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Author Topic: SwiftCash - Decentralized Governance and Economy  (Read 1024 times)
msg768
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November 03, 2018, 04:12:40 AM
Last edit: May 17, 2019, 01:35:32 PM by msg768
 #1

Introducing SwiftCash v2.0.0
Decentralized Governance & Economy
A Community Diriven Cryptocurrency & Economy

Whitepaper: https://www.swiftcash.cc/assets/whitepaper.pdf

Introduction
SwiftCash is an open-source, self-funded system of decentralized governance and economy born out of a desire to create a digital store of value with a consistent and stable growth model, as well as a peer-to-peer cryptocurrency for daily transactional use. SwiftCash uses the revolutionary Proof-of-Stake algorithm to reach consensus and allows up to 70% of future block rewards to be spent on proposals that are embraced by the community — stakeholders. Therefore, 30% of maximum monthly inflation goes directly to stakeholders who help secure the network, and whether the rest is mined or how it’s spent will also be decided by the stakeholders.

The revolutionary Proof-of-Stake algorithm offers a solution to the problem posed by the exponential increase in energy consumed by Bitcoin, and other Proof-of-Work cryptocurrencies. Proof-of-Work mining is environmentally unsustainable due to the electricity used by high-powered mining hardware and anyone with 51% hash power can double spend. SwiftCash utilizes the green protocol, an energy-efficient Proof-of-Stake algorithm, inspired by Bitcoin Green, and originally developed by Peercoin developers, can be mined on any computer, and will never require specialized mining equipment. The green protocol offers a simple solution to sustainability issues posed by Bitcoin and other Proof-of-Work cryptocurrencies, and provides a faster, more scalable blockchain that is better suited for daily transactional use.

Mining - The superiority of PoS over PoW
A lot of Proof-of-Work cryptocurrencies have come under what is known as 51% attacks, since their invention. These attacks are possible only when the exploiter can acquire more than half of the network’s hash power, often by renting this power from online businesses such as nicehash. One common solution to these attacks on Proof-of-Work networks is to centralize the mining of blocks. In this method, miners are required to sign each block with a private key that is issued by central authorities, such as the developers. Proof-of-Stake mining on the other hand, which is also known as staking, is fully decentralized. Anyone with a stake in the blockchain can try to find and register new blocks, and a 51% attack is going to require the attacker to acquire 51% of the active stake that is online and is trying to find new blocks.

Therefore, the more stakeholders participate in mining/staking, the more secure the network becomes, as the cost of an attack increases. This is reflected in what is known as the difficulty. With Proof-of-Work mining, the attackers can invest in a strong mining infrastructure once, and use it to attack as many Proof-of-Work blockchains as they want, whereas with Proof-of-Stake mining, also known as staking or minting, the attackers will have to invest in each blockchain individually, and each time they attack a blockchain, they also attack their own investment! Another thing that makes Proof-of-Stake mining a better solution, is saving money on energy costs and being friendly to the environment. To give an example of how extraordinary the difference is, it might be noteworthy to point out that Bitcoin mining for example, at the time of writing this, consumes more electricity a year than the whole country of Ireland! And last but not least, the revolutionary Proof-of-Stake algorithm gives the inflation to stakeholders rather than third-party miners, who may or may not be invested in the blockchain.

Technical Specifications
Block Time: 1 minute
Difficulty Adjustment Timespan: 40 blocks
Difficulty Adjustment Interval: Every block
Algorithm: Keccak
Maximum Supply: 5,000,000,000
Maximum Block Rewards: (20×200×525600)÷(20×525600+blockHeight)
Minimum Block Rewards: (20×60×525600)÷(20×525600+blockHeight)
Distribution: SwiftNodes: 20%, PoS Miners; 10%, SwiftRewards: 10%, Budget: 60%
Proposal Fee: 100 SWIFT
Budget Fee: 10 SWIFT


Initial Distribution
SwiftCash has a unique initial distribution which was originally forkdrops on most SmartCash addresses, with filters targeting problematic ones such as huge amounts of centralized budgets controlled by the hives or core teams, and their direct down streams, as well as known exchanges, hackers and exploiters. This let us start with appx. 300 million coins out of which only 1 million was set aside for funding the initial development. For more information about the filtering criterias used, please refer to the first edition of the whitepaper.

