. No one is in charge. Any coin can be listed. There are no listing fees. You are truly in charge of your own money. We are also far more than just a DEX. We have a lot of options no one else has such as whitelisting your address. Pay a small one time fee and trade fee free on the DEX forever! We also have things coming soon such as the ability to buy crypto with Apple Pay, really cool trading based gambling games, and a whole lot more.
Q6: DeFi is one of the hottest topic in the blockchain space right now. Can you share your opinion about DeFi with us? Do you think that DeFi will disrupt the existing financial system? What is Switch approach towards the DeFi sector?
DEFI is awesome and is what our project is all about. We started in 2018 as a centralized project and quickly moved into being a defi product after seeing all the amazing interactions that could be built. Switch works with Kyber, UniSwap, Bancor, Oasis and more to make sure you always get the best price when trading.
Q7: How is SwitchDex be different and unique than existing dexes with swapping support like Kyber Swap or Uniswap? By distributing fee back to ESH holders, how will you team generate revenue for a long-term operation and development?
We compliment services like Kyber more than are competing with them. We use them as liquidity partners to ensure you are always getting the best price. If you are trading on Kyber, but Bancor has a better price, you wouldn't know.Switch.ag checks all the DEXs first and gives you the best price with 1 click. Switch controls approx 8% of the ESH supply and has other resources. We are well funded.
Q8: Major problems in most of the blockchains are Security, Scalability & Interoperability. Tell us how SWITCH works on these problems?
Switch has no access to customer funds or customer personal information EVER so this isn't as applicable to us, as it is to other exchanges owever security of our products and contracts are always our highest priority. All of our products are audited internally and by third parities.
Q9: As an investor I'm interested in features like stacking, Invest box, Lending ... and the profits they bring. Does Switch have plans to develop these features in the future?
We do have a lot of features coming that will generate more fees for token holders will give them more options. We do have some lending option coming! We will put out information on this very soon. Our blogs that I posted earlier are the best place to find all this info. ESH does not have staking, but GHOST, the new privacy coin by John McAfee does have staking and masternodes. You can check out all info here: ostbymcafee.com
Q10: Can you explain the difference between ESH token and DESH token? What benefits can ESH and DESH holders receive from them (VIP accounts, IEO preferred purchases?
Switch ecosystem has 3 tokens total:
ESH - receives 50% of our swap network fees (switch.ag) and our dex network fees (switchdex.ag)
DESH - recieves 50% of our swap network fees (switch.ag)
SDEX - recives 50% of our DEX network fees (switchdex.ag)
Segment 2: The freedom Q&A session:
Q1: What are the main Attractive points of Switch which attracts more Creators & Users towards it?
We have no minimums on switch.ag and offer 1 click INSTANT swaps with tiny fees. If you guys check it out, I know you will see how cool it is.
Q2: Switch allows Swap of cryptocurrencies, now How do you differ from ATOMIC SWAPS and do you SUPPORT cross-chain swaps?
We will support atomic swaps this summer. We have been working on it for months
Q3: Recently, i heard that Switch Platform Acquired Wavesbet platform! Could you explain that is that True? Is Switch really acquired Wavesbet platform? Also, how this Acquisition is beneficial to Switch platform?
Yes. All their games and more will come under our brand and all fees will go to our token holders
Q4: How does Switch token exchange provide security to user funds? How to keep motivation to use Switch in the long term? What Switch users get from achieving the exchange's goals?
We never hold user funds. Not even for a second.
Q5: What is the primary use case of ESH token in the Switch ecosystem? And how it will be helpful for long term investors?
ESH receives 50% of all fees from all our products
Q6: Why choose to buy gift cards before exchanging tokens? why not use another IEO platform? How can I get my first $ESH tokens without going to the Exchange?
It is a way to use your crypto. You can use ETH to buy giftcard on Amazon, Walmart, Uber, Nike, and hundreds of others
Q7: What is the minimum number of ESH tokens required to receive a profit sharing reward?
Right now its 100. Soon there will be no minimum
Q8: Why did the switch team choose a Vietnamese community, Coiner VN, to organize this AMA? Do you have any reviews about Vietnam's crypto market?
Q9: It is known that the transaction fee will be airdropped to ESH and DESH token holder. So where does the Switch profit come from? Why do you encourage everyone to own ESH and DESH tokens?
We hold 8% or the ESH supply, and have DESH and SDEX as well. So we get fees from that we can use for new dev etc.
Q10: I would like to know about your Fiat Gateways project. What updates have you developed on Switch about your project to buy crypto through a bank account, debit card or Apple Pay?
We have partnered with a third party to provide fiat gateway options. You will soon be able to buy with a card, bank account, apple pay and more