SwarmCity is a blockchain-based shared Dapp (decentralized applications). SwarmCity enables people to communicate and trade in a completely decentralized point-to-point way—without intermediaries. In the SwarmCity ecosystem, transactions are to be conducted using SWT.

1. Project background

Swarm City Token (SWT) is the only exchange unit on the Swarm City platform. SWT is an ERC-20 token, essentially a smart contract that interacts with the Ethereum blockchain.

All ARC tokens were issued in the November 2016 ITO and most of the ARC has been converted to SWT. No additional tokens will be issued.

A total of 9,525,397 ARC tokens were issued, so up to 9,525,397 SWTs were issued. In addition to ARC token sales, this number also includes 16% of the tokens issued, and these tokens can also be exchanged.

2. Project application

Swarm City Terminal is the entrance to the Swarm City ecosystem. 

In Boardwalk version 1, users can do the following:

•Create profile and digital wallet
•Convert ARC token to SWT
•Send and receive SWT
•View SWT and ETH token balances
•View the equivalent USD value of its SWT balance
•Quotation
•Private communication
•Complete the transaction and exchange SWT on Boardwalk with other users
•Receive SWR, Swarm City reputation token to complete the transaction

Swarm City users will soon be able to create their own hashtags by clicking a button, which is a smart contract for creating a single market with specified parameters.

Swarm City also has a built-in reputation system that helps users identify the people they may trust and interact with in the market. Over time, each user has built a reputation when trading with others on the platform. Swarm City Reputation (SWR) tokens are created only if the user successfully completes the transaction on Boardwalk. The concept of reputation will develop into a very important feature.

Related links:
https://progress.swarm.city/