Almost 14 days after launch, we realized a known SmartCash exploiter had more than 1000 addresses with over 16 million coins in forkdrops. The community acted quickly and through a fork/reset, we managed to remove these coins from circulation. Appx. 3 months after this fork/reset, we noticed that more than 75% of the forkdrops had not yet been touched. This was having a tremendous effect on the inflation of claimed forkdrops, which were far more than what we had originally anticipated, due to more than 75% of the supply not participating. A proposal was introduced, and active stakeholders voted to put a deadline for forkdrops to be claimed and to reset the chain at the end of the deadline, and to remove unclaimed forkdrops, and to also slash the inflation by 60%. The final fork/reset caused us to start with appx. 78 million coins, which was less than 2% of the maximum supply.

Decentralized Governance
SwiftCash uses a decentralized system of governance to reach consensus about the direction and scope of development, support and outreach activities. Higher stake will have higher voting power and so this way, all key decisions will ultimately be made by active stakeholders. In order to be able to vote, stakeholders need to setup and maintain a SwiftNode, also known as a Masternode. SwiftNodes require 50K SWIFT, plus a VPS, as well as a unique IPv4 address.

Our vision of governance is that proposals can even be submitted to hard fork the main chain, and if enough stakeholders vote yes, who should stand in their way? After all, the blockchain belongs to stakeholders and therefore, it is crucial for stakeholders to continue to be actively involved in key decisions by voting yes, no or abstain to proposals. Unlike some projects, we do not have any hard-coded address that is going to continually get paid, no matter what. Each payment from the community treasuries needs approval from stakeholders through proposals and onchain voting. That includes the developers, admins and anyone else involved in the community. Everyone has to go through the same process to get paid anything from the treasuries. Stakeholders will have the final say at the end of the day, and will hire and fire contractors as pleased.

A maximum of 70% of our theoretical block rewards are set aside for budgeting, out of which 10% are set aside for SwiftRewards. If the total budget is used every month, maximum supply of 5 billion coins will reach in about 185 years. However, we think this is an extremely unlikely scenario. The more likely scenario will be that at least about 30-40% of the theoretical block rewards will turn into future reserves, which means that it will take us more than 500 years to run out of block rewards, and rely on fees and donations only.

Proposals & Budgets
The cost for submitting a proposal is 100 SWIFT and once a proposal passes, 10 SWIFT will be required to finalize the budget in the blockchain, so that passed proposals can get paid in the next superblock. Superblocks are a few blocks, in which proposals that have passed get paid, and this happens every 43,200 block or appx. every month. Proposals need to be on chain for at least 10 days before they can be finalized and get paid.

Finalization happens 2 days before each superblock; so deadline for submission of any proposal to get paid from a particular superblock is 17,280 blocks or appx. 12 days before each superblock. Each proposal can only ask for a maximum of 20% of the maximum monthly budget. In case there are more winning proposals than the maximum available budget, proposals with more votes will be finalized and get paid. Each proposal will need a minimum of 10% of the network in yes votes(Yeas), minus no votes(Nays), in order to pass. That means if there are 1,000 SwiftNodes, a proposal will need at least 100 Yeas vs. 0 Nays, or 150 Yeas vs. 50 Nays in case of a 20% participation rate. Therefore, the lower the participation rate, the more the required passing point. This means that in case of 100% participation, required passing point will be 55%, whereas in case of 10% participation, which is the minimum participation rate required for any proposal to pass, required passing point will be 100%. That is to say if only 10% participate, everyone who participates must vote yes for the proposal to pass.

Due to the nature of continuously diminishing block rewards and its effect on the markets, only a maximum of 3 payments per proposal can be asked for. Longer-term proposals will need to be re-submitted every 3 months; votes can be updated one hour after each submission, and that includes votes on proposals that have already passed and got paid once or more. Furthermore, a URL must be attached while submitting a proposal, which should include the details of the proposal. The recommended platform for the details of proposals and also any pre-proposal is the STEEM blockchain which is not only independent from SwiftCash, but also decentralized and resistant towards censorship. Recommended hashtags for SwiftCash proposals and pre-proposals are #swiftproposal and #swiftpreproposal respectively.

