Switcheo, a Singapore-based decentralized exchange that is currently hosting markets on the NEO and Ethereum blockchains, has revealed its development plans for the first quarter of 2019 and beyond. Switcheo CEO Ivan Poon made the announcement in order “to share Switcheo’s outlook for the year,” and added that the company intends to make the roadmap public on a quarterly basis.
Product releases in the first quarter of 2019 are said to include fiat gateways, a rebate program for market makers in Ethereum markets, an “email login” option for users new to cryptocurrencies, further development of a cross-chain trading protocol using atomic swaps, and version 3.0 of Switcheo’s NEO exchange contract.
CEO Poon reports that Switcheo’s promised fiat gateways, which were originally planned for late 2018, “had a last-minute delay” due to unexpected and uncontrollable events. He reports that “several alternatives” have been found, and expects an update in the coming weeks.
Email Login Service
Switcheo reports that it is about “a month” away from completing a “semi-custodial” wallet with an “email login” function. The email option is designed to onboard new users without having to teach them about private key management, or forcing them to adopt a software wallet. According to Switcheo, users “retain ownership always” as the exchange does not take custody of users’ funds at any time.
Users of the email login service that become more comfortable with the exchange will be able to assume full custody of their funds by managing their own wallet software and private keys.
Maker Rebates for ETH Pairs
Switcheo’s maker rebate initiative is live for its Ethereum trading pairs; Switcheo API users are eligible to receive 50 percent of the trading fees. Rebates are remitted to traders’ ETH wallets monthly. However, users’ rebates will need to exceed certain minimums, such as 0.1 ETH or 10 USDC, in order to qualify.
Atomic swaps, or cross-chain trades, are also under development. Switcheo is considering offering multiple cross-chain options “with varying degrees of trustlessness” and speed. Instant transactions will be available for individuals willing to trust that Switcheo will fulfill their half of the order. Fully trustless cross-chain trading is planned for users “willing to wait for 1-3 blocks to be mined.”
As atomic swaps are new and developing technology, Switcheo Exchange itself will be the only counterparty available for cross-chain transactions at first.
NEO “V3” Smart Contract
Switcheo expects version 3 of its NEO smart contract to go live in late February of 2019. In order to support a more seamless upgrade, the current “V2” smart contract supports automatic order cancellation and withdrawal of assets on the exchange when the contract is made obsolete.
A long list of features is planned for the V3 contract. These include: faster withdrawals of NEP-5 tokens, support for non-standard NEP-5 tokens, “increased security” through the use of stack isolation, the ability to trade dust balances into SWTH, contract extensions to add features to the exchange without clearing the order books, and optimized GAS usage.
Switcheo reports that for future expansion, “we are looking at only those [blockchains] which do not already have a DEX market” in operation. The Qtum blockchain’s “V1” smart contract, which is currently under development, is expected to be added to Switcheo relatively soon.
DEX Block Explorer
A “transparent explorer for DEX trades,” intended to enhance trust by allowing users to view and verify trading activity directly on the blockchain, is also in progress.
Switcheo’s quarterly outlook can be read in full at the following link:
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.
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