Recapitulation of SWAPP TOKEN PROJECT AMA event held at AMA LOVERS CLUB.
Date: Wednesday, 5th May, 2021
Time: 17:00 UTC
The SWAPP TOKEN PROJECT team was represented by @Meturo and @Vacationjoe who judiciously shared with us detailed knowledge and information about SWAPP TOKEN PROJECT.
1st Segment: INTRODUCTION
Q1: Can you please introduce yourselves and your background, also introduce the team working on SWAPP?
ANS: Our team comes from the "real world" data management industry. We have a successful data management company already, and that evolved into what Swapp is: bringing the first enterprise-class data management platform to the blockchain.
We have many years of experience in "big data" including the necessary partnerships, infrastructure, and reach into many websites and apps already to create a lucrative offering to clients.
Swapp represents the democratization of the data monetization industry.
We have a real team of data and blockchain professionals, and collectively have already invested over $400,000 into the app development + blockchain dapp development.
I apologize community members but its a first time I see that AMA by typing is the thing. So, I will try do my best to answer questions.
My name is Tural, founded @swapptoken with amazing team because of the passion in helping and protecting people's privacy rights. Giving a control back to the people over their data.
Guys I am slow typer so wont waste your time with the information about my background. here is my
Feel free reach out if you have any questions . So trying to be considerate of everyone's time
Q2: Can you introduce SWAPP, what critical problems does it solve that existing solutions are not solving and what's the competitive advantage?
ANS: Yes, sure thing. Here's what makes Swapp unique:
Swapp is a “real company”, a leader in the big data industry with partners like LiveRamp, Google, Nielsen, and many more. Swapp pays rewards to users of the smartphone app similar to how Brave Browser pays users in BAT tokens. See website for more info.
Problem: The average person sees over 100 ads per day, but gets paid nothing.
Solution: Swapp helps users capture, own, and monetize their data, all in a privacy-safe, compliant way. Simply install the smartphone app, authorize, and EARN!
Next way Swapp is unique:
100% Fair Launch - Auction Style: Reserve your tokens here.
“Backed By ETH” - The ETH raised during presale gets programmatically paired with SWAPP tokens to form this forever pair on Uniswap: ETH/SWAPP
Swapp is also unique in how it token will have an "unbreakable price floor".
Unlike other tokens, SWAPP will have a minimum amount that the token price can ever fall to. This is because SWAPP is forever backed by ETH on the Uniswap exchange. The floor price will be known as soon as the presale ends and the token goes live on Uniswap.
To summarize, Swapp is solving a huge, huge problem that every single user who has a smartphone or uses the internet experiences: not getting paid for being tracked.
Q3: If I get the concept clearly, Swapp is giving the users an opportunity to sell their data and get paid?
ANS: Yes. Well actually, your data is already being sold every. You're just cut out of that transaction today.
Its a similar concept as Brave Browser: You earn BAT tokens by simply using Brave browser. With Swapp, users simply install the app, authorize which social media accounts to connect, and then you get inserted into the equation of getting paid for your data (vs. today where you're cut out of earning from your data)
So show how large of an opportunity this is, the data monetization industry is over $1.2T per year. That's how much money the tech giants earn off of tracking you.
We represent the ability to break up that monopoly and and to start redirecting that revenue back to the end users where it belongs. That's you.
Not only sell your data but also users may choose to not allow his data being sold. then system sends a signal to other data aggregators informing them that this persons data can not be sold. like Do not advertise list which is similar do not call directories.
Q4: Now, we have fought data privacy over time because of the fact that we don't get to chose the part of our data been sold off.
Can a user determine the part of his data to be sold?
Also, can you give a few example of user data that can be sold?🤔
ANS: Yes. Users can choose which pieces of data can/can't be sold.
Sure thing. First, its important to understand that 100% of the data that gets passed today already (as well as with our system), is totally encrypted (hashed).
