Hi everyone and thank you for taking interest. I'll try to respond to everyone.
You should understand where I am coming from.
Being a part of crypto community we do understand that this space is still very fishy and there are a lot of bad actors out there. I would like to explain where we are coming from, if you don't mind.
And we (Multiswap team) are coming from an European country, our team consists of 3 members - 2 developers and a graphics designer.
Point #1: neither of us is a native English speaker. Writing a technical paper in a foreign language is not as easy as I'm sure you can try to understand.
Point #2: we have signed legal agreements with a few large investors to produce the Multiswap protocol's infrastructure, there's nothing about whitepaper in our agreements but we did it anyway, because well, it's pretty standard for crypto projects, and yet, technically we could have had no whitepaper at all.
Point #3: we used bits from the different sources'/products' technical documentations that are
open source and that
we are going to use, it's not like we just straight copied some single project and presented as a new.
Point #4: our priorities are a bit different than rewriting a perfectly fine original source in different words. Where's productivity in that, one might wonder? Yes, we could hire someone for $50 to rewrite a couple of paragraphs in different words, and maybe we will, would that make the project "not scam"?...
Now, we are going to fix the whitepaper when we have the time, sometime soon. Hopefully this week, 100% next week. If you feel compelled to report anything we can't stop you, but with this, we ask you kindly to end this discussion.
So MSWAP is a utility token and it is valuable for many reasons but the main is protocol’s governance voting as I understood
Pretty close, yes.
You can use MSWAP tokens for 2 purposes:
1. To take part in protocol’s governance, by voting on upgrades and updates of the protocol.
2. To take part in token voting and receive financial rewards for doing so. I'll explain this a bit further in a response to a person below.
As far as I understand, from the investor's point of view, the main incentive to own MSWAP is 5% of fees you receive for voting, but I don't really understand how that works.
Correct, financial incentive should be really attractive.
When a user opens Multiswap app, the currency with largest vote pool is displayed first.
Let's use this image for reference:
https://mswap.org/media/Multiswap-pool-interface.pngIn this example, ETH is first (presumably it has most MSWAP locked in its vote pool). If a user clicked on it or the [Select token] button, they would see a larger list of currencies.
The list of currencies is automatically sorted by their
vote pool's size. The more MSWAP tokens are locked in currencies vote pool, the higher said currency will appear on the list for all users of Multiswap app.
The reason for this is: that makes an interface self sustainable - administrator or anyone else doesn't have to update the list. It's fair and unbiased, and decentralized.
The reason it will work is because voters receive 5% of fees and interest for the currency they are voting, so we can assume that voting pools will naturally sort in size in descending order from the most desired and largest volume cryptocurrencies to the smallest.
Now, the financial incentive should be really significant, depending on the volume of course, but here, allow me to make an example. Let's assume cryptocurrency XYZ daily volume is 10M USD. The approximate average swap fee is ~0.27%. That means that $27,000 is collected in fees. 95% of that goes to liquidity providers (who well deserve it), 5% of fees, which makes $1,350 goes to vote pool of XYZ currency and is distributed to everyone accordingly to their share who is voting for XYZ currency by depositing their MSWAP tokens in the pool.
Please also see this image which might better illustrate it:
https://i.imgur.com/xeGwKTv.png
