Independent research on blockchain startups and ICO's

An independent review of Swingby (SWINGBY)

21 February 2020 - Lennard Neo
(Updated as of 21 July 2020)

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SWINGBY (SWINGBY) Buy
A Premier Fully-Decentralized Token Swap
Platform Integrated with a Private Trusted Cloud
Ecosystem
Summary
General

Swingby is a high-speed protocol enabling inter-blockchain swaps in a trustless Ticker: SWINGBY

environment. The platform consists of 3 different components that allow inter-
Website: Click here
operability swaps across blockchains (swapping BTC into BTC.B on Binance
Sale Period: Jul 2020
Chain), a trusted cloud environment (with physical servers deployed
underground), and a Binance chain based protocol to facilitate swapping of White Paper: Click here

assets between any tokens.

Sale info
Concept MVP Established
Pricing: $0.025

Accepted: USDT

Company Overview Min Goal: NA

Cap: $0.2m
Incorporated in Singapore, Swingby seeks to bridge two separate blockchains
Market Cap: $25m (diluted basis)
through swaps to enhance liquidity and accelerate the potential adoption of
Token Sale %: 0.8%
these networks. The project is creating a decentralized cross-chain protocol
Initial Circulating
which soft pegs BTC, ETH, BNB or any other native tokens across chains 3%
Supply:
through decentralised custody.

Checklist

Updates from Previous Report (21 Feb 2020) Management:

Product:

• Rating update from ‘Spec Buy’ to ‘Buy’ Commercial:

• Implemented new system architectures (with tx-indexer) and TSS updates Interest:
• Roadmap updated to include mainnet listing, public sale and marketing efforts
Fulfilment:
• SWINGBY Tokenomics updated
• Investors who participated in Swingby
• Competitor analysis updated

*Updates are included in the report, with prominent details highlighted in bold

Birds-Eye View

100%

75%
Rating

50%

25%

0%
Viability Product Management Deal Structure Community

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Product & Strategy

Swingby is an ecosystem of products that enables the swapping of tokens

(Inter-blockchain & Token-to-Token) between blockchains in a trustless cloud
environment. With a vision of deploying “Bitcoin across all chains”, the team’s
goal is to enhance liquidity and cross-chain interoperability of Bitcoin (BTC) for a
start. This is done without having the need for trusted custody (e.g. Kyber
Network), allowing the transfer of value in a fully decentralised manner. The
Swingby Platform encompasses 3 different components:

1. Swingby Skybridge (For Inter-blockchain Swaps)

2. Swingby Trusted Cloud (Cloud Compute Environment)

3. Swingby Sky Pool (Decentralised Swapping Exchange of Tokens)

Swingby Skybridge

Skybridge will be the first implementation of the Swingby platform, which allows
the swapping of tokens effortlessly from one blockchain to another. Initial
phases will begin with Bitcoin, where users can create a BTC stablecoin to be
used on Binance chain, ultimately taking advantage of faster settlement times,
lower fees, improving liquidity for trading on DEXes, and leverage on other
features that a native chain does not offer.

Several features of Skybridge include:

• Bitcoin mobility across various blockchains

• No central custodian

• Utilizing Threshold Signature Scheme (TSS), which is data-light and allows

usage on any ECDSA chain

• Dynamic re-grouping

Figure: Swingby Network

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TSS Updates

The team is further upgrading the protocol, with an aim to enhance the stability
of the network. One such upgrade was the new implementation to the TSS
feature, based on recent research from the GG20 paper. This will greatly
enhance the speed of cross-chain swaps, that is not seen in other decentralised
protocol. Several highlights include:

• Identifiable aborts

• Faster signing rounds

• One-round signing

• Benchmarking tool

• General refactors & cleanups.

System Architecture Updates

The team has constantly improve the architecture for Swingby nodes by
modularization of each blockchain request processor. These are done to mainly
split and store BTC transactions into multiple UTXOs, which will be combined
into a unique ID that consolidates output index rather than transaction hash.

This unified format has been created by the team, coined as the ‘tx-indexer’ and
currently being tested. The latest indexer will support APIs for sending and
receiving BTC / BEP-2 transactions, with ERC20 support in the near future.

Documentation for ‘tx-indexer’ API can be found here, and github repository
here.