Data that is deemed valuable for advertisers usually revolves around: 1) Device IDs and behavioral)
For example, if a users likes the Mercedes fan page on Facebook, and also visits a Mercedes dealerships website, then an advertiser would pay money to be able to run ads to that user later all across the web because they believe you are in-market to potentially buy that type of car.
That's just one example. There's many thousands of ways to segment users based on their social media and and browsing history.
All this talk of tracking often starts making people get nervous. And rightfully so. But realize this: the exact type of tracking we are talking about today, is how you're currently being tracked already, and the tech giants are making trillions of dollars per year off of you. All we are doing is getting users compensated for the same data they are giving away already.
Still, a certain % of users may feel that they just don't want to be tracked at all anymore. We have a solution for that, too! Users can install our same app, and toggle one switch to , "Forget Me" mode. That sends a signal to all the major global opt-out databases and removes you from being tracked (almost everywhere)
User may choose what type of data he is comfortable with selling. And from there he/she can decide which types of data to restrict. Swapp user app will also provide the browser extensions which will allow the user to own her/his behavior data and monetize it themselves rather than the big companies/websites monetizing his or her actions on their websites by selling to big brands for retargeting purposes . Long story short users will have full control over their data.
Q5: Now, how does the earnings work?
Does it depend on the number of ads you click?
That shouldn't be the case, since data is already sold 🤔
ANS: All online behaviors are factored into how valuable a user is to advertisers.
This is an extreme example, but a user who visits luxury car websites, a yacht website, and has an auto loan from Tesla, is going to be worth more to advertisers than someone who doesn't visit those sites.
So all of the things a user engages with on social media, websites visited, and apps installed, all factors into the value because those actions and apps dictate which segments of prospects users get put into by the algorithm.
Again, this sounds intrusive. It is. But we are here to at least give users much greater control over what is sold or not sold.
So the average user who authenticates all their social media accounts + some others that we make available, would start getting rewarded in Swapp tokens each month, once the smartphone app is fully deployed and connected to the big data exchanges that we're already partners with in our "real world" company (outside of the defi platform)
So the SWAPP token serves as the utility token in the smartphone app (rewards are paid in SWAPP like Brave pays rewards in BAT)
Those SWAPP tokens are standard ERC-20 tokens that can be traded on Uniswap (and eventually other exchanges, too).
Q6: Can you briefly describe the top milestones you have achieved and your target milestones with timelines, also share your roadmap?
ANS: Yes, certainly. The smartphone app has been in development for over 12 months now and is about 70% complete. We expect that to be launched on the ios and android stores within about 3 months after the token launches on Uniswap.
So smartphone app can be expected during Q2 of this year.
By Q4 of this year, Swapp expects to be nearing the first milestone of "mass adoption" in the US, then expanding into other countries.
Then in Q1 of 2022, Swapp will release totally new products including "Swapp Pay" which will enable publisher websites to accept micropayments in exchange for content. Some news websites try to do this today but its very expensive because of traditional credit card fees. Swapp solves that by batch-converting traditional credit card payments and paying publishers in Swapp tokens (which then they can convert back to USD if they choose).
Also on the road map: Swapp Kash - which will be a full-featured crypto banking app (savings, investments, synth stock trading, peer-to-peer payments, and more).
2nd Segment: LIVE Questions
Q1: The concept of your is one of it's kind. but as many users will be concerned, will password be part of the data store in the platform? if so how secure will users data be?
ANS: All sensitive data will be encrypted and stored on blockchain. We will not store the passwords on the any centralized db. Additionally you may choose to log in with your metamask or SwappWallet ( on the roadmap) , which are going to be permissionless. User will have 100% control.
Q2: You will agree that users are entrusting SwappFi with their assets. So there should be an utmost care of users assets in the safest platform possible. But most DeFi projects are prone to hacks and bugs. So how safe is the SwappFi platform? How often is the smart contract audited and how confident are you on the safety of the platform for users?
