Interview with Switcheo CCO Jack Yeu
To start things off, can you give us a brief description about Switcheo?
Switcheo is the first decentralized exchange on the NEO blockchain, and is currently live on both Ethereum and NEO blockchains.
Our goal is to build an interoperable DEX on multiple blockchains with the ability to trade tokens on and between every blockchain.
How is the Ethereum Dex going so far?
Our Ethereum DEX has been going great. We decided to build on Ethereum despite Ethereum markets being saturated as it provides a gateway for users to eventually swap their tokens on other blockchains to Ethereum, and also provides us a base for our fiat gateway.
Why did you guys choose to start with Nep-5 support before Erc-20?
We initially chose NEP-5 as we were invested in many ICOs built on NEO, and saw the opportunity as it took other centralized exchanges quite some time to list NEP-5 tokens.
How many transactions can Switcheo exchange process per second?
For order matching and trades, our transactions are comparable to centralized exchanges as we utilise off-chain order matching. As for deposits and withdrawals, our transactions are chain-specific.
How are you guys ensuring that the exchange will resist the attempt of hackers?
We take security very seriously at Switcheo. On top of the rigorous audits through both internal and third party auditors, we never hold our user’s funds and their private keys are never saved on our servers. Funds are instead locked in our exchange smart contract and are always within the control of our users.
Do you guys have any plans for any partnerships or upgrades in the near future?
To address the first step on being an interoperable DEX, we plan to launch atomic swaps between NEO and Ethereum by this quarter along with our fiat gateway and email logins. This next step will allow for an easier onboarding process for users who are not familiar with crypto. We recently published a post here (https://medium.com/switcheo/towards-2020-4251f207f059), addressing our goals for the near future.
What makes Switcheo stand out compared to other exchanges?
Compared to centralized exchanges, we do not take custody of user’s funds and funds are always within the user’s control when trading on Switcheo.
Compared to other decentralized exchanges, Switcheo focuses on being an interoperable DEX with superior user experience such that users are able to fully utilise the security and other sophisticated features our smart contract provides through an easy to use interface.
Are there any other important factors that you would like to throw out there?
Our focus this year is to address the onboarding of users who are new to the crypto space and to eventually compete head–on with centralized exchanges through the launch of our own DEX-chain, which would allow for us to list other blockchains quicker and yet still allow users to have full custody of their funds when trading.