The Inside Story on Decentralized Exchanges – Switcheo Cryptocurrency DEX

welcome everyone it's the crypto lark and today I have Yvonne the founder of switch Co to talk about decentralized exchanges and what switch Co is doing Yvonne welcome all right it's great to be doing now for anybody who might not have used switch iou's services before or might not be familiar with it could you give us the short version of what you guys are doing so which is basically a non-clustered index this intrinsic change so now we focus more on the non custom work because there's a lot of talk about what decentralize really means anyway so so right now we have both of them the abduction and the door chain and this chain operates isolated so it's like a ITEX for for both new and interim but really really much easier especially for new users and a lot faster both to be current to execute your trades so in the future we are we're actually going to move to incorporate more more data block chains that are coming dog cheats and eventually go through crushing a few completely like a centralized exchange but then we don't know your fancy friends and our risk basically all your trades are still secured by the same block chain which currently itself is secured by I think you bring up a really good point and that is you know non-custodial exchange because I think there has been a lot of misinterpretation by a lot of people in the community about the word decentralized in of itself and I've made quite a few videos talking about this exact topic and it's it's a situation of you're there you exist so it's not you know not like Bitcoin where the founders are not there right so there's you there's a company behind that there's people writing the code and all these things so it's not you know decentralized in the way that some people might envisage it but you are in control your funds you control your wallet you're not putting your funds on a third party exchange and trusting them to keep your money safe that's that's the key difference here right okay and question just as for us I think that's the most important thing the data paths that that you want to so-called decentralized not take so much control or ownership or dislike the trade execution itself and actually comes later on before if our side chain technology yeah but so so like this thing decentralization you can mean a lot of things for now we chose will be doing the compromising on the very first and the very core principle of not not basically taking custody of funds and and basically doing I don't know we had to start behind the scenes feature offense yeah now by the way for one out there in the audience I've used which you know quite a few times for training of neo tokens I haven't used the etherium service say we're gonna talk about that momentarily but I definitely am a fan of you know noncustodial exchanges let's say so I certainly appreciate the offering that you guys haven't think it's a nice user friendly interface but that was just for neo you guys have now brought on aetherium and obviously some etherium tokens so how what's like the process for this I mean you're running a multi chain index now so there's there's neo trading there's aetherium trading can I trade neo for aetherium on switchy or they just you know have two different well as different access he had explained what the onboarding process was like for getting etherium onto a otherwise you know neo non-custodial exchange yeah okay so at the start we actually had the initials are MVP orifice version of our UI but I realize it's it's gonna be a bit confusing and it's a bit messy for users to really manage so many block chains are so many wallets so actually when we had launched a theorem actually actually we give them our UI change the we focus a lot on the wallet management so that users can actually connect basically multiple wall that's interacting multiple chains and we also brought forward some part of our cross in technology so we actually wanted to do a complete side chain where both all the block chains can forgive each other but then we that would take at least six months to a year so we brought forward small component of it which is to basically allow basic interactions between just a few tokens on each of the blockchain so far linear versus aetherium to be able to swap from one scene to another bases exchange value from one team to another and that will actually the the interface and the interaction for that will be slightly different and we are working really hard on it to make it very seamless for users so that let's say you are new and I realize that if it you can do it you don't have to call and buy like it you're in front somewhere else and then come back to exchange you can surely do everything on the same exchange even though it's too isolated no chain of non Castilian both basically smart country based very cool I can certainly understand you know the the onboarding process for people and you know really trying to make it as easy as possible because I think that's one area where a lot of the the Dex's have have really suffered is in terms of actual user experience you know it's they're not fast they're there's people don't feel comfortable that's what I've heard from a lot of people in the audience this that they're not really comfortable to decentralized exchange so how do you overcome that barrier of trying to get people to comfortably use the decks all right so so that's one of the things you have no thesis oh and then like basically users always ones and the in the grand scheme of things when people thing about what they're gonna do they always just gravitate towards the easiest option you when doing might not eat the best for them because they didn't I mean you don't put so much thought or consideration into every single thing you do correct so so so we want to give them the option so one of the things we are doing is also providing a semi semi custodian kind of water meaning that we will allow them to generate their wallets in that the meta mass then people keep dying and only the encrypted version of it and then when they log in they can they can just use the just enter in your password base kind of system which will decrypt it on on the end and then which in your puzzle combination they can actually access all the blonde chains and trade a safety on a central exchange what we really want to do is ensure that even if you give this option they use us to secure it on somehow induced a password or the seed freezers and whatever so so some a lot of design and thinking as it's in point we are researching other other players we have tried something similar like Ortiz I think the worst one to other a team Texas we have similar services yeah so so this this one tada wander one of the things you're