ANS: If properly built, its actually much more secure to store sensitive data on a decentralized system vs. a centralized one that can be a target for hackers. The defi projects that have been "hacked" over the last 12 months were actually more exploits than actual hacks, such as the flash loan exploit that lost Aave millions of dollars. Our system doesn't use flash loans therefore that type of breech is impossible for us.
Q3: Swapp is democratizing the data industry, but how it compares with Google and Facebook? Google and Facebook gained their trust and also they have good user experience. How Swapp will gained trust like Google and Facebook for compared with them?
Google and Facebook have a good and big team that they are working nonstop. There security system are too tight. What about Swapp app? Also compare the benefits for using Swapp app Google, Facebook?
ANS: thanks for the great question. I dont know about how Google or FB democratizing data industry. They sell it and do not respect user privacy. I do not argue with the user experience, both are great platforms and huge companies with amazing talented teams. But when the company is as big as they are, then its very hard to put the user first. Simple, first goal of the FB, GOOGLE, and other free platforms is how to increase bottom line revenue to ensure that stock price doesn't get effected.
How SWAPP will gain trust - its decentralized, build on blockchain even over time all data storage will be moved on to blockchain. Then on swapp community/token-holders can decide whats the best for future of the platform. Swapp distributes 100% of its earning back to users or all token-holders. Depending on the source of the revenue. Since Swapp is going to have multiple revenue sources , such as SwapPay, B2B Data-Monetization, and on Defi side Swapp will have SwappCash, Swapp Debit and Credit cards, Collateral Staking, Data-Loans and etc.
Hope I could answer your questions. if I missed anything please feel free to let me know.
Q4: 🔴 Why did they decide to create a token on the Etheruem network knowing that it is currently the most hated network? Many projects are migrating to other chains do You plan to do the same ?
ANS: We are planning to launch on BSC soon, but without creating new supply. Binance version will be ready soon after we finalize current auction and get on Uniswapp. Which will happen automatically next day after the last auction day.
🔴 The Ethereum blockchain has been frustrating in terms of high gas fees, yes, but the gas fees are coming down some since the recent update and when ETH2.0 comes out, the gas fees could be as cheap as any other new blockchain has been. Plus, we will be launching on BSC in a few months, but those who purchase SWAPP tokens now during the presale will certainly get the best price.
Q5: 🤔 What about security and privacy when synchronizing my social networks with Swapp ? How do you ensure that my information will not be robbed?
ANS: The security and the privacy is the main reason we have created swapp. We are working on to speed up the process when Swapp app is live partially and then all of your data will be stored on blockchain. eventually at completion there are not going to be any centralized database where your data will be saved. So that way I am sure it will be secure.
We connect to Facebook, for example, using their standard API connection, which is secure. That is how any app developer is instructed to connect to Facebook. This is also how the big data companies get your info from your Facebook account today already, through secure API connections.
Q6: For people who in one way or another will not be able to be in the auction, where can they buy the Swapp token once it is over and after launch where can they get it?🥺
ANS: After the Auction is over, the next day $SWAPP TOKEN will be available for trading on #Uniswap on June 8th.
Q7: I see you mentioning SWAPP being backed by ETH twice so I am curious so What is the benefits of SWAPP being backed by ETH on the Uniswap Exchange, what advantages does this ETH have over other networks?
ANS: We are trying to do our best and make this SWAPP token launch as fair as possible, and provide security and create trust from first day in the community.
“Backed By ETH” - means that the ETH raised during presale gets programmatically paired with SWAPP tokens to form this forever pair on Uniswap: ETH/SWAPP.
TRUST - To gain the the crypto community's trust and ensure that everyone could trust the Swapp team - we decided upon completion of the presale, the ETH raised is sent to form the SWAPP/ETH uniswap pair on Uniswap, then the LP keys are automatically sent to a burn address so the founders never hold the keys… actually no one will ever hold the keys!
Each network/blockchain has its own ecosystem. And each of them has its own advantages and disadvantages. We choose to go with Ethereum Blockchain because when we started the project ETH network had the features and advancement that we needed at the moment.