SwiftRewards — Beating the Bears
The idea behind SwiftRewards is a way to not only help stabilize the price, but to also reward long-term holders, in case price depreciates. The more price depreciates, the more rewards would holders receive. If however price does not depreciate, there would be no airdrops on holders. Minimum required balance to be eligible for SwiftRewards will be 1,000 SWIFT, and any outgoing transaction from an address during any snapshot will disqualify that address, unless it’s a Proof-of-Stake transaction, or all of the value taken, is returned to the address in the same transaction. In this case, up to 0.005 SWIFT is covered for fees and if the transaction fee is greater than 0.005 SWIFT, it can be covered via an extra input from an address that is already disqualified. This is pretty useful if a SwiftNode owner wants to stake the rewards of their SwiftNode in one collateral. Last but not least, in order to filter zombie addresses, only addresses are rewarded that have had at least one valid transaction during the specified snapshot. This can happen automatically, in case the address stakes or has an active SwiftNode collateral during the snapshot. There will be 4 tiers for SwiftRewards:

Tier 1: Every 43,800 block - appx. 1 month
Tier 2: Every 131,400 block - appx. 3 months
Tier 3: Every 262,800 block - appx. 6 months
Tier 4: Every 525,600 block - appx. 12 months

As a result, there would be one possible airdrop each month, two possible airdrops every three months, three possible airdrops every six months and four possible airdrops every twelve months. As mentioned above, those who hold longer, would be rewarded more, if price depreciates; and the more price depreciates, the more rewards will be dropped on holders! These airdrops will be done by community ambassadors via a multisig address and the required funds and elected ambassadors will need to gain approval from stakeholders via a proposal. SwiftRewards will be a maximum of 4%, 3%, 2% and 1% of block rewards for tier 1, 2, 3 and 4 respectively - i.e. a maximum total of 10% of future block rewards.

For tier 1, each 1% drop in the average price from the start of the snapshot to the end, results in 0.08% of future block rewards being dropped on holders. First snapshot for each tier begins one snapshot late to make things fair to the future adopters. That means, first snapshot for tier 1 will start at block 43,800 while the first snapshot for tier 4 will start at block 525,600. To give an example, if the average price is recorded as 0.10 USD at block 43,800 and then becomes 0.075 USD by block 87,600, holders will receive 2% of the block rewards during that period. That is 25 times 0.08% due to 25% drop in the average price. Price drops of more than 50% will not affect the amount of airdrop, since maximum amount of available coins to airdrop will be reached.

Block Rewards & Inflation
Block rewards are set to be only 15 SWIFT per block up to block 10,000. This is to make the launch fair and give the community about one week to set up their wallets for staking and/or servers for SwiftNodes. From block 10,000 rewards will start with 200 SWIFT per block theoretically, but only 30% of this amount will be mined every block, which will be split between SwiftNodoes and PoS miners, with a ratio of 2 to 1. The rest of the theoretical block rewards are set aside for budgeting, and will only be mined on demand via proposals, should enough stakeholders or SwiftNode owners to be specific, vote yes.

Block rewards are set to fall gradually to zero and the gradual curve is very slow and becomes even slower as time goes by. It will take 20 years for block rewards to halve for the first time; second halving will take an additional 40 years, third halving will take an additional 80 years, and so on and on. This gives us a maximum inflation of appx. 120% in the first year, 54% in the second year, and so forth. Maximum inflation however is most likely not going to occur due to unused treasuries which turn into future reserves.

Furthermore, as an example, Bitcoin has mined over 80% of its maximum supply in less than 12 years, and SmartCash has mined about 40% of its maximum supply within 18 months, while if we consistently use the whole budget, which is very unlikely as explained above, it is going to take us 30 years to reach 40% of our maximum supply! That is great news for future adopters and we do this because we have a long-term goal; what we want is a decentralized cryptocurrency and economy to benefit everyone in the world in decades to come, not a pump and dump ponzi scheme. Having said that, the following chart depicts the annual inflation of SwiftCash within the first 17 years, with the assumption that 30% of the theoretical block rewards will turn into future reserves due to unused treasuries. As depicted below, annual inflation in the first year would be about 90%, and would then reach about 2% in the 17th year.



SwiftCash monetary base with the same assumption that 30% of the theoretical block rewards should turn into future reserves, will look like below. As it can be seen, it will take us more than 500 years to reach the maximum supply of 5 billion coins.



In order to get an insight into how slow our block rewards are going to decrease, we can have a look at the following chart which depicts the SwiftNode rewards in the first 60 years. As it can be seen, SwiftNodes will initially get about 40 SWIFT per block, and by the end of the 60th year, they will be getting about 10 SWIFT per block. The extremely slow curve is designed by intention to not only stabilize the price as we grow, but to also decentralize the distribution of block rewards by making inflation fairer to future adopters, compared to most, if not all cryptocurrencies out there.



