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Author Topic: Decentralized Lotteries & HODL Deposits - SwiftCash [POS] [SWIFT]  (Read 3633 times)
msg768
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November 03, 2018, 04:12:40 AM
Last edit: May 18, 2020, 11:37:43 AM by msg768
 #1

SwiftCash v3.0.0
Digital Store of Value
Peer-To-Peer Cryptocurrency
Blockchain-Based & Cheat-Proof Lotteries
HODL/Term Deposits & Rewards
Decentralized Governance & Economy
Proof-Of-Stake Everything

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

Introduction - Peer-To-Peer Cryptocurrency
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 and a peer-to-peer cryptocurrency for daily transactional use along with cheat-proof lotteries that can be played by anyone in the blockchain without any custodian or third-party service getting involved, as well as on-chain HODL/Term deposits. SwiftCash uses the Proof-of-Stake algorithm to reach consensus and allows up to 10% of maximum inflation to be spent on proposals that are embraced by enough stakeholders. Another 10% of maximum inflation goes directly to stakeholders who help secure the network aka Miners and Masternodes, and the rest of maximum inflation which is 80% can go to HODL/Term deposits; coins that are time locked in the blockchain between 1-12 months.

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 can attack the network and double spend by acquiring 51% of the network’s hash power. SwiftCash utilizes the green protocol, an energy-efficient Proof-of-Stake algorithm, which 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, and more scalable blockchain that is better suited for daily transactional use.

Mining - The superiority of Proof-of-Stake over Proof-of-Work
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. Proof-of-Stake mining on the other hand, which is also known as “staking”, depends on the Miner’s balance rather than the Miner’s hash or computational power. Anyone with enough stake in the blockchain can find and register new blocks and be rewarded for doing so, and a 51% attack in Proof-of-Stake blockchains is going to require the attacker to acquire 51% of the network’s active stake that is online and staking.

Therefore, the more stakeholders participate in mining or 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 not be invested in the blockchain.

Technical Specifications
Block Time: ~10 minutes
Maximum Block Size: ~10 MB
Difficulty Adjustment Timespan: Over 24 hours
Difficulty Adjustment Interval: Every block
Mining/Staking (Hash): Keccak256
Private Keys & Addresses (Hash): SHA256
Maximum Supply: 5,000,000,000
Maximum Block Rewards: (4×2000×52560)÷(4×52560+nHeight+58300-2000)
Minimum Block Rewards: (4×200×52560)÷(4×52560+nHeight+58300-2000)
Distribution: SwiftNodes: 2%, Staking: 8%, HODL Deposits: 80%, Proposals: 10%
Masternode/SwiftNode Collateral Requirement: 50,000 SWIFT
Minimum Mining/Staking Collateral Requirement: 10,000 SWIFT
Minimum Mining/Staking Age/Depth Requirement: 24 hours or 144 confirmations
Minimum Transaction Fee: 0.001 SWIFT [100% Deflationary]
Minimum Lottery Ticket: 0.01 SWIFT [5% Deflationary]
HODL Deposit Fee: 0.1 SWIFT [100% Deflationary]
Proposal Fee: 10 SWIFT [100% Deflationary]
Budget Fee: 1 SWIFT [100% Deflationary]

Initial Distribution - Fair Launch
1:1 airdrop on all addresses of the previous blockchain - SwiftCash v2.x. Addresses with less than 1 SWIFT were excluded from the forkdrop. For initial distribution in the previous versions of SwiftCash, please refer to the previous editions of the whitepaper(s).

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 set up 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 want to fork, who can 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. SwiftCash does 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. This includes any payment made to developers, or 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 contractors as pleased.

Proposals & Budgets - Proof-of-Stake Everything
The cost for submitting a proposal is 10 SWIFT and once a proposal passes, 1 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 4,320 blocks or appx. every month. Proposals need to be submitted and available on chain for at least 10 days before they can be finalized and get paid. Finalization happens 2 days before each superblock; therefore, the deadline for each submission is 1,728 blocks or appx. 12 days before each superblock.

Each proposal can ask for a maximum of 50% of the available monthly budget for up to 12 months. In case there are more winning proposals than the maximum available budget, proposals with more votes will be finalized and will 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 the case of 100% participation, the required passing point will be 55%, whereas in the case of only 10% participation, which is the minimum participation rate required for any proposal to pass, the 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.

