Swarm City is an Ethereum-based commerce platform that allows users to trade products and services peer-to-peer in its decentralized virtual economy. Its code is open-source and transparent, allowing anyone to contribute to its development. The market itself exists as a decentralized application on the Ethereum blockchain through the utilization of smart contracts. Because it uses a blockchain to power its transactions and communication features, there are no third parties involved and therefore users are able to trade freely with low fees and no hassle. Tokens are stored directly in a user’s wallet and can be sent peer-to-peer to any other user at any time.
The Swarm City Token (SWT) is an important part of the Swarm City market ecosystem, since it acts as the unit of exchange and powers transactions.