Website & Social Media:
Website: https://swiftcash.cc
Facebook: https://www.facebook.com/swiftcashcc
Github: https://github.com/swiftcashproject
Twitter: https://twitter.com/swiftcashcc
Telegram: https://t.me/swiftcashcc
Discord: http://discord.swiftcash.cc
STEEM: https://steemit.com/@swiftcash

Relevant Tools:
Block Explorer: https://explorer.swiftcash.cc/
Wallets(Windows, Mac, and Linux): https://swiftcash.cc/wallets.html
Web/Mobile Wallet: https://wallet.swiftcash.cc/
Paper wallet: https://address.swiftcash.cc/
Coingecko: https://www.coingecko.com/en/coins/swiftcash
MNTrend: https://mntrend.com/en/currencies/SWIFT
MasterNodeCap: https://masternodecap.com/coins/SWIFT
MNO: https://masternodes.online/currencies/SWIFT/

Exchanges:
https://wallet.escodex.com/market/ESCODEX.SWIFT_ESCODEX.BTC
https://crex24.com/exchange/SWIFT-BTC
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1pool.pw
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November 03, 2018, 04:18:40 AM
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Pool reserved
msg768
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November 03, 2018, 04:25:59 AM
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Pool reserved

Not quite sure what you mean.
SwiftCash is based on the PoS algorithm so there won't be any traditional mining and therefore no pools.
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November 03, 2018, 04:43:04 AM
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no mining no future, pos is the lod mode,guys
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November 03, 2018, 04:54:36 AM
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Sorry, i dont read all post)
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November 03, 2018, 05:10:19 AM
Last edit: November 03, 2018, 06:00:58 AM by msg768
 #6

no mining no future, pos is the lod mode,guys

It's not that simple. Our initial supply is on the majority of a very strong community that made a lot of noise for more than a year. PoW doesn't work anymore. It may continue to work with early coins like BTC and LTC but new coins can't secure themselves against 51% attacks without centralizing mining which is what smartcash has done too but we are 100% against centralization of anything. And I'd rather people invest their money in the blockchain itself than in graphic cards or asics, and remain friendly to the environment by using a lot less energy while doing the same job that traditional miners do.
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November 04, 2018, 11:34:00 PM
 #7

Introducing SwiftCash
Decentralized Governance & Economy
The SplitFork of SmartCash That Gives Power Back To The Community


Introduction
SwiftCash is the SplitFork of SmartCash as of block 633,000 - appx. 1st of September 2018 09:53:00 GMT. Driven by strong divisions between the community and the core team(SmartHives), about 80% of the total supply which was believed to be mostly controlled or owned by the core team(SmartHives), exchanges, hackers or exploiters, was burned which then turned into a unique experience with an amazing initial decentralization of power, supply ownership, as well as inflation. SwiftCash is an open-source, decentralized, peer-to-peer transactional cryptocurrency which also offers a solution to the problem posed by the exponential increase in energy consumed by Bitcoin, and other Proof-of-Work cryptocurrencies. Proof-of-Work mining is environmentally unsustainable due to the electricity used by high-powered mining hardware and anyone with 51% hash power can control the network and double spend. SwiftCash utilizes the Green Protocol, an energy efficient Proof-of-Stake algorithm inspired by Bitcoin Green, can be mined on any computer, and will never require specialized mining equipment. The Green Protocol offers a simple solution to Bitcoin sustainability issues and provides a faster, more scalable blockchain that is better suited for daily transactional use.

Mining - PoW vs. PoS
One common solution to 51% attacks on Proof-of-Work networks is to centralize mining which is a method adopted also by SmartCash after the chain was hacked over three times. In this method, miners are required to sign the blocks with a private key that is issued by central authorities, such as the developers. This is the main reason why we could not hard fork the main chain, apart from the fact that the core team controlled the majority of the total supply as well as the budgets. With SwiftCash however, mining will be based on the Proof-of-Stake algorithm, and therefore fully decentralized. Anyone with a stake in the blockchain can try mining new blocks, and a 51% attack is going to require the attacker to buy or own 51% of the total stake, which is being used to mine new blocks. Therefore, the more stakeholders participate in mining, the more secure the network becomes, as the cost of an attack increases. With Proof-of-Work mining however, the attackers can invest in a strong mining infrastructure once, and use it to attack as many PoW blockchains as they want, whereas with PoS mining, the attackers will have to invest in each blockchain individually, and each time they attack a blockchain, they also attack their own investment! Another thing that makes PoS mining a better solution is saving on energy and being friendly to the environment. To give an example of how extraordinary the difference is, it might be noteworthy to point out that bitcoin mining for example consumes more electricity a year than the whole country of Ireland! This is while PoS mining does not depend on hash power and therefore, only uses as much electricity as any average computer or phone does.