Overall, this architecture will define a new universal transaction format for BTC,
BNB and other chains.

Swingby Sky Pool

Swingby Sky Pool is a liquidity aggregator that allows any token-to-token swap
that corresponds with Binance DEX. The team plans to release the whitepaper
2H 2020, with an aim to start building this infrastructure in 2021. Eventually, this
platform will be able to support over 35 chains that utilize the ECDSA algorithm.

www.picoloresearch.com
Roadmap (Updated)

Swingby has an adequate roadmap with most being technical objectives across
2020. Business and community development efforts have also been included in
the timeline to showcase their go-to-market strategy for adoption.

The testnet in January was a huge success as the platform saw a volume
of 1,300,000 BTC transacted over the network.

Roadmap Developments Status

Jan 2020 Private sale of Swingby Completed
Jan 2020 Skybridge Testnet launch - Bidirectional BTC swaps to Completed
Binance chain

Jan 2020 Swingby community contest Completed

Feb 2020 Pre-Staking portal initial setup Completed
Mar 2020 Swingby token swap volume competition Completed

Q2 2020 Pre-staking Portal live Completed

Marketing & Community efforts 1st Phase (media Completed
interviews, new articles coverage, 1-pager marketing and
graphics design, channel promotions)

Q3 2020 Mainnet Launch – Bidirectional BTC swaps to Binance

Chain

Public Sale
Pre-Staking Competition - BNB In Progress
Marketing & Community efforts 2nd Phase (more news In Progress
and media coverage, community airdrops, AMAs)
Market buyback of SWINGBY from fees begin

Q4 2020 Market Buyback and Fee Distributions as swaps happen

on the SWINGBY network

Testnet launch – Bidirectional USD swaps to Binance

chain

2021 Mainnet launch - Bidirectional USD swaps to Binance

chain

Float Pool Staking (any chain) launch

Launch Sky Pool and Sky Oracles - multi-chain cross-
network liquidity hubs and oracle clusters across all
compatible blockchain networks

Team & Advisor

Yusaku Senga (CEO & Technology Architect) - Yusaku has been active in the
blockchain industry for over 8 years. Prior to founding Swingby, he initiated the
Decentralizedtech Research Institute (DRI), a community that actively
researches and develops decentralized technologies. He has experience in
creating proof of concepts for financial institutions and blockchain projects.

Rye Nguyen (Software Developer) - Rye has several years of experience as a

Full-stack web developer, working for firms in the information technology and
services industry. As a passionate programmer, he is skilled in C++, C#, Python,
PHP, JavaScript, React.js, GraphQL and Express.js. He holds a bachelor’s
degree in Computer Science from the Vietnam National University.

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Shoe Kure (Software Developer) – With 5+ years of experience, Shoe has been
managing and planning projects for SiiX corporation. Being well-versed in
JavaScript, TypeScript, Python, Golang, Solidity, React and Firebase, he has a
great interest in web and blockchain development with 1300+ contributions on
his Github over the past year. He holds a bachelor’s degree in Management
from Sun Yat-Sen University.

Sagwan Kim (Designer) – Kim has 8+ years of experience under his belt as a
designer with a vast spectrum that includes product UI/UX design, BI/CI, growth
model design. Prior to swingby, he was a chief design officer and head designer
for Another Works Inc. and Able Computer Inc respectively. He holds a bachelor
degree in Architecture from Tokyo University of Science.

Jacob Samuel (Software Engineer) – Jacob has 4+ years of experience as a

software engineer and is well-versed in Golang, NodeJS, Python. He worked for
YouView TV upon graduation, where he was part of the cloud and test
automation team delivering tv content to 5 million users. More importantly, he
has another two years of experience in the crypto sector working for a top-tier
exchange, helping them to develop exchange API and integrate algorithmic
trading systems. He holds a bachelor’s in computer science from The University
of Hull.

Satoshi Kobayashi (Project Development Advisor) - Satoshi is one of the largest

traders of cryptocurrencies in Asia. After a successful career as a hedge fund
director, he began angel investing, taking on advisory roles for blockchain
projects. Today, Satoshi controls a portfolio of cryptocurrency that is worth
hundreds of millions of dollars.

