Question

Explain to me what Switcheo ICO is about? I’m having a hard time to understand what their product or service is?

All about networks stuff I just don’t get it

Please help me understand it

Answer 1

It's a Decentralised Exchange (DEX), supporting Neon (Neo) platform, allowing exchange of NEP 5 tokens.

Now, let's break this down in 3 segments, 1)DEX 2)NEON 3)NEP 5

1) DEX

It's a system which allows you to exchange your cryptocurrency without involving any 3rd party for exchange purpose. Consider them as reliable, user controled funds, anonymous usable, and which are highly secure (unhackable).

2) NEON

It's a blockchain project, which aims to digitize the asset using digital contracts(tokens), in a nutshell creating a smart economy.

3) NEP 5 Tokens

They are protocol which indirectly represents the cryptocurrency for maitamainta security and allowing interaction between parent blockchain and other cryptocurrencies on that blockchain.

ICO is Initial Coin Offering, which is a way to raise the capital for the new cryptocurrencies. In ICO, some part of cryptocurrency is sold to the early backers of the project, in exchange of legal tender or cryptocurrency. It's similar to IPO in stock exchange.

Switcheo Network is a platform allowing, exchange of digital assets based on Neon. It doesn't have any product, it just provide service for exchange.