Ethersweep.com Review – [Convert ERC-20 Tokens to Ethereum]

Ethersweep, hosted at Ethersweep.com, claims to provide the most convenient way to scan Ethereum wallets to convert ERC-20 tokens to Ethereum.

Launched in early 2018, Ethersweep offers a rapid, one click, zero fee solution that can allegedly convert your ERC-20 tokens to Ethereum in a simplistic 4 step process.

Opening their ERC-20 token conversion platform on a global level, cryptocurrency investors of all backgrounds and experience levels are said to benefit from the straightforward service.

To find out more about the Ethersweep offering, we invite you to read our unbiased review shared below.

What is Ethersweep?

Ethersweep provides an online service for cryptocurrency enthusiasts (specifically Ethereum wallet holders) who are looking to convert their ERC-20 tokens into Ethereum.

You see, many Ethereum holders are unaware that their Ethereum wallets contain what are referred to as ERC-20 tokens.

Sometimes ERC20 tokens, depending upon the type of ERC-20 tokens and volume, can amount to hundreds up to thousands of dollars in value.

Usually extracting and exchanging ERC-20 tokens is a tedious, technical process that results in disproportionate service fees for low value conversions.

In other words, traditionally speaking the conversion of ERC-20 tokens is not worth the hassle due to the complexity and time consumption usually exhibited by the conversion process.

However, according to Ethersweep, they have overcome this problem with their modern and easy to use solution.

What Are ERC-20 Tokens?

It is important to understand that Ethereum is a cryptocurrency and blockchain system that is based on the use of tokens which can be bought, traded, or sold.

These tokens can be used to represent a vast variety of digital assets such as IOUs, vouchers, or tangible goods.

In other words, these tokens can be considered as smart contracts that are then utilized in the Ethereum blockchain.

According to Investopedia, ERC-20 tokens are among the most significant token variants and the ERC-20 format is considered by many as the Gold Standard for asset tokenisation on the Ethereum blockchain. For that reason most Ethereum based IPO coin issuance has used the ERC-20 standard.

As of April 16th, 2019, there is said to be more than 181,000 ERC-20 compatible token types in existence on the main Ethereum network.

One of the characteristics making ERC-20 tokens such a powerhouse in the blockchain space comes from developers’ ability to accurately predict how new ERC-20 tokens will function within the Ethereum ecosystem prior to use.

Not only does this advantage drastically cut down project development time but also greatly improves efficiency later down the road.

As for the future of ERC-20 tokens, most experts agree ERC20 tokens will remain a leading smart token format and powerful mechanic for blockchain based transactable asset representation as the ecosystem continues to mature.

How does Ethersweep Work?

As we stated earlier, Ethersweep’s conversion process for a user can be broken down into a simple 4-step process.

1. Visit Official Ethersweep Site
2. Enter your Ethereum wallet address
3. Review your quote, if satisfied, enter your output wallet address (the crypto wallet where Ethersweep will send your ETH to), then enter the private key for the wallet they are sweeping in order to start the transaction
4. After Ethersweep sweeps your wallet, which is said to be an almost instantaneous process, they will exchange all supported ERC-20 tokens for Ethereum and output the ETH to your choose wallet.

According to Ethersweep, they currently accept around 97% of all major ERC-20 tokens.

No matter your experience level, Ethersweep presents itself as a valuable yet easy to use service.

Site Background

Ethersweep.com appears to have been registered on January 10th, 2018 through the GoDaddy, LLC registrar.

Relying upon a privacy package when registering their site, we are unable to see the entity who registered their domain although the site is set to expire in January of 2020.

According to SimilarWeb, Ethersweep.com reflected a Germany rank of 1,334,689 as of May 31st, 2019.

Who is Behind Ethersweep?

According to the footer of Ethersweep, Ethersweep is brought to you by Blockforensics.

To add, Blockfirensics is said to be part of G33K Holdings Ltd, an alleged UK tech holdings group.

G33K Holdings Ltd can be verified through a Beta.CompaniesHouse report when researching their registered Company Number 10358168.

According to their corporate profile, G33K Holdings Ltd. reflects the following office address: 33 Wrotham Road Wrotham Road, Borough Green, Sevenoaks, Kent, United Kingdom, TN15 8DD.

