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.
PoS vs. PoW
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.
Initial Distribution & Inflation
SwiftCash has a unique initial distribution and inflation. Initial distribution was less than 2% of the maximum supply which was airdrops on most SmartCash addresses - details can be found in the whitepaper. With inflation, it takes 20 years for block rewards to halve for the first time and second halving will take an additional 40 years. Unlike traditional cryptocurrencies such as Bitcoin and Litecoin, this halving occurs gradually and slowly rather than suddenly, stripping the markets from pump and dump opportunities, and therefore providing the holders with a consistent and stable growth model.
SwiftRewards - Beating the Bears
SwiftRewards is an idea that is intended to help us with a consistent and stable growth model, by airdropping holders in bear markets. Up to 10% of future block rewards can be given to holders, in case the price depreciates. These airdrops will happen based on 1 month, 3 months, 6 months and 12 months snapshots; as a result, those who hold longer will be rewarded more, in case of price depreciation.
- Fast transactions featuring instant locks on zero confirmation transactions, we call it SwiftTX.
- Decentralized blockchain voting providing for consensus based advancement of the current SwiftNode technology used to secure the network and provide the above features, each SwiftNode is secured with a collateral of 50,000 SWIFT.
More information at swiftcash.cc
Please reach out at email@example.com
|Block Time||~1 minute|
|Difficulty Adjustment (Timespan)||40 blocks|
|Difficulty Adjustment (Interval)||Every block|
|ForkDrops Phase (PoW Phase)||~78,000,000 SWIFT|
|Max Coin Supply (PoS Phase)||~4,922,000,000 SWIFT|
|Maximum Supply (Total)||5,000,000,000 SWIFT|
|Proposal Fee||100 SWIFT|
|Budget Fee||10 SWIFT|
Block Rewards Distribution
|Block Height||SwiftNodes||PoS Miners|
|201-10000||20% (~10 SWIFT)||10% (~5 SWIFT)|
|10001-Infinite||20% (~40-0 SWIFT)||10% (~20-0 SWIFT)|
Minimum & Maximum Block Rewards
Community proposals will be allowed to use 70% of the block rewards for budgetting as calculated with the following formula. 10% of future block rewards should be used for funding SwiftRewards. Any amount that is not used can be mined in the future for budgetting or other purposes such as mining or staking. SwiftCash block rewards start with a minimum of 60 SWIFT per block after block 10,000, and slowly curve towards 0. It takes 20 years for block rewards to slowly halve for the first time. The second halving will take another 40 years, third halving, another 80 years and so on, until maximum supply of 5,000,000,000 SWIFT is reached.
Maximum Block Rewards = (20 * 200 * 525600) / (20 * 525600 + nHeight - 10000)
Minimum Block Rewards = (20 * 60 * 525600) / (20 * 525600 + nHeight - 10000)