Technical Specifications
Block Time: 1 minute
Difficulty Adjustment Timespan: 40 blocks
Difficulty Adjustment Interval: 1 block
Algorithm: Keccak
Max Supply: 5,000,000,000
Theoretical Block Rewards: floor(0.5 + 4000 * 525600) / (8*525600 + nHeight - 10000 + 1)
Proposal Fee: 100 SWIFT
Budget Fee: 10 SWIFT
Distribution:
1. SwiftNodes: 20%
2. PoS Miners: 10%
3. SwiftRewards: 10%
4. Budgeting: 60%

Forkdrops
The following rules were used to burn almost half of the circulating supply, and more than 80% of the total supply of SmartCash, as of block 633,000. Some of these rules have overlaps and therefore, the total amount that was burned is less than the sum of the following amounts. Rule number one is a no-brainer, and with this rule, no exceptions were made. Plus the snapshot date was chosen on a date that no one knew about this fork, including those who decided to fork away later in September. The majority of the addresses in rule number two were either known exchanges or linked to hives, which is why the 500K cap seemed like a good option to filter the few others which may also be indirectly linked to whales, exchanges and hives - one exception prior to launch was made to this rule after a community member contacted us during the dispute period. Rule number three, once again had a lot of overlaps with other rules, which is why 2M seemed like a good cap to choose, in order to filter the few others which may also be indirectly linked to exchanges and hives. Rule number four was meant to target exchanges, and also the SmartNode exploiter(s). 200 transactions in one address was highly uncommon and most addresses had a maximum of 80 transactions, including SmartNodes that had been running from the very start. Rule number five seemed like a good cap for abandoned change addresses. Rule number six was mostly applicable to Cryptopia and HitBTC’s known addresses which again had significant overlaps with the other rules. Rule number seven was decided by the majority of the community involved with the fork, as it was believed that Ben’s proposal was mostly voted yes by the core team(SmartHives) rather than the community. It might be noteworthy that rule number seven also had about 11M overlap with the other rules. Some exceptions with this rule were made after a few community members reached out to us during the dispute period. Rule number eight would again be a no-brainer, as those few addresses were controlled by SmartHive coordinators.

1. Any address directly paid from any hive - appx 220M coins
2. Any address with a balance greater than 500K - appx 120M coins
3. Any address with total received greater than 2M - appx 240M coins
4. Any address with more than 200 transactions - appx 23M coins
5. Any address with a balance less than 1 smartcash - appx 2500 coins
6. Known exchanges and pools - appx 22M coins
7. Any address that has voted yes to Ben Swann’s proposal - appx 16M coins
8. All the hives and community budget - appx 1.2B coins

Objections
After finalizing the list, an announcement was made on steemit about how users can still settle any dispute they wish with the community after launch via proposals and the new onchain governance. It is obvious and undeniable that these rules have not affected the majority of the community, and any accusation about the rules or the date of snapshot favoring those in charge of the snapshot and forkdrops falls extremely short, after looking into Ben Swann’s proposal. A proposal that the organizers and supporters of this fork were radically against only had about 9M no votes. More than 2M of those votes are also blacklisted due to some of the rules mentioned above, most of which are directly linked to the core team(SmartHives), yet no exceptions were made for those either, and if assuming the remaining of appx. 7M coins are somehow intentionally whitelisted with such a design, which is highly unlikely to even be true, it would still be nothing compared to approximately 300M initial supply via the forkdrops, which further establishes the initial claim that the new chain is radically decentralized in terms of ownership of the circulating supply.

