Switcheo Marches Forward

News & Updates Nov 23, 2018

Switcheo is proud to present our newly revamped trading platform, dubbed “Callisto”, which was launched earlier this week.

The team has been working tirelessly to bring you an enhanced trading experience, and will be continuing to build and serve our users, even in the current tremulous market condition.

Here are some of the accomplishments we have achieved, and an updated view on the road forward.

On the Callisto Launch

The launch was a great success and we are delighted to have received such an overwhelming response from the community!

Do remember to check out some of the community events and trading competitions we have in store for you here.

Following the addition of ERC-20 trading capabilities, we have made our Ethereum smart contract public to be provably non-custodian. The Ethereum smart contract can be found here, and source code and documentation can be found here. Besides that, we have also updated our API documentation to include Ethereum-related information and added our WebSocket based APIs.

We’re also happy to say that our press release on the launch has been successfully picked up and featured across more than 280 press outlets ranging from broadcast media, trade publications, blogs, finance tech and crypto publications. To view the press release, please click here.

Our thanks go out to you, the community, for making this such a successful launch. We appreciate the positive feedback and will continue to improve. Please feel free to send your feedback to marketing@switcheo.network.

Do also sign up for our newsletters for regular updates regarding our exchange. The team is also unveiling a special reward for newsletter subscribers who are taking part in the Callisto raffle, and will be awarded 6 bonus entries! To qualify, please sign up for our newsletter at the bottom right of our website.

The Switcheo Vision

The Switcheo engineering team has not stopped working after the launch of Callisto.

We have been listening to you, our users, and have been further improving our exchange, especially in regard to user interface design, and have updated critical components / features such as the mobile Wallet Manager and hardware wallet integrations. We have also been improving compatibility with various browsers and wallets.

Here is what will be coming up next.

Near-Term Strategy

In the near-term, the team will be prioritizing the onboarding experience of new users, as we feel that that puts us in the best position possible while watching for an uptake in the market. This is as we anticipate that there is a likelihood for an influx of fresh users, or returning traders who are willing to reevaluate the exchanges they use.

Here is how we will do it.

We want to ensure that we are integrated with all wallets that have web3-compatible dApp browsers. The wallets currently on our list are: Trust Wallet, imToken Wallet, and Coinbase Wallet.

We will be focusing first on the new user onboarding experience, which we feel is not yet up-to-par. We want to support especially those who have never interacted with decentralized applications like Switcheo Exchange before. This also includes users who have not used wallets like MetaMask with dApps, as well as users who may be experienced with one blockchain, but not another. With that in mind, we are also exploring an email / password based solution, which will be unveiled soon.

We will be implementing fiat-based onboarding and cross-chain swaps as promised, to unlock liquidity between the different blockchains as well as to remove the requirement for users to use centralized or untrusted 3rd parties in order to participate in the token ecosystem.

We will be listing viable ERC-20 tokens at a rapid pace, so that our platform can become a preferred option where the desired tokens are always available. Stay tuned to the announcements coming next week, and do send in your suggestions or token listing requests to listing@switcheo.network.

On top of that, we are exploring options to improve market liquidity through external providers. In the meantime, we will continue pushing out events and competitions to encourage traders to try out our platform.

Finally, we have not forgotten about adding QRC-20 tokens, and we feel entering that market is still viable.

Grander Plans Ahead

Our vision of a connected, yet trustless cross-blockchain ecosystem has not been abandoned.

The time we have spent developing, has been interspersed with watching out and seeking like-minded partners, and has been useful in giving others in the space sufficient time to work on and execute their own ideas, letting us choose correctly the best underlying technology to use at the end of the day.

While the Ethereum DEX brings us a step closer to building a cross-chain future, the experience the Switcheo team has gained thus far is actually far more important for our next steps.

Building individual, “traditional” DEXs have provided our team with invaluable, real-world, practical experience on how to execute our end goal.

We have tackled scalability and reliability challenges in both the blockchain and traditional sense, which will help us immensely in building our trustless trading chain correctly from the get-go.

By following the development of budding blockchain systems extremely closely, we will now also be able to make the correct tradeoffs between immutability and upgradability.

On top of that, we have gained a keen eye for security, by finding critical issues in existing systems that may have affected our users, before any damage is done.

But that is not all. Our traders are now experts at the economics of token markets, and our engineers are adept at harnessing the pay-per-use world computers we build on, with immense knowhow on the game theory, trust models, and economics behind them. Our designers understand how users will always gravitate towards the simplest option, and how we can give them that, without sacrificing our core principles.

With that knowledge and more, we know that we are ideally positioned in building a cross-chain system with proper scalability, optimal fee economics, and practical trustless design — or one could say — the perfect DEX.

A Short Word

Finally, with the news of other exchanges shutting down, and actions by Foreign Security Authorities, I would like to give a short word of assurance on our legal standing.

Switcheo Exchange is a registered Private Limited entity in Singapore. Our owners are also Singapore citizens and we strive to follow all local laws and regulation strictly. Do note that regulations may differ greatly between different countries and jurisdictions.

Each token we choose to list, and each market we adopt is carefully analyzed. Our team is constantly in touch with our legal partners to ensure that we adhere to the legal system in place here. Should we find that we have a legal obligation to make changes based on local or international laws, we will definitely not compromise on the longevity of the exchange, and will take immediate action to correct the oversight.

Thank You!

Once again, on behalf of the Switcheo team, I would personally like to thank all our users and our community for the support they have shown us from the start of our journey some nine months ago. Prepare for the long road however, for we have barely begun!

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For more information on Switcheo:

Ivan Poon

Ivan Poon is the co-founder and CEO at Switcheo Network.