Blockchain lottery project, FTW, has announced that it is launching “FTXChange,” its new trustless OTC (over-the-counter) trading smart contract, on the NEO TestNet. OTC, also known as off-exchange trading, is done directly between two parties, without an exchange’s supervision. However, because the tokens are swapped by a smart contract on the NEO blockchain, there is no need for an escrow service or trusted third party to coordinate the transfer.
FTW aims to enable the trustless and secure exchange of tokens between individuals, even if those tokens are not listed on any exchange.
FTXChange
The FTXChange is planned to feature no fees for market makers, and “less than 0.5%” fees for market takers. The OTC platform aims to “distribute some amount of fees that we will generate from FTXchange to our users” who are holding some FTW tokens via an instant lottery. Additionally, FTW has stated, “more details about how this will actually work will come soon”.
The FTXChange is slated for launch on NEO’s MainNet in October, 2018.
FTW to FTX token swap
FTW has also announced that a 1:1 token swap from the FTW token to the FTX token will take place on the NEO MainNet in October. Users will be able to swap to the FTX token using the FTW wallet.
FTW gives three reasons for the switch:
- A change to make it transferable in smart contracts. FTW team commented, “this feature is very important for our NEP-5 lottery platform contract, because the contract only can use tokens that have integrated the feature such as MCT, APH, CGAS”.
- Tracking of actual token circulation after the swap is made.
- FTW team is adding a “lock address” feature that will “lock addresses to transfer with [a] timestamp.” The team stated this feature will be useful for simple contracts between businesses.
Token Burn
FTW has decided to burn 49,000,000 tokens, or 49% of its total supply. According to FTW, their token will not have a burn function, but there is a pool in their smart contract that no one can withdraw funds from. Total supply after the burn will be 51,000,000 tokens, with a circulating supply of 26,000,000 tokens.
From the non-circulating supply, 5,000,000 tokens are reserved for a prize pool, and 20,000,000 tokens will be held by the team. The team’s allocation is slated to be locked for a period of time after the token swap is completed.
The FTW updates can be seen at the following links:
https://medium.com/ftw-blog/weekly-updates-otc-testnet-68b735efca43
https://medium.com/ftw-blog/about-our-total-supply-and-circulation-dd1e92fcfbe1
More information on the FTW project is available at the links below.
About The Author: Colin Closser
Colin Closser, M.D., was a speaker at the first NEO DevCon in San Francisco. A devoted contrarian, he has managed the improbable: a peaceful and healthy life, despite holding a medical degree. He aspires towards the wisdom of Michael Lewis and Nassim Nicholas Taleb.
More posts by Colin Closser