actually working on tiny to each other improve user experience and then once you realize that it is this email passwords only force each other I want my wallet to be possible I want to actually move it on mobile one that they actually own then completely and I want delete my secret key off switch oh they can do that so that's test option you want to keep users post you are still sticking shoes basically options are thought it out good now when switch geo initially launched I remember seeing that there was you know there's neo and Doc you Tom coming soon something like this up in that in the top corner what happened – cute emit are we still gonna see a quantum based tokens trading on switch geo or is that plan become even put on the back burner for now alright so that's then the reason why we wanted main reason for me hotel is because we we knew that demand there wasn't that high so even what was kind of you know struggling to have his light night first the other thing so so what for more we learn from Neil for though change they didn't do and have actually a lot of years on it really need to be enough again infrastructure of the monitoring the making sure it works you can honda the minor defenses olympic you can actually see this you take sabe system even though they they turn in here so let me show that um we get all these right and then actually took more than competitor and we're where all the resources are basically online we have you basically have audits we use change security for for it to be modded whereas for for New York you turn and the new book change actually there's no there's no such economy or infrastructure around it where ecosystem around it where where you basically can do this a lot faster so that's yeah so so if you can hold it that's good news right Gemma yes but for another no change yeah I guess I lost you getting there yeah yeah are there any other block chains I guess outside a quantum that you might be specifically considering like are you looking at Oh Sorna more anything like this in terms of which ones you might want to be adopting next or are you in conversations with any of these different block chains about being integrated into Spokeo so here's it's it's an interesting one but I believe that there's a lot of people working on Nexus 4 years already I believe they might even be 180 but you're actually looking at recently was silica because they actually got a lifetime in it soon and we are dressing up all company technology looks bit they're shutting we owe a lot to build is not this kind of like traditional Texas way but you don't actually have user side chain but then you used to because of the shredding technology we can be sure that we had too many transactions within a short bit of time whereas for the other like new I determined to do we extract a few I have to consider a lot of things like network is how fast we can push our transactions and stuff like that and then try to work around any issues that hmm so look at cool I like it I like it now liquidity this has been a massive problem overall for non-custodial exchanges I mean I was looking at some of the numbers today we got you know idec's and like stellar X for example they're doing around 10x the volume that you are they're only around 600,000 700,000 dollars in the last 24 hours switch he was up to 72 thousand dollars which when you compare it to the big guys like by Nance are doing like 880 million today and it's a slow day in the market right so how do you increase liquidity how do you get more people coming in using the service in order to increase liquidity to increase volume actually on your exchange and how do you actually propose to compete with those really big players moving forward alright so a lot of questions there first time I think I think I'm Mikey cap has some issues not volume have been trying to solve that because they don't actually show those mala to can fish which actually give us quite build volume because ticktick about in this distance the other ones also there's a problem where they're using our API and it didn't updates with your lost narrative in person but but anyway we've got to liquidity we very aware of one actually can be done and needs to be done so so some of the things that we are looking at it's both external money makers in terms of just providing some liquidity and then if you do that actually this actually the problem the reason why people don't actually just don't immediately do that it's because of the risk of the exposure of putting too many types of asset any tokens so so so this has external liquidity providers we also looking at providing liquidity on our own first round repairs and we are coming out better policies for this thing including trying to get tokens who want to lease to provide some debility of their own so that these basically depend no point listing it so we feel that it's talking the confident of of how of the marketability of how do perform they should be able provide is some some sort of liquidity we can provide a service for just put in that but it's something that we are starting to open up yet so free money making yeah so this I said we are looking at how not basically like traditional stock exchanges operate where there's between negative or before Madhavi bit negative fees for maker meaning that when makers put off first that they can potentially get a lot of take a fee and then that we hope will encourage and consistent make girls to come on board where this basically is your weeks on this it's all all upside for them and and once this that liquidity on my kids then we you know focus on the other side things that they take a sigh and I think if you actually have a good spread and it could liquidity we combined the curious that's a lot easier stick to do and then in the volume and by the way the Giotto kidney what what's the actual use case of that what's what's the incentive people go out and you'll pile up a bike pilots with your tokens yeah so now currently we are using the BMV model we're on the new button we use eh fees so because we didn't do the crosswalk for for it even right now we are doing the basically the spending of future tokens manually but actually that's pretty very shortened when we can accomplish our goals of doing a question kind of system that token will probably move to the searching as depending on how we how we decided and at the time in the DPOs kind of system of us Hanna system I think that makes the most sense for for us and a moment very cool now recently non-custodial exchanges have come under a lot of scrutiny and this is part of what has really been pushing that conversation versus what what is it he centralized exchange was an August exchange etc etc recently the ether Delta ruling in the USA was handed down the