Lincoln Tan (Legal Advisor) - Lincoln is an experienced Legal Counsel and

Lawyer, holding several positions at renowned law firms in Japan, Singapore
and Vietnam. Before his current position as Legal Counsel at Novartis, he was
working as a Foreign Attorney at Nishimura & Asahi and as a Lawyer at
Anderson Mori & Tomotsune, two of Japan’s Big Four law firms. He earned a
Law degree (LLB) from the University of Warwick.

Investors (Updated)

• Astronaut Capital - A research-integrated fund that focuses on pairing

fundamental and qualitative research with strategic capital deployment. Past
investments include 0x, Loki, Current, TrustToken, Quarkchain, Synthetix.

• Signum Capital – Signum’s mission is to realize the future of Blockchain

economy by consulting in game changing projects and companies. Past
investments include Kyber, Tomochain, DxChain, Zilliqa, Republic, Celer.

• Neo Global Capital – NGC invests in inspiring projects related to blockchain.

Past investments include Bluzelle, Zilliqa, Trinity, Fortuna, Ontology, Dekrypt
Capital, mainframe, Switcheo, Solana, Ankr, Blockcloud, NKN, Elrond.

• Youbi Capital – Youbi Capital is committed to long-term value investment in

the blockchain ecosystem and has invested in more than 20 next-generation
blockchain technologies and Dapps, nearly US$60m.

• Origin Capital – A long-term focused fund with an emphasis on early stage

equity and presale rounds. Past investments include Top network, Kyber
network, EOS, DxChain, Decentraland, Kadena, mainframe, irisnet.

www.picoloresearch.com
Community Engagement / Social Media (Updated)
Swingby has leveraged several social media platforms, mainly Telegram and
Twitter, Wechat for community engagement. A Swingby blog on Medium was
also incorporated to provide updates on the project’s developments in both
English and Chinese.

As the project just recently got onto the radar, the project is relatively new in
public eyes, and the priority is to generate organic growth of followers and
awareness of their platform. A Swingby contest and Pre-staking BNB campaign
was put in place to kickstart adoption, with several marketing plans in the
pipeline. Here are the project social media statistics as per the report date:

• Telegram (English) – 1,180+ members (+475% from previous report)

• Wechat (Chinese) – 2,500+ members
• Twitter – 4,400+ followers (+980% from previous report)

Token Sale (Updated)

SwingBy raised a total of ~$1.6m in seed and in a private round. Total token
supply is fixed at 1b SWINGBY with 10.9% allocated to all funding rounds.

Token Details Details

Public Sale Date 23 Jul 2020
Sale Platform BitMax
Token Symbol SWINGBY
Token Type Utility
Issuance Platform BEP2
Total No. of Tokens 1,000,000,000
Price per Token (Public) $0.025
Price per Token
$0.017 (Seed) / $0.02 (Private)
(Seed/Private)
Accepted Tokens USDT
Softcap NA
Hardcap USD 0.2m
Market Cap Valuation USD 25m (Fully Diluted basis assuming hard cap reached)
Market Cap (Based on
USD 0.75m
Initial Cir. Supply)
20% unlock, quarterly vesting for 12 months (Seed)
Token Lockup (Investors)
10% unlock, quarterly vesting for 12 months (Private)
Token Lockup (Team) 1y lock, quarterly vesting for 12 months

The main token functionalities of SWINGBY are of 3 folds:

• Staking – Users will be able to earn rewards when staking tokens

• Operating nodes – Participate in a TSS group to run nodes on the Swingby
network
• Currency/ payment transaction – Tokens can be used to pay for services (e.g.
trusted cloud service)

1%
Token Sale Split 6% 4%

30%
17%
Public Sale Private Sale Seed
Team Foundation Advisors
Staking Treasury 8%

34%

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Staking Structure

From Picolo’s research findings, one of the major thematic outlooks for 2020 is
the rise of key projects having well-structured staking rewards to drive adoption
and growth of a platform. The reason being investors who are starved for yields
have been looking for alternatives on the back of a sluggish alt-coin season in
2019 to grow their existing portfolios. This results in investors turning their sights
to tokens with strong staking incentives to enhance their yields.

Putting this into context with historical data, our analysts observed that the
market reacted positively after recent projects released their staking
announcements, displaying returns of 20% - 60%.

