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Topic: VigorSwap - Privacy focused instant crypto exchange - Furthering self-custody (Read 194 times)

copper member
Activity: 2198
Merit: 1837
🌀 Cosmic Casino
The truth of the matter is that all of those mentioned jurisdictions require cryptocurrency exchanges to implement KYC/AML policies. Perhaps the only difference, like Curacao in the issuance of gambling license, is that they aren't strict in its implementation.
Not necessarily true. The fact is that most of the platforms you mention have crossed paths with law enforcement from Countries like the UK and US. SEC and CFTC does not want any of them letting US residents use the platforms, or they will face more lawsuits and fines, so these platforms are forced to implement KYC verification to sieve off users from countries with hostile crypto regulation.

Just check the terms and condition and see if Binance for example bans users from the Seychelles Island.

https://www.datawallet.com/crypto/binance-restricted-countries
newbie
Activity: 21
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Hi all
VigorSwap seems to be in big trouble, there is a stub on the website saying it is undergoing maintenance.
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Activity: -
Merit: -
In the Technical Overview of your "whitepaper", the "non-custodial exchange process" describes a normal centralized custodial exchange process just like your current website does if we go there and start an XMR to BTC exchange.

Apparently it's a marketing trick to gather attention with a "whitepaper" generated fully with ChatGPT that emphasize your brand name all around targeting users that do not pay attention to what's written in there.

Take for instance Step 3 of your "non-custodial exchange protocol process":

... so other exchanges like Exch will be able to use the protocols liquidity.

They certainly won't and it's very likely to be vice-versa.


English is not my first language, I asked chatGPT to translate the original write up.

The non custodial process involves a lock up address and is based on the exact same process that SwapKit uses for UTXOs, the difference is we have to make a way so that it can be validated on both ends due to monero's private blockchain, the private view key is provided to view the transaction for monero. The process is validated on the user side before the spend key is given, please read more on SwapKit before rushing to accusations.
jr. member
Activity: 49
Merit: 26
In the Technical Overview of your "whitepaper", the "non-custodial exchange process" describes a normal centralized custodial exchange process just like your current website does if we go there and start an XMR to BTC exchange.

Apparently it's a marketing trick to gather attention with a "whitepaper" generated fully with ChatGPT that emphasize your brand name all around targeting users that do not pay attention to what's written in there.

Take for instance Step 3 of your "non-custodial exchange protocol process":

... so other exchanges like Exch will be able to use the protocols liquidity.

They certainly won't and it's very likely to be vice-versa.
legendary
Activity: 2212
Merit: 7064
I saw you announced that non-custodial swaps will be available on your website for monero.
Is this going to be available in both directions for Bitcoin to Monero and vice versa?

There is already non-custodial software Unstoppableswap that is working for atomic swaps in one direction from bitcoin to monero.
legendary
Activity: 2576
Merit: 1860
Having a new privacy-centered exchange is always a welcome development in a market dominated by players strictly compliant with tight KYC policies. But I'm curious, your "jurisdiction does not require us to collect KYC or AML for exchanges"? Where are you registered, by the way? Is there still a place on earth that doesn't require it? What happens if one day your jurisdiction orders you to implement KYC?
Find out why so many crypto exchanges have "Headquarters" in places like The Cayman Islands, Hong Kong, The Bahamas, Seychelles Island etc

Binance itself is based in The Cayman Islands but it is strict on KYC. KuCoin as well as the former Huobi, which was rebranded into HTX by the clown Justin Sun, are based in Seychelles but they're also implementing KYC/AML policies. OKX is registered in The Bahamas and incorporated in Seychelles but it is also requiring users to go through KYC. That's to name a few.

The truth of the matter is that all of those mentioned jurisdictions require cryptocurrency exchanges to implement KYC/AML policies. Perhaps the only difference, like Curacao in the issuance of gambling license, is that they aren't strict in its implementation.
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Welcome to Bitcointalk! It's always nice to see new privacy-oriented services emerging.

I'm just wondering, after reading your whitepaper, if you can clarify what do you mean exactly with “non-custodial protocol/service”?
I mean, how your service differs from what eXch or Godex already propose? What you describe in this whitepaper seems to be a similar process to theirs, or similar to what any other centralized custodial exchange is doing. If we take the example of a BTC - XMR swap, the user has to send his funds to your generated address, and then you send the XMR on user's address, right? How is it non-custodial?

