Swarm City (SWT)

Swarm City

Type	Decentralised Sharing Economy
Ticker symbol	SWT
Total supply	Total supply: 9,525,397 ARC after token sale “An amount of 100,000,000 tokens can be created to start this new economy.”

Basics

• Date of trading launch: 1-12-2016
• Based in:
• FKA Arcade City token (ARC)
• Decentralised sharing economy, ridesharing and swarmbnb
• Built over Ethereum
• Asset

History

• Started out as a ridesharing facebook group in Austin, found a dev team in Antwerpen, that worked on community governance “Swarm building”. They went on to create Arcade City, but then after the original founder got problems over his dubious history, got rebranded to Swarm City, and ties got cut with the old ‘mayor’ of Arcade City.
• After disputes Swarm City was created, enabled by SWT tokens

Token

ICO

• From their FAQ (1-5-2020):

"There will not be a Swarm City tokensale, ICO, ITO, or any other token offering.

Between November 1 and November 30, 2016, there was a crowdfunded ITO to raise DApp development funds.

On January 1, 2017, there was a brand fork, the dev team and the Swarm separated from the CEO of Arcade City Inc, and rebranded into what is currently known as Swarm City. 

Most notably there will be no more SWT tokens minted. A total of 9,525,397 ARC tokens were minted, so at most only 9,525,397 SWT can ever be minted. This number includes the 16% tokens minted in addition to the ARC Token Sale and these are exchangeable as well. The amount of SWT created through the ARC token conversion will be the maximum ever created. ARC is exchanged for SWT at ratio of 1:1. The conversion is optional and has no expiration date.

The ether raised during the tokensale was used to fund the project until July 19, 2017, when hackers exploited an error in the Parity wallet holding the remainder of the budget."

Utility

• An utility token:

“To facilitate peer-to-peer transactions in the Arcade City network, Arcade City is issuing an Arcade token (ARC) on the Ethereum blockchain. The ARC token is intended to be the primary means of paying for services in the Arcade City ecosystem.”

• Hasn't changed since the branding change (1-5-2020):

In Swarm City the Swarm City Token (SWT) is what we use to bind our ecosystem together. By using our own token, the value created in Swarm City gets reflected in the value of SWT."

Tech

• From their FAQ (1-5-2020):

"You can view the original Arcade City whitepaper used during the November 2017 tokensale, here. On January 1, 2017, there was a brand fork and a new mini whitepaper was created by the Swarm City developers to outline the intended path forward."

• Code can be viewed here (1-5-2020).
• Consensus Algorithm:
• Capacity (TPS):

Governance

DAO

• From their blog (1-1-2020):

"In 2019 we finally created an entity in Switzerland. The Swarm City Association. An association is an organization that is run by its members. Every decision made is based on a vote by the members. We see this as a perfect step into creating a DAO while already protecting the brand and the people running the Organisation.

In 2020 it is time to get members into the association and use the organization to make Swarm City a working product. As I am the only Board member left, I will set the first rules for membership, and once we have a few members, we can vote on these rules and any other topic altogether."

Roadmap

• Can be found here (14-1-2017). Is still the same roadmap link on the website as of 1-5-2020.
• According to their blog (1-1-2020): "Today we accomplished 90% of the platform, but as much as we try, we cannot build a fully decentralized solution with today’s state of the blockchain and its tools."
• However they have been writing about their new roadmap throughout 2018:

"Swarm City development is split into five major releases: Terminal, Boardwalk, Boardwalk v2, Storefront, and Hives. So far we have released Terminal and Boardwalk v1, but we soon realized that the way the app was developed would not work efficiently on Ethereum without major upgrades. This lead us to completely refactor and redesign the app from scratch, into what will become Boardwalk v2."

• Due to funding problems they created (1-1-2020) an Association in with the following plan;

1. "Membership is open to any person.
2. Applications can be made by using this Form: Swarm City Association Membership Application
3. The membership fee is at least 500 USD to be paid in crypto per year (12 months from the time you join). You can choose to contribute more.
4. The money collected will be used for fixed costs (Servers and URL) and mainly for finishing to build swarm city.
5. Members will vote on the prioritization of what should be built and on the funding for building the topic.

Governance is one of the toughest topics to define. Starting, I would like to try the following voting/signalling mechanism.

For every USD contributed in crypto as membership, the member receives an equivalent amount of voting tokens."

• Is waiting until Eth 2.0 (4-9-2019):

"Until Ethereum can scale, Swarm City can't offer you a reliable platform. Unfortunately Swarm City is in a holding pattern until the base layer technology is more functional."

Audits

• Bug bounty program can be found [insert here].

Team, investors, Partnerships, etc.

Team

• Lapp, Bernd; Business team leader and board member. Said (1-1-2020) he is the 'only board member left'.
• King Flurkel; one of the last members who continued working on Swarm City after funds were empty.

Other people who were mentioned to be connected to Swarm back in 2017:

• Buterin, Dmitry; board of advisors (still on the website as of 1-5-2020)
• Ponnet, Stefaan; Leader Dev Team
• Puey, Paul; board of advisors (still on the website as of 1-5-2020)
• Rikken, Olivier; board of advisors (still on the website as of 1-5-2020)
• Verdun, Antoine; legal advisor (still on the website as of 1-5-2020)
• Williams, Jennifer; leader Swarm Team
• Winston, Christopher; leader Swarm Team

Investors

• From their blog (1-1-2020):

"In 2017 we lost our funding due to a hack of our state of the art Multisig Wallet. We continued working on the platform with a small amount of funding we had left and also using the Swarm City Tokens we had allocated to ourselves during the sale as well as some personal funds. In 2019 our funds finally ran out, and only Kingflurkel continued to build. But as mentioned, the tools we have at hand are either not working to the extent we need it or are not decentralized.

Also, in 2019 we finally created an entity in Switzerland. The Swarm City Association. An association is an organization that is run by its members."

=== Partners ===