Hello My Steemain Friends ,

How are you. I hope you people of steemian are good and enjoy your life . Well I am well. May God bless you all. Today I am writing about an interesting Steemit Engagement Challenge S13 - W1: which is all time my favourite topic "Understanding Slashing In Crypto" So, in this post I am going to share my point of view about this topic.

Thankyou one of my favourite Communities, SteemitCryptoAcademy for organised this beautiful challenge. I hope you people like and learn something from my post.

We can understand the meaning of token swap in this way that token swap can be exchanged from one coin to another digital coin or token. There is no need to get approval, you can control the funds as per your wish. One is centralized and one is decentralized.

Token swaping is a process in cryptocoins in which cryptotokens in one process are swapped for coins or cryptotokens in another process.

Thus it can also be understood that the process of exchanging one cryptotoken with another cryptotoken is called exchange. Token swaps help manage the shared exchange of one cryptotoken with another.

Token swaps are mostly popular among finance applications, allowing transactions between cryptotokens. A user can exchange crypto tokens from his cryptowallet to make transactions.

If a user wants to swap his ERC-20 tokens on the DAP platform, then first of all he downloads the DApp Play application and then sets the parameters in it as to how many tokens he has to swap with which token and for how many days. Want to deposit your tokens into your wallet.

Then the application gives approval to the user when all the process is completed and the user swipes. In this way the token is swiped.

If we interpret the fate of the cryptocurrency group as determined by market movements, needs, investors' demands, progress of cryptocurrency projects, etc. Cryptocurrency itself can be predicted with great difficulty. Despite this, it still has the possibility of giving adverse results. In crypto currency projects, during exchange disputes or at the time of transactions, investors resort to swaps to protect their investments.

Blockchain swap is a technique in which necessary periodic changes are made to the blockchain network. As the old blockchain protocol is replaced with the blockchain protocol equipped with new features. This is done on the basis of many reasons. Like security, scalability, improvement, convenience, all these changes are made with the consent and permission of all the members. So that everyone can easily accept the changed form of the protocol and understand well its terms and conditions of using it.

Freepik

Blockchain swaps are done to troubleshoot and upgrade the network, keeping the security of the network in mind. We can also understand why Blockchain is called Swap in more words like this

Through Swap we can strengthen regulations against fraud and security. Some tokens or projects try to increase the strength of the network through swaps.

The main objective of Blockchain Network Swipe is to create mutual cooperation and secure technology between Blockchain networks. So that tokens and assets can be switched or exchanged from one network to another.

Through swap, new public can be attracted by making some necessary changes in the technology of the network and by providing some facilities in it to promote that new technology.

During the swipe process, tokens from the time the old network was shut down can be merged into the new network so that users can use the old tokens in the new network.

Swap is not necessary during parity launch. But to develop the network and to upgrade it from the old network and to improve its security and technology, a swipe is required to develop the old network into a new network.
Swaps may also be part of a network testing process, with particular attention paid to the security of data and digital assets.
If you want to launch a new token a swap may be required.

You need to have a swap bridge or switching service during the swap process. Through this we convert an old token into a new token. Swaps can be in different types of tokens such as

In the swap process through it like Bitcoin needs some services to go to Ethereum.

Swap tokens from Ethereum to Binance Smart Chain in the swap process also through this.

Features like token swapping were quite successful. This has attracted a lot of our users and transacting customers. Its information is available to most all users in the world of cryptocurrency. For new developers who are joining this process, complete information about the swap is available on Google and elsewhere. In token swap, a contract is created, where the amount to be exchanged through which swap service, its date and address are all contained in it.

If we look at the current example,

Binance Coin Mainnet Swap: (BNB)

In 2019, Binance conducted a token swap. By this, Binance gave consent to BNB to become the cryptocurrency of the blockchain. A Binance hosted token swap from ERC-20 Binance Coin (BNB) to native BNB on Binance Chain.

Wanchain Cross-Chain Bridge: (WAN)

Wanchain allows you to swap tokens between Bitcoin, Ethereum, and many other blockchains. It has implemented a token bridge in which users can swap their assets to Wanchain.

Cardano Shelley Upgrade: (ADA)

The upgrade of this service was to increase network share and decentralization. So that more and more users can connect with this service and take advantage of this service.
Cardano's Shelley upgrade in 2020 had some glitches or transition from Byron-era ADA tokens to Shelley-era ADA tokens.

Steem block chain has supported many technologies and methods to swap tokens and if we talk about whether Steem blockchain has swapped tokens then
Yes, Steem Blockchain has already swapped tokens Steem Blockchain has swapped with Hive. Hive was introduced, with a new token, on March 20, 2020. It is used to buy and sell cryptocurrency.

Various facilities, wallets are available to swap tokens. Such as:

• Uniswap
• PancakeSwap

Other decentralized exchange platforms:

• SushiSwap
• Metamask
• Trust Wallet

How to swipe tokens with Steam Blockchain
Various DApps (decentralized applications) are used. To swap with Steem blockchain we have to carefully follow the rules of the DApp that has planned the swap.
It is used to make interchangeability between tokens discreetly and securely.

There is risk in any transaction. Similarly
Many types of risks may have to be taken under token swap which are as follows

• If you do not perform the swap correctly you may be at risk of losing your tokens and incurring a loss.

Freepik

For Example :- Like in Tron.

• If you have made even the slightest mistake during the entire process in your Tron account, then your tokens or points stored inside your Tron wallet may be lost.

• Some fraudulent applications or websites may ask you to share your private keys or tokens by pretending to be a swap application.

• There are some swap services that only work for different tokens. If you do not have that token available then you will not be able to avail that service.

• While swiping, we should take some precautions and swipe only on safe and reliable services, so that we do not have to suffer loss.

• We must keep the private key safe. Because while doing swap we need the private key. If the private key goes to someone by mistake then our account can also become empty.

• During token swap, some fees for services have to be paid, so you should know these fees in advance, otherwise your cost may also be affected.

I want to invite my friends to take part in this contest: @yourloveguru , @ridwant , @mile16.

Thankyou 🙏

Greetings