founder of ether Delta who ironically no longer owns ether Delta was fined a lot of money what are your thoughts on this um well I think he for the it did the other founder obviously he basically took the loss Oh Sophie was fine it's been I think pretty straightforward I think the confusion actually arises because people tend to generalize things and tend to tend to group things without actually you know actually analyzing what what specific things about specific laws about or specific technologies about so so I mean it did the other case it's pretty straightforward because the founders a US citizen your citizens basically cannot operate security in my kids and a lot I think I feel the tokens the history it allowed to initiate the knowledge that people could open my kids on this platform and basically didn't do anything about it and that's why and that's how he broke the law it's nothing good to do with in these same types of sex lies it's nothing only do if I hit one a platform not because he believed with the with the knowledge intent and he actually operated it during the time even though he doesn't own it anymore now doesn't mean that you always must be right here and that's where the I think SEC SEC volume for so now and yeah it's too acid actually PD filter it don't matter decentralized a centralized we don't we don't understand yet never tried to use the same files but to go around or to assume look around the law that's why I order to conceal these we make sure it's in line and if you start essentially changes we don't need anything obviously a security anything that even might be a security very hesitant it's almost a lobby past like hospital or not a lot of in our community or now to again charities assessment your decks why not listings online and like that doesn't mean health so yeah so so for example for coming to conceive and oh there's no explicit like law or even those big from from our legal analyst opinion we actually don't virtually not access for hosting a party because of Singapore mark is very small or my users don't actually know that but we do that because our grandiosity are very very strict and we cannot cannot you cannot basically we cannot facilitate them in any way for Singaporeans so basically if and Singapore I cannot serve you anything that my might seem like is facilitating gambling and that's why we you just like on either my lashes not excess fog for these markets even though I fulfilling it it doesn't it doesn't actually come it was actually firstly to facilitate facilitating gambling because there's other ways to use the platform without buying again sorry sorry so now in terms of you know are you available for US citizens to use which you yes currently similar to other central eyes exchanges since most of the tokens are utility to kind of see like the MBE use a feed or whatever we have not blocked the u.s. except if but situation changes this previously we'll see how what one of the things that I it's due on a table it's it's providing decentralize clear ICD kyc for for basically large Street where you can wanted America monitor that how certain is the house of in transactions are being carried out so that so that we can comply better with a now in and ER CML loss and I'm again this we will first focus on our local laws because it's very rare that a foreign jurisdiction actually comes comes and really disturb us because typically have no jurisdiction an estate tried to pull together if our our own local authorities so main concerns always always to local office yeah so so so for the KYC side it's mainly it's mainly you don't want to I think it's very for people especially making small treaties it's it's very annoying to basically exposed or you know did your identity so we also very careful there and that's why we are not like saying hey you're gonna do he likes it we want to see what's the best way both for the users and for the to come ideas like in basically what in law is trying to protect business the community lash yeah yeah for sure it's a very tricky river to navigate in terms of regulation and international regulation obviously they the Americans have been wanting to have more control over certain things but they don't control Singapore you guys are obviously your own thing but then you also have to comply with you know the Singapore monetary rules and all that and Singapore has been I think rather open in terms of you know crypto projects and crypto based businesses so that's that's a real positive and it's obviously there's a reason why most I would say probably most crypto businesses are incorporated in Singapore because they're offering such a friendly place for it now we did recently see though aphelion shut down or at least shut down their decentralized exchange temporarily do you have any thoughts on that situation and they were saying well the ether Delta thing and I guess at the same time one of their first listings was neon exchange which was like a you know security basically so yeah I don't I can't be tendency I know the law reason why they actually did suddenly shut down it's kind of strange to me they have a lot of reasons and I mean they kind of sound like many reasons but at the same time it's do it still bit off to me that doesn't really make sense like so what if just use ruling you can still operate legally trade come up and they actually can operate legally if the you did stay me effort to do it so yeah so so that that's all I know and it's just just to finish up here what can we expect from switch geo in 2019 right so I think we can expect I can expect much much better basically liquidity on all my kids did something I really working hard to and I think we are aiming to be the first question kind of question centralized exchange basically or non customary change that really operates on on on the principles of the function so so there's some so-called question action just like waves and whatever but all them basically use proxy tokens where there's some sort centralization some somewhere along the road we want to be the first step they don't actually be stopped today so I think a nineteen that'd be quite exciting for us mmm-hmm very very cool well Yvonne we're certainly gonna be watching with anticipation to see if you guys about with next and I know that I will continue using a switch Geo when I have a I do trade to make and I'll have to play with the etherium platform you chance yep but off to go over there and dabble my toes in the water and see what that experience is like as well Yvonne thank you so much for taking the time to sit down and tell the community a little bit about what's been going on for switch Gio and sharing some of your thoughts on you know the wider non-custodial exchange climate yeah yeah thanks for having me on the show

