BASE.INFO team has interviewed Jack Yeu the Co-Founder at Switcheo project. We have asked the most topical questions to get acquainted with the project and to learn the future plans of the Switcheo team.
Please welcome, Jack Yeu.
Do you remember the day, when you and your team decided to launch this project? Can you tell us about it?
My co-founders and I were very active in participating in ICOs in 2017, and were huge fans of NEO (which was known as AntShares back then).
Being touted as the "Ethereum of China", we were really excited when the first ICO on NEO, Red Pulse, launched in October last year. We participated in the Red Pulse ICO, along with many other ICOs that ran on NEO, and realised that it took centralised exchanges that we trusted really long to list tokens on NEO.
While participating in ICOs based on Ethereum, we could easily sell ERC20 tokens on EtherDelta (idex had just launched back then and was not very popular) but there was no decentralised exchange (DEX) on NEO that could let us easily sell our tokens. By holding these tokens without an exchange listing, we were haunted by the uncertainty of the liquidity of these tokens, and saw an opportunity to build a DEX on NEO, that would eventually span across more popular blockchains.
Could you briefly describe your project?
Switcheo is a multi-chain decentralised exchange that is built on both NEO and Ethereum. Switcheo's goal is to build a multi-chain ecosystem of many popular blockchains and to build its own blockchain such that different blockchains may interoperate between Switcheo's blockchain to facilitate trading in a way that does not require an intermediary.
Why it differs among the other cryptocurrency ideas? What main feature can be the significant one?
We launched our product, the first NEO DEX 2 weeks after our ICO ended and have been constantly reiterating our exchange with improvements to user interfaces and experiences to ensure our users have the best trading experience on a decentralised exchange.Besides being the first NEO DEX, we're also building the first multi-chain DEX.
What are 3 main difficulties in running the cryptocurrency project?
Much of the documentation in the NEO code that was available to us was poorly documented and we ran into many issues initially while developing on NEO. Thankfully, we had an open communication with the NEO team and were able to resolve many of these issues in a collaboratively.
What about the legal restrictions? What are your thoughts on the subject?
Fortunately, we're based in Singapore; and MAS's stance on digital assets have been rather supportive, with our government having its own explorations into the blockchain space through its own initiatives such as Project Ubin, and collaborative projects with multiple blockchain partners.
Describe your team in a few sentences? What do you value in your colleagues?
We have amongst the strongest team of developers in the South East Asia region that is capable of shipping a usable, secure and complete product.
Could you tell us about one error in project’s development that provided a great lesson to your team?
We had to postpone our Ethereum DEX launch to make sure the exchange was more polished and to ensure the security of user funds. Although this was a set back for us since our community was very much excited for our Ethereum DEX launch, our priority has always been the security of funds for our users and we will not compromise speed over security.
What are your thoughts about the future of the blockchain in the world? What industries will be influenced most of all?
Blockchain will be an integral part of finance and trades in the future and it will be the underlying technologies used to facilitate transfers of value from one individual or organisation to another, irregardless of distance. Industries that will be most influenced will be finance, accounting and remittance, where businesses are based on the transfer of value.
Can you give a piece of advice to our readers?
Despite the constant chiming from multiple projects in this space that decentralisation is the future and their tokens being the currency of the future, many of these tokens are still traded through centralised exchanges. In the first sentence of the original Bitcoin whitepaper, Satoshi mentions:
"A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution." It is with irony that even after 10 years, despite the many supporters in the spirit of "decentralisation", still hold their funds and trade on centralised exchanges. This is because many of these decentralised exchanges are still very much hard to use and only exist on a single blockchain.
Switcheo aims to solve this by being on multiple blockchains and by ensuring decentralised exchanges are much easier to use than its predecessors such that users will no longer have to rely on centralised exchanges for trade and will hold their funds in their own wallets - after all, you only own your funds if you own the private keys to the wallet.