Project ROI Post Staking Announcement Staking Yield (Annualised)

Matic Network* 22% 20%

Elrond 27% 20 - 32%

Kava 36% 14 - 16%

Thorchain 60% 52%

Synthetix 32% 55%

Swingby NA 13% – 67%

Source: Stakingrewards.com, Binance (as of 21 Feb 20)
*Assuming 30% total tokens staked

Pre-staking before Mainnet

Through our initial conversations with the Swingby team, the pre-staking
mechanics are derived not just to incentivise early adoption of the network, but
also to put implicit pressure on the team to deliver their milestones. A few key
points of the staking mechanism include:

• Any unlocked tokens can be staked at weekly intervals

• Yield of 1% cumulative per week (~67% annualised compounding) till mainnet

launch (first swap pair)

• Yield of 0.75% per week until second swap pair launched

• Yield of 0.5% per week until third swap pair launched

• Yield of 0.25% per week until fourth swap pair launched

• Users will have full control of staking wallet, completely decentralised

Post-staking after Mainnet

Users can run validator nodes once mainnet is launched, and they will be
rewarded with a proportion of the fees base on the volume of the network. In
order to smooth the transition from pre-staking to post-staking, the time periods
between both phases will overlap, providing additional yields (0.75% - 0.25%) to
stakers until the 4th swap pair is launched. This will also ensure sufficient time
for interested community members to set up their nodes.

The team will officially provide further information on the staking specifics in due
course.

www.picoloresearch.com
Non-Plagiarism Audit Report

During Picolo’s assessment of Swingby, our analysts noted that there were
several disreputive tweets with regards to the project copying Thorchain’s
graphics and codes.

However, the team responded swiftly through a Medium blog post, stating that
Swingby is a unique protocol customised by their developers from scratch, and
has not been copied. They also mentioned that it was an unfortunate event with
regards to the graphics, as it was an act of the external contractor that resulted
in similar graphics used on their website and that the team has highly regretted
it.

To take it further, Picolo mandated an independent company (Red4Sec) to

conduct a non-plagiarism audit report between Swingby and Thorchain. Three
key findings were observed:

1. Macro-level - even though both projects seek to provide cross-chain swaps

and use TSS, their implementations and code logic display vast differences.
For example, Swingby network implement TSS through a keygen process
followed by a transaction signing process, while Thorchain TSS elements
involve the use of a helper script function

2. Whitepaper & Documentation analysis - Swingby and Thorchain whitepaper

displayed 0.7% plagiarism similarity, which is way below the conventional
acceptance level of 15%. Moreover, these similarities are induced by the
reference to the ECDSA research paper used by both projects.

3. Source code analysis – During the code audit, a third project (BTCD, a
bitcoin node), was added as a control group. It was observed that there were
no material similarities between the codes that could allude to plagiarism. In
some instances, several segments such as the syntax tree search of
numerical values have produced a higher similarity percentage (%) between
‘Thorchain and BTCD’ as opposed to ‘Swingby and Thorchain’.

www.picoloresearch.com
Competitor Analysis (Updated)

Within the sphere of swapping platforms / DEXes, Swingby displays

distinguishable objectives against its peers, carving a niche for its own within the
sector. Unlike RUNE and SNX, Swingby’s initial focus is to enable inter-
operability of Bitcoin onto Binance Chain versus the Ethereum platform. Swap
mechanics also differ between Swingby and Thorchain, as the former uses
indirect with peg as compared to a direct approach without peg.

Project Name SwingBy Skybridge Thorchain Synthetix

Inter-blockchain Swap Inter-blockchain Swap Synthetic asset issuance

Infrastructure Type
Protocol Protocol protocol

Symbol SWINGBY RUNE SNX

Mainly Crypto, with an Mainly Crypto, with an Mainly Crypto to FX

Inter-Blockchain initial focus on Bitcoin initial focus on Binance (Stablecoins) &
Focus (BTC) to Binance (BEP2) to Ethereum Traditional Markets (e.g.
(BEP2) Swaps (ERC20) Swaps Commodities)

Indirect (Native tokens

Indirect (Native tokens
Direct swap (no peg, no are not transferred but
Swap Mechanics are not transferred, but
wrap tokens) peg), require SNX
peg to alternative chain)
tokens as stake for peg

Binance BEP2, BTC,

Binance BEP2,
Available Assets for (ERC20, EOS, XRP, Ethereum ERC20, LTC,
Ethereum ERC20, (BTC,
Swaps DASH, any ECDSA BTC, XTZ, XRP
ETH)
chains in future1)

