(YorkPedia Editorial):- Singapore, Singapore Dec 13, 2021 (Issuewire.com) – Introduction
Ever wonder how to join the decentralized finance revolution but don’t know where to start? Don’t worry, as today we will be diving into a review of ICPSwap, a decentralized exchange platform that offers a range of products and services for investors, developers, and holders, and we will walk you through the process of registration and what the platform looks like. The product is currently in Beta2.0 and is built using the DFINITY Internet Computer protocol, which is comparably fast, secure, and cheaper than the competition. Much like its predecessors on other chains, the ICPSwap is a decentralized exchange that allows users to list tokens, create liquidity, create a wallet, and many other features.
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When first heading over to the ICPS project, there is an option to connect a wallet by either importing it or creating a new one. Creating a new one is easy and intuitive, as all you need is a username and password and then you will be prompted to back up the mnemonic phrase (write down and store safely), then head over to the main page where you will have access to a dashboard and range of functions. Included in the range of functions are the options to create an ecosystem:
Here you can:
- Mint token
- List your token
- Create Liquidity Pool
- Add Liquidity
- Swap Tokens
- Create a Community
- Buy Ads to promote your token
The whole process is easy to understand and very intuitive from a first-time user’s perspective. On the Token List page, you can see a range of tokens that are listed on the platform that is available for purchase. In the lower right area of the dashboard, you can see your holdings and prices, which are gathered from the internet computer price oracle, and displayed for easy viewing.
There is little-to-no programming required for executing the smart contracts that are built into the dashboard page, with everything on the DFINITY ecosystem ready to go as if it were a plug-and-play system. Navigating the various options are as easy as click-and-go and entering some of the key details, depending on what you are trying to accomplish.
Each of the items on the dashboard can easily be navigated to any of the menu areas by clicking on them, making navigation useful and enjoyable. You can bounce from whatever areas interest you to the other areas for easy asset management and token development. The platform is multi-purpose and is geared towards both traders and developers alike. Traders will enjoy the Swap area where the interface is similar to some of the other atomic swap DEXs that allow for swapping between one token and another via a click and choose interface. Simply enter the token you are looking for on the Swap page, or go to the Token List page and view a whole list of tokens. The platform is also in testing mode, and there are plenty of options for users to leave feedback and provide any missing details about the UI, or user experience, or any other items that may have been overlooked. The Dashboard is completely enabled across any of the menu items, making the platform more intuitive than some of the competitors like PancakeSwap or Uniswap where there is no Dashboard to speak of.
Building the DFINITY Ecosystem
Part of the excitement of the ICPS platform comes from the opportunities it creates to enhance the Internet Computer ecosystem through token and project development, as well as facilitating fundraising and investment. Currently, there are 100s of projects being developed on the ecosystem, and having a swap option creates an outlet to grow the ecosystem and enables fundraising through tokenization models to be accomplished. This is a big step for the ecosystem because it validates many of the projects that otherwise would not have a marketplace for listing or selling their tokens. The ease of use through the pre-formatted and pre-packaged smart contracts that are built into the Dashboard are appealing enough to new users so much that they may entice people who would otherwise not develop a project, to possibly create a project and token on the DFINITY ecosystem. Many developers do not have the technical know-how to mint tokens and create smart contracts, so this has been a huge deterrent for producing tokens and projects in the past, however, given the ICPSwap interface, this all changes for the better for DFINITY because it acts as a gateway for new developers and otherwise non-technical developers to enter on a journey of development that has been facilitated through the platform interface.
Scaling the Model
Currently, in beta testing, the platform is functional and checks out across a range of areas, and does a good job at presenting the options. Often, many beta testing sites will only include a few options or have limited accessibility, but from the testing done (creating a wallet and navigating), it seems like ICPSwap is ready to scale. Even looking at the token list, and how well-populated it was, proves that the system is capable of handling 1000s of tokens and coins. This is all likely due to the DFINITY ecosystem, which is capable of handling large-scale transactions within its ecosystem.
The ICS Token and DAO Governance
ICPSwap also has the native ICS token, which is the backbone of the DEX and swap platform. It is also a token that offers a form of representational governance as part of a DAO model to steer operations of the project. While still in the Beta phase, the tokens will likely be a hot commodity as the ecosystem scales and grow with more and more projects coming down the pipeline in the future. There is also a range of community development initiatives built into the platform as well as an advertising option to have your token displayed as an ad so other users can gain awareness of your project. This all contributes to larger economic activity within the platform and creates more opportunities for members and holders of ICS to create more diversified options for expansion and development into the future.
The decentralized movement in cryptocurrency that has been facilitated by blockchain technology is well underway because of developments like ICPSwap, which directly enable developers and traders to engage in a decentralized finance model. This affords great opportunities to expand the DFINITY ecosystem in ways that cannot yet be measured and are a game-changer for Internet Computer, which will likely defer projects to ICPSwap as a launchpad, DEX, token creation platform, swap hub, and staking and liquidity platform. It places DFINITY and the ICS token on heights comparable to ETH and BNB because of the DEX modeling that has come from the opportunities afforded by token creation options and community project development. Make sure to head on over to the beta site and begin playing around on the dashboard as ideas for tokenomics and project development can be easily facilitated through this ecosystem, as well as project investing, swapping, voting, and more.
This article was originally published by IssueWire. Read the original article here.