Switcheo Weekly Round-Up #6

Fractional NEO Retrieval, V2.0 Update, NEP-7 and New Team Members!

Hello Everyone,

Switcheo Network is expanding at an accelerated pace, and here are the latest updates we have for this week!

Fractional NEO on V1 Smart Contract — Update

In case you missed our latest update on fractional NEO retrieval, click here for a guide on withdrawing fractional NEO from the old smart contract (MainNet V1). We have re-opened GAS / NEO pairings for users to extract value from fractional NEO remaining in the old contract balance!

Switcheo Exchange v2.0 — Status Update

We are happy to inform everyone that the Switcheo Engineering team has concluded V2 upgrades and we are currently waiting for external audits to be completed.

We want to ensure that the new changes have no security vulnerabilities before opening, as security of our trader’s funds is of utmost importance to us. We understand that the community has been really patient about this and we are very grateful for it.

In the mean time, polishing of our exchange, architecture improvements, and development on the QTUM blockchain continues.

NEP-7 Merged Into NEO Codebase

As the NEO blockchain gradually becomes more robust with the various NEPs (aka NEO Enhancement Proposals), we are pleased to share that our CEO, Ivan Poon was one of the contributors in implementing NEP-7 — a NEO upgrade which allows smart contracts to automatically trigger executions when receiving NEO or GAS.

NEP-7 implements two new smart contract triggers, which allow smart contracts to immediately execute operations on the blockchain based on payments of NEO or GAS, or even choose to reject the payment immediately if the contract is not meant to receive payments (preventing accidental sends). Previously, specialized transactions had to be formed when this sort of operation is desired (e.g. during ICOs).

Once NEP-7 is deployed on MainNet, simply sending NEO & GAS to a smart contract’s script hash as a normal transaction can achieve the desired result, without the need for the client (e.g. wallet) to know the required transaction format.

This improves the usability of NEO smart contracts greatly, and simplifies development for smart contract authors — for example, this will allow NEO ICOs to operate in the same way Ethereum ICOs currently do. In future contributing to a NEO ICO through simple clients like NeoTracker will even be possible!

The simplified smart contract development brings us a step closer towards NEO’s smart economy goals, and we are happy to be a part of it.

New Team Members

Last but not least, our team is growing! Introducing 5 new members of the Switcheo team as we work towards our vision of becoming a multi-chain decentralized exchange.

Let’s extend our warmest welcome to them!

Not listed above are also two additional developers, and a top-notch UI designer joining us in June!

Additionally, you can speak to our friendly community managers at our telegram chat if you have any questions!

Once again, we thank everyone for your unfaltering support.

For more information on Switcheo, visit the following links:

Medium: https://switcheo.network

Twitter : @switcheonetwork

Reddit: /r/switcheo

Telegram: https://t.me/switcheo

News & Updates: https://t.me/switcheoANN