After a recent hack where over 30 million in ETH were stolen from multiple blockchain projects, one project called Swarm City has started to get some recognition for having its wallet drained of 44k ETH. Mainstream media and lots of other press outlets have now shared the project’s name all over the place. I’d like to take the opportunity to provide more information that I’ve gathered about the project and its path forward and why I am excited to use its technology for our company Chasyr.
The project began back in January of 2017 where it was saved by Ethereum Foundation Advisor Bernd Lapp and a skilled development team from Antwerp, Belgium. The reason most have not heard of Swarm City before is because it started its journey from a brand fork of Arcade City known as “the answer to a decentralized Uber” ran by a CEO with a not so liked reputation in the Ethereum space or cryptocurrency space in general. You can now understand why I said the city was saved with the brand fork, and here is what has happened so far. Swarm City began its path immediately heading for a different direction to become the first truly decentralized commerce platform on the Ethereum blockchain, instead of the “Uber killer” everyone was expecting it to be. Creating a ridesharing DApp is not the team’s primary focus and hasn’t been from the start. However, it is my sole focus since I’m planning to create a ride-sharing company on top of Swarm City who won’t be an Uber killer at first but at the least an Uber disrupter.
So once SC began their path towards a commerce platform the development team created a cryptocurrency called Swarm City Tokens (SWT). Everyone who held Arcade City Tokens (ARC) were now able to follow the new vision by swapping it at a 1:1 ratio, 80% have been swapped so far which is roughly around 8,000,000 tokens. There is no deadline on swapping by the way. These tokens will be for use on the platform, and any service interested in it can use it. Every transaction ever made will be visible on the blockchain and users will gain a reputation for each successful interaction. We love this because it can show users of Chasyr how many rides or drives a user has completed on the blockchain before even picking them as a driver or rider.
Releases of Swarm City
There will be three major releases from Swarm City, and two of them have already been released. Knowing how most of its followers came to know of the project before the brand fork, the core team of Swarm City has decided to use ridesharing as a use case by including a rideshare storefront with its 3rd and final release. We have been waiting for the Storefront release to build our CA-based ridesharing company Chasyr.
- Terminal, the first release, which is the wallet and user profile where users can be a part of the city and send each other SWT tokens via shortcode.
- Boardwalk where users inside of the city can use the hashtag #pioneer to request and provide services using an escrow service that builds a public reputation on the blockchain at a global and local level. This has been called their MVP and is constantly being worked upon and upgraded on a daily basis.
- Storefronts will be the final release where the user experience will be very friendly and good looking. Something an Uber, Airbnb, or Amazon user who likes cryptocurrency will be interested in.
Once you read what Storefronts will be then, you will see the potential that only a few who already know of the project see in Swarm City’s future. All info can be found on their medium site https://press.swarm.city/
A few early adopters have already used Boardwalk to find development work, coffee beans, and even a couple of rides. The first version of Broadwalk is currently available for use. The second version of the platform will allow anyone to create a hashtag and instantly activate any service idea they might have. Hashtag owners will also get to set a fixed fee per transaction that will be paid to them in SWT which they can use to market, educate, or simply collect revenue every time someone uses their hashtag.
The hack that drained the funds raised for the project is not stopping the team from delivering what was promised from day one. Now Swarm City is truly self-sustainable and stronger than ever. Meanwhile, eyes all over the world may think otherwise by doing a simple Google search and seeing HACK, HACK, ETHEREUM STOLEN everywhere. The Swarm City core team did have all their raised ETH stolen, but still, hold SWT which adds up to the same amount in USD that was raised for the project in the first place. The team is now funded by its own token which is probably the best way to do things anyway. If Swarm City succeeds then blockchain wins and the bar will be set for any new blockchain project that appears to the space.
Anyone who would like to know more or get involved or learn how to make “The Chasyr of Something” can join their Slack.