Many may have missed the announcement for SwiftCash launch because initially it wasn't as cool as it is now. Under the v3.x major HF release, everyone has the ability to mine up to 80% of the block rewards offline with almost zero effort in a click of a button. Of course this type of mining is based on the Proof-of-Stake and Proof-of-HODL concepts. You need to have some coins first. Then you need to pledge to HODL your coins for 12 months in order to get the best rate. You can pledge to HODL for 1 month too. The HODL period can be 1-12 months incrementing by 1 month at a time. Let me paste the details of this thing from the whitepaper. But before I do, it's noteworthy to mention that right now as I'm writing this, it's been almost six months since v3.x has launched successfully and as of now about 45% of the supply is in HODL mode, which means cannot be sold in the market and is waiting to mature - most of it is in HODL12 mode and has at least six months to go. You can check this information under the "Inflation" tab on the explorer. With that said, let's tap into the details of the Proof-of-HODL concept from the SwiftCash whitepaper.
HODL/Term Deposits & RewardsHODL 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.
If you have any questions, let me know. It's all pretty straight forward.
If you need help with the wallet, visit the swiftcash blog on HIVE or STEEM:
https://hive.blog/@swiftcash
