New features in the Sapiency App! Check out the details of our latest update. This time there are key features that many users were looking forward to! 😊
The most awaited feature in Sapiency is now available! From now on you can exchange tokens, add liquidity to them and impact their price. This is a major feature that is providing the first real utility to the SPCY tokens because in the current version it’s only possible to provide liquidity to your token using SPCY tokens.
There is also a chart available where you can see how the price of one token changes in relation to another. On creators profiles, you can see a small chart showing the price change of their tokens! ❤
From now on, users’ wallets display the token values of only those creators who have opened the market for them. They represent a real, objective value. If your favorite creators have not yet opened a market for their tokens — encourage them to do so!
If you are wondering why the creator’s tokens, which were previously worth, for example, $50, suddenly dropped to 0: the previous prices came from subjective, each time determined valuations from their sales (Crowdsales). Now, thanks to the SWAP function, their prices are objective and users’ wallets show the values of those tokens for which a market has been opened in the app.
We decided to prepare a separate article dedicated to the SWAP functionality in the app so that everyone understands how it works: Sapiency SWAP is here!
- Open market & add liquidity
Before you can SWAP other creators’ tokens, the issuer must open a market for his token and make it liquid. All these options can be found in the wallet in the app.
SPCY tokens are used to provide liquidity. Earmarked tokens can also be removed from the liquidity pool so they will return to our wallet. The more SPCY tokens a creator transfers for liquidity, the more liquid and stable the price of their tokens will be.
- Verified Creators
Since the beginning of Sapiency there was a need for a way to verify creators. It allows them to build credibility thus bring more value to their tokenomics. KYC (Know Your Customer) is a functionality that allows creators to verify their identity in the app. Passing verification will allow to launch Crowdsale above $1,000. Additionally, the profile will show that the creator is verified, increasing the reputation among the community!
Verification is a few simple steps:
- Select ‘Verification’ in your profile settings.
2. The welcome screen will appear. Start your verification — select your language. The available choices are:
English, Spanish, Russian, French, Vietnamese, Chinese, Polish, Japanese, Korean, Italian, German, Portuguese, Thai, Dutch, Lithuanian, Latvian and Danish.
3. Choose a document for verification — this can be an ID card or passport. Prepare your document and continue.
4. Prepare your identity document for verification. You can take photos of both sides or upload them from the photo gallery on your device.
5. Take photographs of your document as required. The photos must be clear, in good lighting and have to fill the frame space correctly. Don’t cover any parts of the document.
6. Proceed with verification of your identity by recording a short video according to the instructions.
Once you have completed the steps and ensured that the video is recorded as instructed.
Go back to ‘Verification’ in Settings to see the status of your verification. If it is ‘Declined’ you can start the procedure again. If the verification goes successfully, you will see a orange mark in the creator’s profile.
- Post & comment translation
In the new version, we have also added the option to translate posts and comments into many different languages! In the translation settings, you can select the language into which you want the text to be automatically translated. This will make it easier for our international community to communicate within the app!
We hope you enjoy the new version of the app! If you have any suggestions about it — join our group on Telegram, where we discuss the development of our project. Follow us on our social media to stay updated!