G33K Holdings Ltd. appears to be have been incorporated on September 2nd, 2016 while their Nature of Business is disclosed as Information technology consultancy activities.

Two officers can be found in affiliation with G33K Holdings Ltd. and they are as followed:

Director – Robert James Harlow

Director – Ryan Courtney Welmans

Both directors are listed with verifiable correspondence addresses, which we have elected not to publish.

Ethersweep FAQ

What happens to unsupported ERC-20 tokens?

Ethersweep provides users with the option to transfer some or all unsupported tokens to the specified output address.

What happens if I sweep a wallet containing Ethereum?

According to Ethersweep this is a common scenario.

Simply, Ethersweep transfers the ETH balance to the output address together with the funds from any converted ERC-20 tokens.

To add, Ethersweep empowers users by suggesting they remove ETH balances prior to sweeping a wallet, it also enables users to select which tokens they would like to convert and which to keep.

In essence Ethersweep offers a range of preferences when it comes to how and what to sweep from any given wallet.

What ERC-20 tokens does Ethersweep support?

Ethersweep currently supports 266 ERC-20 tokens (approximately 97% of ALL ERC-20 tokens that have any tangible value). On that basis, if an ERC-20 token can be valued in ETH it would appear Ethersweep is generally able convert it to ETH.

What happens if Ethersweep is hacked?

Ethersweep.com does not have user accounts nor do they store any user funds. Big tick.

While sweeping wallets, Ethersweep convert ERC-20 tokens to Ether in seconds, they then send that Ether to user specified output wallets, again within seconds.

According to Ethersweep.com, it is not possible for users to store balances on their systems and in the unlikely event of Ethersweep systems being compromised, no user information or funds are placed at risk.

Once ERC-20 tokens are converted, why aren’t they sent back to the same ETH wallet?

Users of the Ethersweep platform give Ethersweep the private key needed to sweep ERC20 tokens.

If Ethersweep outputs the resultant ETH to the same wallet then they would STILL have the private key to that wallet.

This goes against the principles in employment at Ethersweep.com.

Not to mention it is bad practice, Ethersweep doesn’t wasn’t to be in a position where they are required to store and dispose of thousands of high value private keys each day, that would essentially be putting a bullseye on their back.

From Ethersweep’s perspective, wallets are deemed burned once swept and all converted and non-converted funds are output to the user specified wallet that only you control, this ensures the safest way to operate for all parties.

Social Transparency

Ryan Welmans, Rob Harlow and Syra Marshall are disclosed as the Founders behind Ethersweep on their Team page.

Shared below are the entities, roles and social networks of the team behind Ethersweep:

Founder (Commercial) – Ryan Welmans (LinkedIn & Twitter)

Founder (Tech) – Rob Harlow (LinkedIn & Twitter)

Founder (Blockchain) – Syra Marshall (LinkedIn & Twitter)

Project Manager – Maja Ruzinovska (LinkedIn)

Project Coordinator – Bube Spasovska (LinkedIn)

Software Developer – Rejhan Fidovski (LinkedIn)

Software Developer – Bertan Amet (LinkedIn)

Marketing Executive – Sasho Janevski (LinkedIn)

Very seldom do we come across a cryptocurrency service provider that is as transparent as Ethersweep.com.

Is Ethersweep.com a Scam?

Ethersweep discloses verifiable ownership information while providing a valuable service so we do not believe Ethersweep to be a scam.

Ethersweep Review Conclusion

Overcoming what was once deemed a tedious process not worth the hassle, Ethersweep provides a modern solution for converting ERC20 tokens to ETH.

Disclosing an abundant sum of active operator information along with a corporate entity that reflects a clean track record, there should be little doubt to Ethersweep’s credibility.

If you are a crypto enthusiast with one or multiple Ethereum wallets then chances are you may have some ERC20 tokens of value in those wallets.

Considering the fact that Ethersweep is the only service provider that has been able to fill a sizable market gap in the cryptocurrency sector, we believe they are highly worth taking a look into.

Verdict: Ethersweep is NOT a Scam!

Site: Ethersweep.com

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