If you are a loyal reader of Swarm City Times, you probably know why we changed our brand. The last step in completing our brand fork is upgrading our token contract. To that end, we have created a solution to seamlessly exchange Arcade City Tokens (ARC) for Swarm City Tokens (SWT). The purpose of this article is to introduce some exciting SWT features as well as explain how the exchange from ARC to SWT will work.

If you would like a more in depth discussion, please read our mini white paper which details the Terminal App functionalities in a more technical way. You may also read our legal term sheet , and Frequently Asked Questions can be found here

Swarm City Token

We have deployed a new token contract, which has created the Swarm City Token (SWT). SWT will drive the tools we are building for our peer to peer economy. And since we had to upgrade the token contract anyway, we took the opportunity to make it MiniMe enabled. By doing this, we added tons of functionality for the token. For example, by spinning off a new token based on SWT balances at specific points in time, users can do things like:

Create a one-time voting token

Create a redeemable coupon (for example a discount on a special service).

Create a custom token for a hive.

Create a token for recurring payments.

Create any extra functionality needed by SWT token holders while leaving the original token unaffected.

This contract contains all features of a standard ERC 20 token. With Giveth’s MiniMe code, we’ve added the ability to upgrade the contract’s functionalities at any given time, which means we are essentially adding swarmwise features to the SWT token contract.

Griff Green: “I am so excited to see Swarm City embracing decentralization :-D. With the MiniMe token contract they are future proofing Swarm City, allowing for anyone to develop features for SWT tokens holders, without having to ask permission from anyone. Their dev team has been incredible, writing extra tests for the token and helping us push forward the Giveth platform! Beware of Swarm City, it is looking powerful!”

Exchanging ARC Tokens For SWT Tokens

You can exchange ARC for SWT forever.

The exchange rate is 1:1.

New SWT are minted only when exchanged from ARC.

No additional tokens will ever be created.

The Swarm City Token controller has a convert function. It creates a new SWT for every ARC, sending the fresh SWT to your balance in the SWT contract.

There are several ways to use the convert function. The easiest way is using Swarm City Terminal. You can find Terminal on https://swarm.city

More experienced users can find guides for using the convert function in the mini-white paper on Github.

Important!

The ARC Token and the SWT token are both tokens created on top of the ethereum blockchain ( ERC20 tokens). This is a token exchange. It is not a token sale. Therefore, the ARC token is not considered currency by the token contract and it will not work if sent directly to a SWT token address.

You must use Terminal or the convert function to get the tokens converted. If you send ARC token directly to the SWT token address the ARC will not be converted to SWT and will be lost forever.

If you have any questions, please feel free to contact us at support@swarm.city, find us in Slack (#support), or send a tweet to @SwarmCityHelp