Onchain Governance
Manual handling of the treasuries by SmartCash founders might be one of the main reasons why things went so wrong. The main excuse for not adopting onchain governance was to allow every coin to have a voice over proposals. This was to combat onchain voting with MasterNodes in blockchains like Dash, where a MasterNode would cost over 200K USD. With SwiftCash however, collaterals for SwiftNodes will require 20K SWIFT, and owning a SwiftNode would be extremely cheap compared to coins like Dash and PIVX. The 20K collateral was chosen by the community who was involved in this fork, and is of course like most things open to change in the future. Our vision of onchain governance is that proposals can even be submitted to hard fork the main chain, and if enough stakeholders vote yes, who should stand in their way? After all, the blockchain belongs to the stakeholders. This was supposed to be the vision of SmartCash as well, which has taken a completely different path. To make sure that does not happen with SwiftCash, we decided that there should be no core team, teams or hives but rather individual contractors selected by the community via onchain voting and governance. There is no hard-coded address that is going to continually get paid no matter what. Each payment will need to be approved by the community through proposals and onchain voting and governance. That includes the developers, admins and anyone else involved in the community. Everyone has to go through the same process to get paid anything from the budget. Stakeholders will have the final say at the end of the day and will hire and fire people as pleased. The only exception to this design is made for the initial development costs where a contractor has accepted to give us a custom codebase for 1M coins in the new chain, as without the core wallet, there is no way to have a chain to begin with, let alone onchain voting and governance. Everyone else, including those who have been contributing to the project before launch will need to submit a proposal to get reimbursed for their time and any costs, should the community vote yes. Having said that, a maximum of 70% of our theoretical block rewards are set aside for budgeting, out of which 10% are set aside for SwiftRewards. If the total budget is used every month, maximum supply will reach in about 70 years. However, given our experience with SmartCash, this is an extremely unlikely scenario. The more likely scenario will be that about 30-40% of the block rewards will not be used which means that it will take us much longer to run out of block rewards, and rely on fees and donations only.

Proposals & Budgets
The cost for submitting a proposal is 100 SWIFT and once a proposal passes, 10 SWIFT will be required to finalize the budget in the blockchain, so that it can get paid in the next super block. Superblocks are a few blocks, in which proposals that have passed get paid, and this happens every 43800 block or appx. every month. Proposals need to be on chain for at least 10 days before they can be finalized and get paid. Each proposal can only ask for a maximum of 20% of the available monthly budget. In case there are more winning proposals than the maximum available budget, proposals with more votes will be finalized and get paid. Each proposal will need a minimum of 10% of the network in yes votes minus no votes, in order to pass. That means if there are 10,000 SwiftNodes, a proposal will need at least 1000 yes votes minus no votes, such as 1500 yes votes vs. 500 no votes in case of a 20% participation rate. Therefore, the lower the participation rate, the more the required passing point. This means that in case of 100% participation, required passing point will be 55%, whereas in case of 10% participation rate, which is the minimum participation rate required for any proposal to pass, required passing point will be 100%. Another rule for participation rate is that each proposal will need to be within 10% of the maximum participation rate in order to pass. That is if the maximum participation rate at any given time is 50%, any proposal with less than 40% participation rate will not pass. Due to the nature of continuously diminishing block rewards and its effect on the markets, only a maximum of 3 payments per proposal can be asked for. Longer-term proposals will need to re-submit their proposal every 3 months. Last but not least, a minimum of 100 votes is required for any proposal to pass, and votes can be updated one hour after each submission, and that includes votes on proposals that have already passed and got paid once or more. Furthermore, a URL must be attached while submitting a proposal, which should include the details of the proposal. The recommended platform for the details of proposals and also any pre-proposal is the STEEM blockchain which is not only independent from SwiftCash, but also decentralized and resistant towards censorship. Recommended hashtags for SwiftCash proposals and pre-proposals are #swiftproposal and #swiftpreproposal respectively.

SwiftRewards
The idea behind SwiftRewards will be a way to not only help stabilize the price, but to also reward long term holders, in case price depreciates. The more price depreciates, the more rewards would holders receive. If however price does not depreciate, there would be no airdrops on holders. Minimum required balance to be eligible for SwiftRewards will be 1000 SWIFT, and any outgoing transaction from an address during any snapshot will disqualify that address, unless it’s a PoS transaction where more amount is returned to the address in the same transaction. Given the initial design, there will be 4 tiers for SwiftRewards:

1. Tier 1: Every 43,800 block - appx. 1 month
2. Tier 2: Every 131,400 block - appx. 3 months
3. Tier 3: Every 262,800 block - appx. 6 months
4. Tier 4: Every 525,600 block - appx. 12 months

