A coin swap is the mechanism employed to move cryptocurrencies from one blockchain to another at a predetermined rate. As the coins on the initial blockchain may be incompatible with the new one, it becomes necessary to initiate a swap to carry users from the old blockchain to the new one.
Swap App is a web interface, 100% isolated, that performs coin swaps automatic and seamlessly, becoming a solution that saves valuable amount of time as opposed to manual swaps.
The application is able to swap many coins at the same time. Every transaction occurs on-chain with log files and database records for monitoring.
Furthermore, the original (swapped) coins are automatically burned during the swap process itself. This is possible due to all the original coins being sent to addresses that are generated randomly. No one, not even us, have access to the private keys of those addresses. This way, no one can ever access nor hold custody of those original coins, guaranteeing the Proof of Burn (PoB).
Swap App is also the tool Merge used to swap 100 altcoins to MERGE during our early days. The complexity of such a historical event was greatly leveraged thanks to this application, which was able to automatically perform a total of 10,004 swaps and around 15 billion PoB's for the 100 altcoins that were synchronised with the application in three different groups.
We are offering Swap App as a service for other teams to securely facilitate their coin's swap to a fresh chain, migration to another currency and community takeovers. The next sections explain how our application worked for us and how the service can be requested.
Note: the Merge coin is used for the demonstration of Swap App.
Having the Merge wallet installed, allow the wallet to fully sync before sending any coins and backing it up.
In Merge's wallet, go to File --> Receiving addresses… and create a new MERGE address.
Login by copying and pasting your MERGE address in the space provided:
You are directed into the site logged in with your MERGE address. In there, you can choose the coin that you want to swap:
Once you choose one, a new page will open showing the swap ratio and a calculator of how many MERGE you would receive given an amount of that particular coin. Most importantly, two new addresses for the coin will be generated. These addresses are created randomly and no one, not even us, have access to them. See example:
We recommend doing one test before sending large amount of coins.
Copy the first address, then go to your coin’s wallet. In there:
- Open the "Send" tab.
- Paste the copied address in the "Pay To" box.
- Optionally, add a "Label". For example: swap1-merge.
- Add part of the "Amount" you want to swap to MERGE.
DO NOT SEND YET
Now copy the second address and go back into the said coin’s wallet. Still in the send area:
- Located near the bottom, click on "Add Recipient". A new "Pay To" box will appear below the first one.
- Paste in the second address you copied in the "Pay To" box.
- Optionally, add a “Label”. For example: swap2-merge.
- Add the remaining of the "Amount" you want to swap to MERGE.
For this to work you MUST send both transactions at the SAME time.
Thus, hit “Send” now:
Swap App will find the two transactions that have just been created once they get 50 or more confirmations, then sum both amounts and send back the equivalent of that sum in MERGE to your MERGE address, following the assigned ratio for the coin being swapped. By doing it this way, Swap App ensures that the coins you are sending are being burnt (destroyed) right away.
Now wait, in a short time the Merge coins will appear in your Merge wallet. You can either monitor that you have received your MERGE from either your Merge wallet or Swap App at https://swap.projectmerge.org/#/transactions.
Swap App is a powerful application that leverages one of the trickiest processes for a cryptocurrency, a coin swap. Our professional development team helps other projects and teams set-up and manage Swap App for their cryptocurrencies. We provide competitive pricing and quick response to any support issues.