Switcoin ICO aims to target the adoption issue prevalent in the cryptocurrencies while offering a long-term utility of its currency, Switcoin. Switcoin plans to attract a large proportion of users through its social media application once its ICOs ends.
The developers of this social media app plan to “help people become more socially active beings” by eliminating the issues inherent with the traditional social media platforms.
Explaining how exactly it works, the project describes: “the Switcoin app enables people who live in the same region to arrange a non-binding meeting at a neutral location. The way this works is that people are able to describe themselves via hashtags and can then be found by other people near them who search for these hashtags. We allow people who have found each other through their similar interests to meet while the application defines a place according to their interests.”
However, the user can’t change the meeting location, only reschedule it. According to its business model, once both the parties reach on location, on scanning each other’s QR code, they receive Switcoins as rewards right in their wallets.
An attractive element of opportunity here for investors is the intention behind developing the Switcoin ecosystem which is to acquire a larger user base for this currency at a rapid pace. At the initial stages of an ICO launch, usually, the user base is the primary concern of investors, which this project puts in its main focus.
The blockchain of Switcoin is based on Go Ethereum Iceberg with a Proof-of-Authority (PoA) consensus algorithm which means “what can be done on Ethereum network, can also be done on Switcoin network.” The use of its own blockchain enables faster and cheaper microtransactions while allowing for managing Switcoin wallets on smartphones.
The continuous reward payments keep Switcoins in constant demand which can be met by buying them from a crypto exchange.
To know more about Switcoin, visit https://switcoin.com/