Decentralised Exchange Switcheo First Application to Bridge NEO and Ethereum

Switcheo was the first application launched on NEO.

Switcheo, a decentralised exchange that was first application on the NEO blockchain, is now also available on Ethereum, according to a company press release.

Landing on Callisto

The exchange is developing its own blockchain to allow the integration of different networks. CEO Ivan Poon said: “We are currently in the development phase of enabling blockchains’ interoperability to activate cross-chain trading. Because each blockchain runs on its own unique protocol and, there is no current technology that facilitate their interaction with one another.”

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Switcheo went live in April 2018 after raising $8.5 million in its ICO. Its website claims over 25,000 users, and its token has a current market value of $3.2 million, according to coinmarketcap.com. Its website currently claims trading volumes of $22,331 in the last 24 hours, while coinmarketcap.com has it at just over $68,000. Switcheo says that it hit a high of $3 million in March.

The launch has been called ‘Callisto’ (probably after the moon of Jupiter, not the mythological Greek figure who was tricked into sex and then turned into a bear), and the company says that its newfound ability to operate on more than one blockchain will allow it to compete with larger financial entities.

Said Poon: “The rollout of Callisto is a significant milestone for us. Our users can now trade on two different blockchains while retaining ownership of their funds. They will no longer need to create trading accounts on different exchanges, thus lessening their risks of getting hacked.”

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Switcheo will initially list 22 trading pairs, including Ethereum tokens.

The Chinese Ethereum

NEO, which is sometimes called the Chinese Ethereum, was launched in December 2016. It currently houses 76 decentralised applications, and its token has a market capitalisation of $591 million.

Its stated aim is to build a smart economy, that is, an entire economy based on smart contracts. This is to be achieved by using the blockchain to represent physical assets and personal identities.

The consensus system that NEO uses is called ‘Delegated Byzantine Fault Tolerance’, which means that certain nodes are elected by other users to validate transactions, and these nodes must reach a 66 percent consensus in order to make changes to the system. It also differs from Ethereum in that it intends to work with, rather than independently of, the government.

In November, decentralised exchange Bancor launched BancorX, a protocol that allows easy conversion between tokens on Ethereum and EOS.

Conversely, in May, a decentralised application which was built using Ethereum – Tron – declared its independence and moved to its blockchain.

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