Token Attributes Staking Staking, Burning Staking, Burning

Product Stage Testnet Testnet Mainnet

Protocol POS / TSS POS / TSS NA (Ethereum)

Initiation Year 2018 2018 2017

Team Singapore Anonymous Australia

Current Token Price $0.025 (IEO) $0.554 $3.36

$0.75m (based on initial

Market Cap Valuation $98m $404m
cir. supply)

Figures as of 20 Jul 2020, Source: CoinGecko

1Refer to Appendix

www.picoloresearch.com
Strengths
• Swingby is not just a swapping platform but encompasses an ecosystem with 500%
Daily Cumulative Returns (%)

a Trusted Cloud environment

400%

• Swapping Platform with no central point of weakness – no need for trusted 300%

custody for swaps 200%

100%

• Testnet was successful (with over 1,300,000 BTC volume) with Mainnet 0%

launching shortly -100%

1-Nov-19 26-Nov-19 21-Dec-19 15-Jan-20 9-Feb-20
RUNE SNX
• Skybridge exhibits complementary synergies with Binance DEX (with praises Source: CMC

from CZ Binance) as opposed to projects that manifest direct competition

• Staking mechanics with a well-thought-out incentive mechanism for the team

to accelerate the production of the platform

• Strong deal structure with low hardcap ($0.2m), and low initial market
cap ($0.75m).

• Significant upside potential given similar projects have outperformed

over the past 3 months; Rune (+390% ATH), SNX (+450% ATH)

• The non-plagiarism audit indicates no distinct similarities with analogous Source: Defi Pulse

projects, with source codes being developed from scratch

Weaknesses

• Lean team structure could impede project developments

• Roadmap could have more businesses & marketing plans, which might cause
concern for garnering adoption

• The project currently has a limited number of partnerships relative to its peers

Opportunities Source: Defi Pulse

Unlocking the potential value of DEXes and Swapping platforms –

According to Defi Pulse, the total USD value locked in DEXes (Uniswap,
Bancor, Kyber) has increased over 9x in the past one year from $10m to over
$90m. This trend remains intact over the last 90d going into 2020, where locked
value (USD) doubled from $30m to $70m. In addition, total locked value (USD)
for WBTC (a wrapped BTC on Ethereum chain backed 1:1 by Bitcoin) has
increased ~100% in 2020 alone, emphasising the significance of user demand
for Bitcoin on alternative blockchains.

Our analysts are optimistic that this trend will continue its upward trajectory on
Source: Defi Pulse
the back of a bullish macro outlook on bitcoin in 2020. Furthermore, there is a
notable mismatch between DEXes/swapping platforms and other segments in
Defi, such as Lending and Payments, where DEXes represents only 6.5% of the
entire Defi space versus 79% for lending. Therefore, given the synchronous
growth effects, we believe the gap between both sectors will close over time,
presenting a potential opportunity for DEXes/Swapping platforms to capture
market share in this space.

Threats

• Similar to other swapping platforms, pegging assets require the bridge to be

stable, any interference on either side could (e.g. a mass exit on one chain)
Source: Defi Pulse
could pose a high risk to the network

www.picoloresearch.com
Conclusion

In conclusion, Picolo Research presents a ‘Buy’ with 4.5 stars rating on

Swingby Network. The project seeks to provide a unique solution to the
inefficiencies surrounding cross-chain interoperability. By creating both
Skybridge and Trusted Cloud, the team will enable cross-chain swapping
features to users of Bitcoin without the need for a centralised custodian.

Overall, for the reasons listed, Picolo highlights several reasons that affirm our
rating:

• A simple yet novel platform that solves an immediate need for cross-chain
operability and leveraging on features that the native chain does not offer,
especially for the Bitcoin network

• The project is well-positioned to take advantage of the rise of DEXes and

swapping platforms that will create additional value for the Defi sector

• Well structured staking mechanics to incentivise early adopters as well as

investors looking to generate additional returns

• Great deal structure with low hardcap for public sale ($0.2m), and low market
cap ($0.75m) based on an initial circulating supply could lead to a favourable
upside potential

Not withstanding the above, Picolo acknowledges the uncertainty that was
circulating with regards to the reprinting of graphics and code. However, the
Swingby team has come out to rectify their mistake through a blog post and also
conducted a non-plagiarism audit report, making it clear that their source codes
and whitepaper documentation have not been copied. This provided our
analysts with added confidence that Swingby has a unique solution in creating
an inter-blockchain swapping platform.