Given the initial design, there would be one possible airdrop each month, two possible airdrops every three months, three possible airdrops every six months and four possible airdrops every twelve months. As mentioned above, those who hold longer would be rewarded more if price depreciates and the more price depreciates, the more rewards will be dropped on holders! This method would help stabilize the price by encouraging stakeholders to hold in bear markets and to sell in bull markets. SwiftRewards will initially be done manually by developers and the required funds will need approval from the community via a proposal. But the process will be later coded into the blockchain, and will be done automatically with the help of SwiftNodes. SwiftRewards will be a maximum of 4%, 3%, 2% and 1% of block rewards for tier 1, 2, 3 and 4 respectively - i.e. a maximum total of 10% of the block rewards. For tier 1, each 5% drop in the average price from the start of the snapshot to the end, results in 0.4% of block rewards being dropped on holders. First snapshot for each tier begins one snapshot late to make things fair to the future adopters. That means, first snapshot for tier 1 will start at block 43,800 while the first snapshot for tier 4 will start at block 525,600. To give an example, if the average price is recorded as 0.10 USD at block 43,800 and then becomes 0.075 USD by block 87,600, holders will receive 2% of the block rewards during that period. That is 5 times 0.4% due to 25% drop in the average price. Price drops of more than 50% will not affect the amount of airdrop, since maximum amount of available coins to airdrop will be reached.

Block Rewards & Inflation
As explained above, SwiftCash launches with appx. 300M coins dropped on most SmartCash holders. Block rewards are set to be only 10 SWIFT per block up to block 10,000. This is to make the launch fair and give the community about one week to set up their wallets for mining and/or servers for SwiftNodes. From block 10,000 rewards will start with 500 coins per block theoretically, but only 30% of this amount will be mined every block which will be split between SwiftNodoes and PoS miners with a ratio of 2 to 1. The rest of the theoretical block rewards are set aside for budgeting, and will only be mined on demand via proposals, should enough stakeholders or SwiftNode owners to be specific, vote yes. Block rewards are set to fall gradually to zero and the gradual curve is very slow and becomes even slower as time goes by. It will take 8 years for block rewards to halve; second halving will take 16 years, third halving will take 32 years, and so on and on. This gives us a maximum inflation of appx. 80% in the first year, 40% the second year and so on and on. Maximum inflation however is most likely not going to occur due to unused treasuries which can then turn into future reserves, and so this way, it will take us longer to run out of block rewards and solely depend on fees and donations. If maximum inflation is reached every month, blockchain will run out of block rewards within appx. 70 years and by then, the maximum supply of 5,000,000,000 coins will be reached. However, our experience with SmartCash shows that about 40-50% of the treasuries will remain unused which in our case will turn into future reserves; that means it can take us about 200+ years to run out of block rewards. Furthermore, as an example, bitcoin has mined over 80% of its maximum supply in less than 12 years, and SmartCash has mined about 40% of its maximum supply within 18 months, while if we consistently use the whole budget, which is very unlikely as explained above, will have mined less than 40% of the maximum supply within 12 years! That is great news for future adopters and we do this because we have a long-term goal; what we want is a decentralized cryptocurrency to benefit everyone in the world, not another pump and dump ponzi scheme. Having said that, the following chart depicts the inflation of SwiftCash within the first 12 years, with the assumption that 30% of the block rewards will turn into future reserves due to unused treasuries. As depicted below, yearly inflation in this case would start with about 55%, and would then reach 4% in 12 years.



In order to get an insight into how slow block rewards will reduce, we can have a look at the following chart which depicts the block rewards for SwiftNodes within the first 12 years. As it can be seen, SwiftNodes will initially get about 100 SWIFT per block, and by the end of the 12th year, they will be getting about 40 SWIFT per block. The slow curve is designed by intention to not only stabilize the price as we grow, but to also decentralize the distribution of block rewards by making inflation fairer to future adopters compared to most, if not all cryptocurrencies out there. SwiftNodes will be used for instant locks via swift transactions - also called SwiftTX or InstantPay - which will allow users who use this option to rely on these transactions before they are even mined yet. SwiftNodes will also secure the treasuries, help the community reach consensus via onchain voting, and help mine budgets on demand via onchain governance. Each SwiftNode will be secured with a 20,000 SWIFT collateral, and a unique IPv4 address that will be required to run a full node on port 8544.



WEBSITE: http://swiftcash.org/ [still under construction]
EXPLORER: http://explorer.swiftcash.cc/ [still under construction]
STEEM: https://busy.org/@swiftcash
DISCORD: http://discord.swiftcash.cc
TWITTER: https://twitter.com/swiftcashcc
GITHUB: https://github.com/swiftcashproject/swiftcash
mrmetech
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November 08, 2018, 06:34:28 AM
 #8

Reserved

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November 24, 2018, 11:51:48 PM
 #9

Now trading on Escodex:
https://wallet.escodex.com/market/ESCODEX.SWIFT_ESCODEX.BTC
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November 25, 2018, 12:58:46 AM
 #10