Q8: Can you explain the work flow on how I can earn SWAPP tokens using my social media accounts? Do I need to have some SWAPP tokens to earn from the app?
ANS: you do not need SWAPP tokens to start earning swapp leveraging your Social media audiences. Please see all explanations and assets for you to use provided here : How to get tokens without investing yourself: https://ulnk.it/rewards.
Q9: What steps have you taken to ensure that our social media data shared with the SWAPP application isn't compromised and our data privacy breached?
ANS: Great question. Before Facebook authorizes any approved integration partner, certain requirements must be met, including using their specific secure API. This encrypts your data, known as "hashed data". It is useless to any hacker even if it is ever obtained. With these best-practices in place, the data passed from Facebook through this API is sent to the big data exchanges which are secure and handle big data from all major sources around the world. Again, this is the exact same process as is privacy-safe and approved for apps to use today, its just that Swapp becomes one new (very powerful) data source that fees the same data exchanges as all apps sell data in to today.
Q10: Can you tell me what is useful things in Swapp app that you are comparing with Facebook app and Google app? Are Swapp app is better than Facebook and Google?
Which facilities i can get from this app? Aslo tell about some interesting features of this app?
ANS: Swapp is not trying to do anything the same as Facebook or Google, we are cutting them out as the greedy monopoly who's currently selling your data without paying you anything in return. Users can continue using those apps the same way you are today. What changes is that by authorizing the swapp app to connect to those apps, you enable "data sharing" and for Swapp to become your free "broker" to get you paid for the data you are actually giving away already today (but you're not getting paid today).
Q11: What is your most ambitious goal of your project? We would appreciate it if you could share with us any Upcoming Updates?
ANS: The most ambitious goal: Swapp is perfectly positioned to totally disrupt the $1.2T/year data monetization industry. Is that ambitious enough? :) Swapp can do this because they are launched from expert data monetization leaders, but now are moving that winning model on to the blochchain. By moving to the blockchain and decentralizing the model so that 100% of revenue generated gets passed to the end users (you). This is an ambitious but achievable plan.
Q12: According to your roadmap, there will be a launch of V1.2 Swapp in Q4 2021 which is not far from now. Can you give us a hint of the additional Auth methods that will featured in the V1.2 Swapp?
ANS: V1 will have the basics: connecting to Facebook, Twitter, and LinkedIn (already most powerful data, when combined, than any other data vendor at the exchange level). In the later updates, there will be even more powerful partner integrations such as bank apps, credit card apps, shopping apps, and even FitBit and other apps. The more data users are willing to share, the more revenue that can be generated and 100% of data monetization revenue gets passed back to the app users (since Swapp is decentralized on the blochchain). Pretty cool.
Q13: Any project without token reservation is worthless ... without token reservation a project doesn't take long to collapse....If $SWAPP have any arrangements for token reservation then please share with us the method of $SWAPP token reservation???
ANS: Swapp has already invested over $400,000 in app and company development before moving decentralized on blockchain. Swapp is now at the point of launching the token in the form of a 30-day "fair launch" group auction style launch. Users can now get tokens during this launch phase, which officially starts May 8th, but you can get tokens right now here: https://dapp.swapp.ee
Q14: can anyone make use of SWAPPFI, both crypto users and non crypto users, and is it accessible to non English users also, which store is SWAPPFI APP available?
ANS: SWAPP tokens can be purchased with ETH during the 30-day "fair launch" auction found here: https://dapp.swapp.ee - The token will go live on the Uniswap exchange on June 6th, but its best to reserve tokens now while the prices are cheap. Once its live on Uniswap, anyone in the world can buy/trade SWAPP tokens. Then the smartphone app will be available to install for free from the Android and the ios store. But even then, the defi/crypto platform features will run simultaneously but separately from the smartphone app. The 2 sides are connected forever though because the rewards paid in the smartphone app is SWAPP tokens.
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