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The SwipeNode software allows a node to join and service the network, which will run with a minimum of four nodes. The only limitation to the number of nodes that can participate is set by the minimumBondAmount, which is the minimum amount of capital required to join. Nodes are not permissioned; any node that can bond the required amount of capital can be scheduled to churn in.
SwipeChain comes to consensus about events observed on external networks via witness transactions from nodes. Swap and stake logic is then applied to these finalised events. Each event causes a state change in SwipeChain, and some events generate an output transaction which require assets to be moved (outgoing swaps or bond/liquidity withdrawals). These output transactions are then batched, signed by a threshold signature scheme protocol and broadcast back to the respective external network. The final gas fee on the network is then accounted for and the transaction complete.
This is described as a "1-way state peg", where only state enters the system, derived from external networks. There are no pegged tokens or 2-way pegs, because they are not necessary. On-chain Bitcoin can be swapped with on-chain Ethereum in the time it takes to finalise the confirmed event.
All funds in the system are fully accounted for and can be audited. All logic is fully transparent.