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Introducing TokenSwap for ERC20 Hardware Wallet Trading

Dear CoolWallet Clan,

The CoolBitX team is proud to present an exciting new feature that we’ve been working on for months.

tokenswap


What is TokenSwap?

TokenSwap is CoolWallet’s groundbreaking new feature for the Ethereum community. It uses the 0x backend protocol and allows ERC20 token holders to trade their assets with other CoolWallet S users directly, safely and conveniently.

TokenSwap helps our CoolWallet S users deal with real people and removes the need to use risky intermediaries like vulnerable exchanges and hot wallets. This ERC20 trading via our hardware wallet allows you to set your own terms. Pick the tokens you want to offer or acquire, at the quantity, fee, rate, and duration of your choice.

Create your deal, then share it as a QR code on social media or in person with others.  Any potential deal “takers” can just scan the QR code in order to view your deal specifications and then accept it if it meets their expectations. Both the deal’s maker and taker can enjoy the peace of mind that hardware wallet security provides.

Best ERC20 Hardware Wallet Trading

– Trade any ERC20 token directly with other users

– Enjoy ERC20 hardware wallet protection

– Create custom deals on your terms

– Set your own transaction fee

– Share your deal in QR format with friends

What is an ERC20 token?

An ERC20 token is a protocol standard used for building smart contracts on the Ethereum network in order to implement tokens.

ERC20 Token List

In June 2019, there are over 190,000 ERC20 tokens listed on the Ethereum blockchain. You can search for them here. Did you know that current Top 20 cryptocurrencies  EOS, TRX, BNB, ICX and ADA all started as ERC20 tokens before moving on to bigger things?

These and many other big projects first latched on to the Ethereum network, issuing ERC20-compatible tokens while they funded their development, created a community and prepared their migration to a mainnet of their own.

Why did CoolWallet develop TokenSwap?

Problem 1- Safety

Some of 2019’s most hyped new projects are still in their infancy and in ERC20 format that can only be traded via non-secure exchanges and potentially vulnerable software wallets. There is a big risk attached to keeping your assets on these platforms.

Look no further than the recent GateHub breach, Komodo “self-hack”, Electrum DoS phishing attack, Cryptopia hack… the list gets longer every week. Why risk it?

Problem 2- High transaction fees

Also, centralized exchanges and desktop wallets make their money from fee commission. They tend to charge more expensive transaction fees, which quickly adds up for more frequent traders, resulting in fewer assets for you.

The Solution- TokenSwap

As a hardware wallet with a CC EAL 5+ secure element and military-grade encrypted Bluetooth, CoolWallet S allows you to store any ERC20 token securely offline.

How does TokenSwap work?

TokenSwap allows you to make and take deals with other users, by determining the tokens, Gas, duration, and the quantities of your choice, without compromising on security.

It’s custom-built for users who wish to exchange some of their existing ERC20 tokens for other ones.

Example:

You have 1000 of Token A and want to swap it with another user for 500 of Token B. It needs to happen in the next 24 hours, and you only want to pay X amount of transaction fees.

You can set up your exact requirements to create a deal offer, then get a link or QR code which you can share with your social circle, valid for as long as you want.

This is the purest form of decentralized assets being traded, without the help of risky intermediaries needed.

How to Make and Take Deals with TokenSwap

Make a Deal

Here’s a short tutorial on how to accept a deal on TokenSwap.

Take a Deal

Here’s a short tutorial on how to accept a deal on TokenSwap

TokenSwap Fees

TokenSwap allows you to set your own transaction fee (Gas) limit.

The Maker will not be charged any other fee during the deal making process. The only time a dealmaker will be charged is when the token the maker is trading has never been activated before. In this case, an allowance fee is required.

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