Overall, in light of the preceding, Picolo Research affirms a ‘Buy’ rating on

Swingby.

www.picoloresearch.com
Appendix

List of 35 ECDSA-type Chains

Transaction
Network Name Parent Coin Signing Algo Curve
Type
ARK Ark ARK ECDSA secp256k1
ATOM ATOM ATOM ECDSA secp256k1
BCHABC Bitcoin Cash ABC BTC UTXO ECDSA secp256k1
BCHSV Bitcoin Cash SV BTC UTXO ECDSA secp256k1
BNB BNB BNB account ECDSA secp256k1
BTC Bitcoin BTC UTXO ECDSA secp256k1
CMT CyberMiles ETH account ECDSA secp256k1
DASH Dash DASH UTXO ECDSA secp256k1
DCR Decred DCR EdDSA/ECDSA ed25519/secp256
k1
DOGE dogecoin DOGE ECDSA secp256k1
EOS EOS EOS account ECDSA secp256k1
ETC Ethereum Classic ETH account ECDSA secp256k1
ETH ETH ETH account ECDSA secp256k1
ETH_PARIT Ethereum ETH account secp256k1
Y
GO GoChain ETH account ECDSA secp256k1
GRS Groestlcoin GRS ECDSA secp256k1
ICX ICON ICX ECDSA secp256k1/secp2
56r1

IOST Internet of Services IOST EdDSA/ECDSA ed25519/secp256

k1
LTC Litecoin LTC UTXO ECDSA secp256k1
NAS Nebulas NAS ECDSA secp256k1
NEO NEO NEO account ECDSA secp256k1
ONT Ontology NEO account ECDSA nist256p1
POA POA Network ETH account ECDSA secp256k1
QTUM Qtum QTUM ECDSA secp256k1
RVN Ravencoin RVN ECDSA secp256k1
STEEM Steem STEEM ECDSA secp256k1
THETA Theta Token ETH account ECDSA secp256k1
TOMO TomoChain ETH account ECDSA secp256k1
TRX TRON TRX UTXO ECDSA secp256k1
VET VeChain ETH account ECDSA secp256k1
VIA Viacoin VIA ECDSA secp256k1
WAN Wanchain ETH account ECDSA secp256k1
XRP Ripple XRP account ECDSA secp256k1
XZC Zcoin XZC ECDSA secp256k1
ZEC Zcash ZEC UTXO ECDSA, zk- secp256k1,
SNARKs* Jubjub*

www.picoloresearch.com
About the Analyst

Lennard specializes in fundamental and technical analysis in digital asset

investments. He became acquainted with blockchain, cryptocurrency and
ICOs in 2016, and recently decided to take a meaningful step away from
traditional banking to join this industry. Previously, Lennard spent 3 years
with an investment bank in Forex and Debt Capital Markets. Prior to this, he
also had entrepreneurship experience working with an e-commerce startup
and a local social enterprise. Lennard completed the CFA program and
graduated with a master’s degree in Applied Finance. He is fluent in English,
Chinese with a basic in Korean.

Ratings Definition
Monitor – Continue observation until clarity of information is provided
Sell/ Avoid – Investment is associated with high risk of losing capital
Hold/ Neutral – To maintain current levels of position until the next updated
release
Spec Buy – A speculative opportunity for investors with higher risk tolerance
Buy – A high conviction buying opportunity

Disclaimer

This report has been compiled by Picolo Research. Picolo Research is an

independent provider of research on cryptocurrency ICO’s. In some instance,
Picolo Research might be paid or mandated for the preparation of this
research report However, the views expressed within this report are Picolo’s
in its entirety

The contents of this report and its attached documents have been prepared
without taking account of your objectives, financial situation or needs.
Because of that you should, before taking any action to acquire or deal in, or
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Whilst Picolo believes the information contained in this report is based on

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information in this report may have been used by Astronaut Capital
(www.astronaut.capital) in making an investment decision. The information
within this report is our own opinion only and is not to be used in making a
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