The Swift Protocol is an implementation of a Decentralized Autonomous Organization (DAO) that provides Universal Basic Income. The Swift currency is designed to be used as a transnational currency. It has been designed for low transaction latency, the ability to scale to thousands of transactions per second, low transaction fees, and dispute resolution for transactions. Income is distributed on a daily basis to all participants and represents a UBI.
How It Works
Swift Demand is an attempt at basic income. Each user who is signed up for the service receives 100 Swifts each day. No additional Swifts can be created with time or resources. http://bit.ly/2n5pzls
Is This A Cryptocurrency?
SwiftDemand is currently a digital currency and will soon become a full cryptocurrency. In mid-2018 all Swifts on SwiftDemand will be transferred at a 1:1 ratio onto the new Swift blockchain.
Stage One
In Stage One, income will be generated at an accelerated rate so the economy can grow to maturity within a shorter time period. During this stage, Swift Citizens will receive Swifts dependent on the number of Swift Citizens that are in the ecosystem. The formula to calculate the Income Distribution Multiplier is as follows: (781250 / (5^(log10(users)))) with a maximum value of 100, and minimum value of 1.
Stage Two
After the 80 Billion cap has been reached by following the formula of Stage One, Stage Two will come into effect. During this stage, new Swifts will be given out to users at an inflation rate decided by the Delegated Nodes to all users in the ecosystem. It's their responsibility to choose an inflation rate that will avoid devaluing existing currency while ensuring the distribution is sufficiently large.
Region Multiplier
Several different income tiers will exist based on the cost of living associated with each region. The tiers and the multipliers associated with them will be decided by the Delegated Nodes. The region that each citizen belongs to will be validated by Identity Providers when added to the blockchain. These multipliers will range between 0.01x to 1.0x.
SwiftDemand Features
SwiftDemand is designed to be an extremely user-friendly platform that requires no prior knowledge of cryptocurrency--setting the standard for future Identity Providers. SwiftDemand provides an API as well as a marketplace to make it as easy as possible to transfer Swifts for goods and services.
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