Blockchain-Based & Cheat-Proof Lotteries
Lottery tickets can be bought with as little as 0.01 SWIFT. Winners are picked randomly based on a future blockhash. Draws take place every 5,000 blocks - appx once a month, and each time 3 tickets win; the winning tickets can all belong to the same person, bought in just one transaction, as buying more tickets is the only thing that results in higher chances. 80% of the coins spent to buy tickets will become the jackpot and will be distributed between the winners. First winner will receive 60% of the jackpot, second winner will receive 30% of the jackpot and third winner will receive 10% of the jackpot. Buying tickets within 20 blocks before or after each draw will not enter any draw! The core wallet does not allow users to buy tickets within 40 blocks before or after each draw; twice the protocol limit. 15% of the coins spent on buying tickets will be given to SwiftCash Miners and SwiftNodes. And last but not least, 5% of the coins spent on buying tickets will burn in a deflationary fashion, just like transaction fees!

HODL/Term Deposits & Rewards
HODL deposits immitate term deposits in the traditional banking systems, however unlike traditional term deposits, HODL deposits are not lent to any bank, government, centralized authority or individual, but are rather locked in the blockchain and made unspendable for a set period of time. This action reduces the available supply in circulation for the set time and should therefore, technically, boost the value of the coins that are available for sale during that time. It also shows long-term faith in the blockchain, which can further increase the value of all coins, both in the long-term and in the short-term.

HODL rewards are paid instantly to the locked deposit and they cannot be spent until the deposit reaches maturity. The best annual rate is paid to 12-month deposits which is calculated by the block rewards during that period divided by 80% of the total supply at the time the HODL deposit is made. The annual rate for HODL deposits that lock less than 12 months is penalized 7% for each month less. If for example, the best annual rate is 50% for a 12-month deposit, it will be 46.5% for an 11-month deposit and 43% for a 10-month deposit, and so on. There is no minimum requirement for creating a HODL deposit, but HODL deposit transactions cost 0.1 SWIFT.

Block Rewards & Inflation - Digital Store of Value
Block rewards are set to be only 10 SWIFT per block up to block 2,000. 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 2,000 rewards will start with 2,000 SWIFT per block theoretically, but only 10% of this amount will be mined every block, which will be split between SwiftNodes and PoS miners, with a ratio of 1/5th to 4/5th respectively. The rest of the theoretical block rewards are set aside for HODL rewards and proposals, and will only be mined on demand. Keep in mind that in v3.x, this amount starts lower because of 58,300 added to the formula in order to account for the reset that took place at block 583,000 in the previous chain - v2.x.

Minimum block rewards are set to fall gradually to 5 SWIFT per block and stay there; the gradual curve is very slow and becomes even slower as time goes by. It will take 4 years for block rewards to halve for the first time; second halving will take an additional 8 years, third halving will take an additional 16 years, and so on. This gives us a maximum inflation of appx. 105% in the first year, 43% 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 Litecoin has mined over 70% of its maximum supply in less than 8 years, while if we consistently use the maximum inflation, which is very unlikely by the way, it is going to take us 35 years to reach 20% 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 a lot of people in the world for decades or centuries to come. The following chart depicts the annual inflation of SwiftCash within the first 22 years, with the assumption that 40% of our maximum inflation turns into future reserves. As depicted below, annual inflation in the first year would be about 63%, and would go to below 2% in the 22nd year.



SwiftCash monetary base with the assumption that maximum inflation is continuously achieved will look like below, which is very unlikely as ideally 40% should turn into future reserves. As it can be seen below, it will take us more than 1400 years to reach 5 billion coins, after which there should be more than enough fees to fund and support the blockchain.



