Decentralized Governance and Economy

There is currently a total of 610 SwiftNodes! And they are getting 100 SWIFT per block!

Block Rewards Increase 10x

What is SwiftCash?

SwiftCash loves Proof of Stake

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.

 

With SwiftCash, 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.

 

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)

 

  • Distribution: SwiftNodes: 20%, PoS Miners; 10%, SwiftRewards: 10%, Budget: 60%

 

  • Proposal Fee: 100 SWIFT

 

  • Budget Fee: 10 SWIFT

 

 

Onchain Governance

With SwiftCash, 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.

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.

 

 

Proposals and 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 approximately. 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.

 

 

Swift Rewards

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:

 

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

 

 

Join our Community

Be in the place where all decisions are made by the Community

Contact

Telegram English: @swiftcashcc

 

Spanish: @swiftcashesp

 

Twitter: @swiftcashorg     @swiftcashcc

 

Steem: @swiftcash    @swiftcashespanol

 

Github: github.com/swiftcashproject

 

Gitbook: https://swiftcash.gitbook.io/project/

 

Email: info@swiftcash.org

 

swiftcash.me

swiftcash.space

 

SwiftCash

Copyright © SwiftCash Developers

Permission is hereby granted, free of charge, to any person obtaining a copy of this software and associated documentation files (the "Software"), to deal in the Software without restriction, including without limitation the rights to use, copy, modify, merge, publish, distribute, sublicense, and/or sell copies of the Software, and to permit persons to whom the Software is

furnished to do so, subject to the following conditions:

 

The above copyright notice and this permission notice shall be included in all copies or substantial portions of the Software.

 

THE SOFTWARE IS PROVIDED "AS IS", WITHOUT WARRANTY OF ANY KIND, EXPRESS OR IMPLIED, INCLUDING BUT NOT LIMITED TO THE WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE AND NONINFRINGEMENT. IN NO EVENT SHALL THE AUTHORS OR COPYRIGHT HOLDERS BE LIABLE FOR ANY CLAIM, DAMAGES OR OTHER LIABILITY, WHETHER IN AN ACTION OF CONTRACT, TORT OR OTHERWISE, ARISING FROM, OUT OF OR IN CONNECTION WITH THE SOFTWARE OR THE USE OR OTHER DEALINGS IN THE SOFTWARE.