Hope to hear back from you!
Similar to how Bitcoin, Litecoin can be exchanged non custodial using swapkit, https://swapkit.dev/During an exchange with bitcoin to ethereum using the above, the bitcoin transaction sends a micro amount which holds a message,  that is the swap information (ethereum amount & the address), so it can be confirmed by both the protocol & the user.

The reason this does not exist for monero until soon hopefully, is that the transactions are private, but with the ways we have described in the white paper we will be able to add a message to the transaction & have the viewing key shared with relevant parties (Can either be the user and other party only even) to confirm. The address generated to receive the deposit is locked (which the user holds the key) until the other parties converted funds are

When this ready & has been tested on our site to perfect it, it will be available to anyone (open source, and shared non custodial monero liquidity pool), so other exchanges like Exch will be able to use the protocols liquidity.
hero member
Activity: 504
Merit: 1065
Crypto Swap Exchange
Welcome to Bitcointalk! It's always nice to see new privacy-oriented services emerging.

I'm just wondering, after reading your whitepaper, if you can clarify what do you mean exactly with “non-custodial protocol/service”?
I mean, how your service differs from what eXch or Godex already propose? What you describe in this whitepaper seems to be a similar process to theirs, or similar to what any other centralized custodial exchange is doing. If we take the example of a BTC - XMR swap, the user has to send his funds to your generated address, and then you send the XMR on user's address, right? How is it non-custodial?

Hope to hear back from you!
copper member
Activity: 2198
Merit: 1837
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<...>
Thanks for the update

1. Another thing, you say the fees are dynamic. Is it deducted from the estimated amount one is to receive, or this is already taken care of along with the exchange rate?

2. I suggest you include a letter of guarantee right before one makes their exchange. Lots of phishing sites out there, so if someone comes and makes a claim that you scammed them. You can always ask for the letter of Guarantee that they downloaded.
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Activity: -
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Having a new privacy-centered exchange is always a welcome development in a market dominated by players strictly compliant with tight KYC policies. But I'm curious, your "jurisdiction does not require us to collect KYC or AML for exchanges"? Where are you registered, by the way? Is there still a place on earth that doesn't require it? What happens if one day your jurisdiction orders you to implement KYC?
Find out why so many crypto exchanges have "Headquarters" in places like The Cayman Islands, Hong Kong, The Bahamas, Seychelles Island etc



OP a few misplaced links
1. About - Instead displays FAQs (https://vigorswap.io/about)
2. Terms of service -  I don't see any TOS, instead the link redirects to "about" which just has Questions.

How about indicating the fees a trader might incur?

Yes, most privacy exchanges are headquartered in these places especially around the Carribiean due to lax KYC laws, which lets them get legal recognition as body, mainly so they can trade as institutions with CEX's to balance there reserves.

terms link is https://vigorswap.io/terms

Fees are dynamic, depending on the popularity of the pair, usually around 0.5-1.0%
copper member
Activity: 2198
Merit: 1837
🌀 Cosmic Casino
Having a new privacy-centered exchange is always a welcome development in a market dominated by players strictly compliant with tight KYC policies. But I'm curious, your "jurisdiction does not require us to collect KYC or AML for exchanges"? Where are you registered, by the way? Is there still a place on earth that doesn't require it? What happens if one day your jurisdiction orders you to implement KYC?
Find out why so many crypto exchanges have "Headquarters" in places like The Cayman Islands, Hong Kong, The Bahamas, Seychelles Island etc



OP a few misplaced links
1. About - Instead displays FAQs (https://vigorswap.io/about)
2. Terms of service -  I don't see any TOS, instead the link redirects to "about" which just has Questions.

How about indicating the fees a trader might incur?
?
Activity: -
Merit: -
Having a new privacy-centered exchange is always a welcome development in a market dominated by players strictly compliant with tight KYC policies. But I'm curious, your "jurisdiction does not require us to collect KYC or AML for exchanges"? Where are you registered, by the way? Is there still a place on earth that doesn't require it? What happens if one day your jurisdiction orders you to implement KYC?