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
HIVE: https://hive.blog/@swiftcash
Reddit: https://www.reddit.com/r/swiftcashcc

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/
Coinbin: https://coinbin.swiftcash.cc
Paper Wallet: https://address.swiftcash.cc/
CoinGecko: https://www.coingecko.com/en/coins/swiftcash
CoinMarketCap: https://coinmarketcap.com/currencies/swiftcash/
MNTrend: https://mntrend.com/en/currencies/SWIFT
MasterNodeCap: https://masternodecap.com/coins/SWIFT
MnRank: https://mnrank.com/coin/SWIFT/

Exchanges:
https://steem-engine.com/?p=market&t=SWIFTP
https://hive-engine.com/?p=market&t=SWAP.SWIFT
https://crex24.com/exchange/SWIFT-BTC
https://altmarkets.io/trading/swiftbtc
https://altmarkets.io/trading/swifteth
https://altmarkets.io/trading/swiftdoge


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msg768
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November 03, 2018, 04:25:59 AM
 #2

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
 #5

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
 #6

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
 #7

Reserved

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November 24, 2018, 11:51:48 PM
Last edit: September 23, 2019, 02:19:44 AM by mprep
 #8

Now trading on Escodex:
https://wallet.escodex.com/market/ESCODEX.SWIFT_ESCODEX.BTC



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



Proof-of-Phone Mining on Discord [Trial]
Invite link: http://miner.swiftcash.cc

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November 26, 2018, 02:05:39 AM
 #9

Good initiative for airdroping coins to newbies  Smiley
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November 27, 2018, 12:26:05 PM
Last edit: September 23, 2019, 02:28:31 AM by mprep
 #10

SwiftCash is now listed on coingecko:

https://www.coingecko.com/en/coins/swiftcash



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




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
 #11

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
 #12

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
 #13

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

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December 29, 2018, 12:33:13 PM
Last edit: September 23, 2019, 02:29:34 AM by mprep
 #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


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



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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December 30, 2018, 10:34:28 PM
 #15

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

A simple guide for the SwiftCash Web Wallet
https://steemit.com/swiftcash/@lostprophet/swiftcash-web-wallet-is-online

https://wallet.swiftcash.cc/

https://swiftcash.cc/
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December 31, 2018, 03:17:08 AM
 #16

To anyone using our web wallet at https://wallet.swiftcash.cc,
please pay careful attention to the initial message/warning:

TERMS OF USE

Make sure you save or remember the email and password that you choose to login for the first time. Entering the wrong email and password will NOT result in an error, but will instead open the wrong address which will most likely be empty! If you forget or lose the email and/or password that you choose to login for the first time, no one will be able to help you recover your account, and your funds will be lost forever!

BE YOUR OWN BANK!

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January 02, 2019, 11:04:46 PM
 #17

 Did you know you can mine with your smartphone? Try this!
https://steemit.com/swiftcash/@swiftcash/how-to-mine-swiftcash-on-your-phone-no-stake-or-hash-power-needed

 #blockchain #bitcoin #Litecoin #dogecoin #cryptocurrency #swiftcash #steem $sbd $alt $btc $ltc $swift #crypto
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January 04, 2019, 01:10:56 AM
 #18

The lottery bot is now live/real. I bought the first ticket. The #tickets channel will be used for printing the tickets; only and only the bot will have access to it. Admins should refrain from posting anything in that channel. The #play channel will be for interacting with the bot and #chat is for chatting about the lottery bot. Draws happen every 5000 block and the first draw is going to take place at block 75,000. The tickets will be compared against the second half of block hash each 5000 block and the closest hash will win the jackpot. 20% fee from the jackpot will go to giveaways on Twitter, Facebook and other social media groups to bring further growth. Tickets are 10 SWIFT each and can be bought using the ticket command! ENJOY!!!

To play join us on discord.swiftcash.cc and/or miner.swiftcash.cc

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January 05, 2019, 07:55:08 PM
 #19

Hi guys, did you know that you can earn some SWIFT playing games in our Telegram Channel?
Please join the channel and let’s see how good you are on playing games!

https://web.telegram.org/#/im?p=@swiftcashcc

The first competition ends on Wednesday 22:00 CET Time
1st place 100 SWIFT
2nd place 50 SWIFT
3rd place 25 SWIFT
4th place 10 SWIFT
5th place 5 SWIFT
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January 07, 2019, 12:04:07 AM
 #20

Did you know you can join us on Telegram, play games and win some cash?! Game of this week is Basketball Bunny and the best player will get 100 SWIFT! You can join us on https://t.me/swiftcashcc.


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