What Is Swarm City?
Swarm City is a decentralized peer-to-peer platform and its eponymous token based on Ethereum. Initially, the platform and its token were called Arcade city but went under a rebranding. This project offers a transparent exchange of goods and products between individuals on the Internet without disclosing their personal information. Users can earn an on-platform reputation for successful deals and create their own marketplaces and communities of like-minded people. Swarm City provides an alternative to the existing third-party intermediaries, thus eliminating conflict and offering a platform for voluntary exchange. For example, some notorious Swarm City projects include Trelleth - an analog for Trello and a ride-sharing service similar to Uber. The marketplaces on the platform are called hashtags and you can browse goods or services based on them. The platform makes sure its users receive quality service and pleasant experience, similar to how traditional marketplaces operate. The groups of people providing a similar service on Swarm City are called hives and represent a place where everyone can benefit from their unique skills while also sharing the earned resources equally to use for a common goal. Swarm City also uses smart contracts to ensure there’s no fraud in the process of exchange on the platform.
Pros and Cons of Swarm City
Advantages of Swarm City
The project has a profound philosophy of building a new social structure based on P2P relationships between people and rejecting branched intermediary structures. The idea behind it is fully executed on the platform. Swarm City also has its own wallet for converting tokens and the Arcade tokens are exchanged for Swarm City tokens with a 1:1 ratio. The project closely follows the steps of its roadmap and there’s complete transparency on who is working on the project.
Disadvantages of Swarm City
While the idea of a safe and transparent market is great, it’s still not so clear why an ordinary user should use the token when there are better alternatives, established on the market which are objectively more successful and have been existing for a longer period of time. Swarm City was also a victim of a notorious cryptocurrency hack. Currently, Swarm City is not even close to the top-1000 cryptocurrencies and is only traded on a few exchanges. The success of the token still depends heavily on the project, its development, and the team’s investment in it.