Review on EmiSwap by Inioluwa Okedeji
Emiswap: An About-To-Be-Launched Decentralized Cryptocurrency Project With Mouthwatering Features.
Decentralization has become the new normal for all cryptocurrency projects nowadays, even projects outside of cryptocurrency are now adopting decentralization, especially in the area of finance. I got to know and understand the process of decentralization and what it's all about through cryptocurrencies because prior to that, I had absolutely no idea of what it means.
Decentralization is more or less like democracy, where power lies with the people. Same thing happens in decentralization, the power of a project lies with the participants and not consecrated to a specific set of body, making power centralized but rather, it is dispersed among the people, giving each person the right to make decisions as regards the direction and path a project should tread.
The illustration above brings me to Emiswap, a cryptocurrency project that operates in a decentralized manner. It also falls under those projects one would classify as open-source, which simply means that the project is open for all and sundry to participate in. The terms decentralization and open-source go hand in hand, especially when you observe and look into their meanings.
The Emiswap project as I've said earlier, is a decentralized project which means it possesses decentralized features. The project has 2 main sections, which are
1. The Decentralized Emiswap Exchange and
2. The Internal Tokens of the Emiswap project. These tokens are only provided for the project and cannot used outside its shores.
The Emiswap decentralized exchange is almost the same as your normal exchange where you buy and sell digital currencies, the slight difference is that you swap tokens with each other but looking at the process, there's really no difference at all.
As for the internal tokens of the Emiswap project, there are 2 and each have different purpose and usage.
The first token is the ESW token. This token is a governance token and its main purpose is to give holders the right to participate in the Emiswap voting and decision making process with an additional benefit of receiving a share of the profits gained by the Emiswap project in respect to the amount of tokens held.
The second token is the ESD token. This token gives holders the right to earn and receive assets from the basket of the Emiswap yield pool which is also shared in respect to the amount of tokens each holders hodl.
As part of the reward system of the project because every projects has its own reward system, Emiswap rewards early swappers and users who provide high liquidity for the project with additional earnings which inturn will increase their portfolios. So to be eligible for this reward, you have to be early enough to engage the emiswap exchange or provide a high enough liquidity for the project. Also, it was in the course of this review that i discovered that the ESW token sale is currently in progress.
My research into the Emiswap project yielded more discoveries, such as the partnership with NFT. I find this particularly interesting because this partnership results in additional benefits for users. NFT cards, will be provided for users who purchased ESW tokens and those who have successfully completed designated tasks on the Emiswap project. These cards are known as the Magic EmiCards and they're 6 in number. Each card will be given to users in accordance to the number of bonus points earned which upon receiving will allow them to farm(similar to the staking process) and collect more ESW tokens. The 6 cards are; Ordinary Card, Legendary Card, Mythic Card, Uncommon Card, Rare Card and Epic Card.
In conclusion, all projects have different services, features and reward system. With the little I've stated above, I really cannot wait for the project to be launched so that all these features can be experienced in full.
Pros
- The Emiswap project aims to ensure that no smart contract or any other similar projects cannot be annulled without the approval of the community members. This further proves it really abides by the decentralization of power.
- Hodling the Emiswap project native currencies guarantees you a share of the projects profit.
- Rewards are also given out to early swappers and liquidity providers.
- ESW token is an ERC20 ethereum based token therefore assuring compatibility with ERC20 based tokens.
Cons
- The Emiswap project is still undergoing developments and is yet to be launched