26 thoughts on “The Inside Story on Decentralized Exchanges – Switcheo Cryptocurrency DEX”


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  2. Too little time pointing out what role the Token plays. What is the payback? It's like they view it as a side thought… Hmmm maybe we can use it for fees, maybe give the peasants some kind of crumbs so long as we get cash… So typical of crappy blockchain scams. These guys are looking after themselves making money as first (and only) priority – but no effort is made ensuring any payback to people who purchased the Token and funded them. (rolls eyes) That is so 2017/2018… Today no one cares about Switcheo. There are hundreds of DEX's coming so don't bother using these stupid greedy ones.

  3. switcheo easy 1$ this year ,amazing exchange, coin burn with fees , more tokens next months and more partnerships , buy and hold

  4. A lot of these questions have already been asked in my two Podcasts with Switcheo's CCO which got sent to everyone that subscribed to their newsletter and I'm sure you received it too Lark as you're probably subscribed 🙂 but good interview Lark

  5. Switcheo is one of my favorite projects . Im so proud of the team. Thanks Lark great video as usual. ❤❤❤❤❤❤

  6. Easily become top 10 exchanges within the next 5 years. Give it a try when you do need to scoop up some ERC20 tokens or NEP5, you would not be disappointed!

  7. I love the new Callisto update, however it's not as intuitive to use as it was when there were only NEP 5 tokens. It takes a little time to get used to, but I still love it.

  8. I don't have an exchange account that people typically use to trade with, except that Coinbase exchange which I never use. I prefer to just take some of my surplus income and drop it into bitcoin and go on with my life. On the very rare occasion when I want an alt coin, I just used one of the "no account" exchanges but since they're going kyc I might as well use one of those conventional trading exchanges and pay a lower fee. I just checked out your link to switcheo and it looks amazing. Problem is they don't take bitcoin. If they did I would have picked up some BAT for my brave browser. As far as for long term holdings though, there is no other coin that I'd like to hold more than Bitcoin, so that's what I buy every payday.

  9. We can make a decentralized exchange and declare it that it is owned by all of us, so that the government has no way to shut it down , since they can't fit billions of people into prison

  10. Hello dears! We are making a new game on the blockchain, read our Fight paper . You like it! We – Hit the Crypto! Very soon we will start the bounty company! Do not miss the distribution of ether and our tokens!!!

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