What is SwiftCash?
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.
SwiftCash loves Proof of Stake
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.
With SwiftCash, collaterals for SwiftNodes will require 50K SWIFT. SwiftNodes receive appx. 66% of the minimum inflation or 20% of the maximum inflation. Each SwiftNode will be able to cast one vote for or against a proposal, so the minimum stake required to have a say in proposals is 50K SWIFT.
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 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
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Twitter: @swiftcashorg @swiftcashcc
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