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XGuap Basics


Keith
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Basic Intro to XGuap
https://www.xguap.com/ 

Hey Guap Family,
I just wanted to share my perspective and understanding about XGuap that Tavonia and her team are currently working on.  Keep in mind this is a short summary and you'll want to dig further by reading the websites and published papers, and also researching the technology that's referenced, but I'm hoping this at least gives some basic clarity and keeps the community dreaming about what's possible. 

Important: You don't need XGuap unless you want to trade Guapcoin on a decentralized exchange like PancakeSwap or participate in defi activities that would require XGuap.

Take a look at the website and you'll get some more info.  The goal of this project is to give people more access to Guapcoin, which increases liquidity for everyone.  XGuap is like Guapcoin that's been put in a suitcase/wrapper so it can be traded on the Binance Smart Chain.  Guapcoin gets wrapped in a smart contract code suitcase and that process/conversion results in XGuap being generated and sent to the user's wallet (Trust Wallet, Coinbase Wallet, Binance Wallet, Metamask, etc) to be traded on a decentralized exchange like PancakeSwap.  Or a user buys XGuap on PancakeSwap and then unwraps it (pulls Guapcoin out of the suitcase) via the smart-contract code and receives Guapcoin in their Guap wallet at a 1 to 1 ratio.  Some examples are presented further down.

The community has talked for awhile about how it would be great if Guapcoin was on another exchange besides just ProBit.  The reality is, getting listed on other centralized exchanges (Coinbase, Kukoin, Kraken, etc) requires a large payment of upfront capital and/or a lengthy approval process (sometimes with no responses for months), and that's not the only route to go.  Another option is to utilize decentralized exchanges like PancakeSwap or UniSwap (among many others, but those are two of the larger more well-established ones) and get Guapcoin on there.

A decentralized exchange lets users remain anonymous.  You basically get a compatible software crypto wallet (Trust Wallet, Coinbase Wallet, Binance Wallet, Metamask, etc), connect your wallet to the decentralized exchange of your choice, and make the direct trade from one coin to another.  No registration, no proof of identity, no know your customer steps.  However, it does require some study, learning, and careful attention to detail to have your transactions go through and send funds to/from that wallet, and make sure you're actually getting the coin you want. So users need to proceed with care, watch videos, learn as much as possible before just jumping in, and then start slow with small amounts of coins.  It's not for everyone, and ProBit will still remain a valid option for buying/selling Guapcoin.

XGuap will start on PancakeSwap
PancakeSwap operates on Binance Smart Chain (allowing you to trade coins connected to that blockchain) and UniSwap operates on the Ethereum blockchain (allowing you to trade coins connected to that blockchain). Since Guapcoin is its own blockchain, it can't be traded directly on either of those decentralized exchanges because it's not part of the Binance or Ethereum blockchains.  One option is to create a wrapped token called XGuap that's like a little suitcase to carry Guapcoin on the Binance Smart Chain decentralized exchange.  Part of the reason that Binance Smart Chain was chosen is because it has significantly lower fees than the Ethereum Blockchain.  Read here for more info about wrapped tokens: https://academy.binance.com/en/articles/what-are-wrapped-tokens

Again, you don't need XGuap unless you want to trade Guapcoin on a decentralized exchange like PancakeSwap or participate in defi activities that would require XGuap..  It’s not a necessity for anyone, just an option for those that prefer it.  Here are a few examples:

Example 1 - 
I want to buy Guapcoin.  I’ve never registered with ProBit or any other centralized exchange.  I don’t want to register or maybe I live in a country that won’t allow me to register.  I’ve been able to acquire Bitcoin, Ethereum, Binance Coin, and USDT, and I’m familiar with what’s needed to deposit/convert those and trade on PancakeSwap.  So I connect my wallet to PancakeSwap and make the exchange from the crypto that I have to XGuap.  Then I go to https://www.xguap.com/ and convert my XGuap 1 to 1 for Guapcoin via a smart-contract code, and the Guapcoin gets deposited into the Guap wallet address I specify.

Example 2 - 
I want to sell Guapcoin.  Same story as above except I first go to https://www.xguap.com/ and convert my Guapcoin 1 to 1 for XGuap via a smart-contract code, and the XGuap is deposited to the wallet I specify (Trust Wallet, Coinbase Wallet, Binance Wallet, Metamask, etc). I then go to PancakeSwap and make the trade for the crypto that I want.

Example 3 - 
I want to participate in some crypto defi protocols like lending, staking, liquidity pools, etc on other blockchains.  I have some extra Guapcoin.  I go to https://www.xguap.com/ and convert my Guapcoin 1 to 1 for XGuap via a smart-contract code, and that XGuap gets deposited to the wallet I specify (Trust Wallet, Coinbase Wallet, Binance Wallet, Metamask, etc).  I then trade that XGuap on PancakeSwap for the coin I need to participate in whatever defi protocol I’m looking for (or use my XGuap for defi activities as the community begins to build those out).

Hopefully all that was helpful! 

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