Are you sure you're the "first ever open source non custodial protocol to exchange Monero to Bitcoin"? Unstoppable Swap, for example, is also open-source and non-custodial.
Our company is officially registered in Belize similarly to other privacy exchanges, although this is just for the legal requirement and we do not physically operate our servers there, In the event that the climate in Belize becomes unfavorable to non KYC exchanges, we can relocate our company & register to another jurisdiction, without the fears of our servers being seized and so on, as they are not based where we are registered.

As for our upcoming protocol similarities to Unstoppable swap, the difference is our protocol will not be limited to BTC-XMR swaps, and can use liquidity from other non custodial exchange protocols and liquidity pools, and offer the ability to exchange to multiple networks (BTC, Ethereum, Litecoin, BCH,  Arbitrum, BSC, so on) & thousands of tokens on these networks. No download is required to use like Unstoppable (which makes it hard for new users to adopt it). The execution & transcribing of transactions takes place on the blockchain, and users exchanges are validated & pushed through JavaScript locally in browser.

Unstoppable would be beneficial to our protocol vice-versa, as there liquidity could become part of our non custodial pool for Monero.
legendary
Activity: 2576
Merit: 1860
Having a new privacy-centered exchange is always a welcome development in a market dominated by players strictly compliant with tight KYC policies. But I'm curious, your "jurisdiction does not require us to collect KYC or AML for exchanges"? Where are you registered, by the way? Is there still a place on earth that doesn't require it? What happens if one day your jurisdiction orders you to implement KYC?

Are you sure you're the "first ever open source non custodial protocol to exchange Monero to Bitcoin"? Unstoppable Swap, for example, is also open-source and non-custodial.
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Activity: -
Merit: -
Welcome to Bitcointalk, I tried to access your platform to give feedback and suggestions, but it was blocked by my AV and checking on Virustotal only one AV is blocking it out of 95 others AV and that one that's blocking it is Karspersky, it happens to be my AV.
Since this is an exchange, you would not want other users to prevent accessing it. It's better to fix this issue; its not good if an exchange is being blocked by a popular AV.

https://www.virustotal.com/gui/url/52540790672d1a38981e56bb016b6739f51420ff9bc4db593403eb8c87398e5f
Hi, Thanks for bringing that to attention, contacted Kaspersky support & it should be removed in the next 24 hours they said, apparently it was a false positive because we reported a few weeks ago a phishing link of our site to them & it confused the system to think all domains.
hero member
Activity: 3136
Merit: 579
Welcome to Bitcointalk, I tried to access your platform to give feedback and suggestions, but it was blocked by my AV and checking on Virustotal only one AV is blocking it out of 95 others AV and that one that's blocking it is Karspersky, it happens to be my AV.
Since this is an exchange, you would not want other users to prevent accessing it. It's better to fix this issue; its not good if an exchange is being blocked by a popular AV.

https://www.virustotal.com/gui/url/52540790672d1a38981e56bb016b6739f51420ff9bc4db593403eb8c87398e5f
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Trade a range of cryptocurrencies with VigorSwap securely and privately, Including Bitcoin, Tether, Monero & more. No hassle of personal information or verification's

Why choose VigorSwap?

  • Fast, Private & Anonymous swaps, No 3rd party tracking or analytics (Such as cloudflare or google)
  • No logs are kept, no IPs are logged, no locations banned.
  • Competitive rates and no hidden fees, exchanges take an average of 5 minutes.

VigorSwap is also producing the first ever open source non custodial protocol to exchange Monero to Bitcoin & other coins, set to be integrated in the coming months, which aims to radically change how Monero is exchanged, including a non custodial Monero liquidity pool that allows exchanges to share decentralized liquidity. Allowing for a trust-less way to exchange Monero similar to how Bitcoin currently can be using memo transactions.

See more in the whitepaper https://vigorswap.io/downloads/MoneroNonCustodialVigorswap.pdf

Links:
https://vigorswap.io/
Onion: zcprh72zq43743ywbjfxdav36ononq5nyutxrxwbfjzw2zu6cix5aoqd.onion


Contact:
Email: [email protected]
Email (Partners): [email protected]
Other contacts including Matrix, Simplex, Telegram are on our site.


We hope to see you use VigorSwap next time you are looking to exchange!
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