You can also trade SWIFT directly against SmartCash(SMART) tokens issued by crypto-bridge in the following market. However, you can only deposit and withdraw SMART with crypto-bridge. You can also only deposit and withdraw SWIFT with Escodex. You can however use the same account with either cryptobridge or escodex to login on both platforms since they both work on top of the bitshares blockchain. https://wallet.escodex.com/market/ESCODEX.SWIFT_BRIDGE.SMART
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November 26, 2018, 01:53:40 AM
 #11

Proof-of-Phone Mining on Discord [Trial]
Invite link: http://miner.swiftcash.cc
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November 26, 2018, 02:05:39 AM
 #12

Good initiative for airdroping coins to newbies  Smiley
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November 27, 2018, 12:26:05 PM
 #13

SwiftCash is now listed on coingecko:

https://www.coingecko.com/en/coins/swiftcash
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December 13, 2018, 03:54:01 PM
 #14

Mobile mining via Discord has now officially launched. All you have to do is join http://miner.swiftcash.cc/ , sign up if you don't have an account already, verify your phone number, and choose a lucky avatar! Retweet the following tweet for a chance to win 1000 SWIFT.  Roll Eyes

https://twitter.com/swiftcashcc/status/1073188064539828224

HAPPY MINING!  Wink
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December 19, 2018, 12:08:43 PM
 #15

The addresses eligible for our first possible airdrop of swiftrewards are listed here (https://explorer.swiftcash.cc/rewards-1.txt). This list is as of now and it can both grow if zombies wake up or shrink if the current addresses disqualify. The end of the first snapshot is block 87,600. Total amount of SWIFT eligible as of now is appx. 34,460,538. Maximum amount of the first possible airdrop is appx. 846,992 SWIFT depending on the price action. That leaves us with a possible 2.4% ROI as of now, for our first snapshot ever!
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December 26, 2018, 10:37:04 AM
 #16

Hi guys
Right now 5 SWIFT is mined on discord every block/minute! Plan is to reduce this by 0.25 SWIFT every month, right after the super block. This means that rewards are going to become zero in 21 months!
Take the opportunity before it's too late! It's Free!!
https://i.imgur.com/kNOihrb.jpg

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December 29, 2018, 02:23:39 AM
 #17

SwiftCash v1.0.1 is now out and it's not a mandatory update but recommended esp. if you want to be able to vote on proposals straight from the qt wallet! https://twitter.com/swiftcashcc/status/1077898086951731200
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December 29, 2018, 04:16:19 AM
 #18

Mobile mining via Discord has now officially launched. All you have to do is join http://miner.swiftcash.cc/ , sign up if you don't have an account already, verify your phone number, and choose a lucky avatar! Retweet the following tweet for a chance to win 1000 SWIFT.  Roll Eyes

https://twitter.com/swiftcashcc/status/1073188064539828224

HAPPY MINING!  Wink


that's not mining, it's just airdrop... Sad

msg768
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December 29, 2018, 12:33:13 PM
 #19

Mobile mining via Discord has now officially launched. All you have to do is join http://miner.swiftcash.cc/ , sign up if you don't have an account already, verify your phone number, and choose a lucky avatar! Retweet the following tweet for a chance to win 1000 SWIFT.  Roll Eyes

https://twitter.com/swiftcashcc/status/1073188064539828224

HAPPY MINING!  Wink


that's not mining, it's just airdrop... Sad

Mining doesn't have just one definition. I'm guessing the definition of mining you wanna enforce everywhere is the traditional definition which usually applies to the proof-of-work algorithm. Have you been on steemit for example? More than 70% of the inflation goes to bloggers and it's called proof-of-brain mining. What we do on discord could be called proof-of-luck mining. It's not an airdrop by any stretch. Airdrops are usually distributed equally among participants and do not depend on any sort of hash. Try to think outside the traditional box of mining and you'll see what I mean Wink
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December 29, 2018, 12:35:44 PM
 #20

Our mobile-friendy and radically easy to use web-wallet is now live! It's 100% open-source with client-side signatures. Your private key will never leave the browser! Don't forget to vote yes to the proposal if you love this as much as I do! https://wallet.swiftcash.cc/ - please keep in mind that the app is running straight from github and can also be accessed via https://swiftcashproject.github.io/webwallet/ #bitcoin #litecoin #dogecoin #swiftcash #steem #cryptocurrency #gold #silver #usd $crypto $alt $btc $ltc $swift https://twitter.com/swiftcashcc/status/1078891025622396928
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