SwiftCoin is a cryptocurrency using peer-to-peer, blockchain, proof-of-work and encrypted mail application developed by Team Daniel Bruno since 2011. It is a propriatory alternative to Bitcoin using similar blockchain technology.It uses 256-SHA elliptical encryption. The name SwiftCoin derives from the SWIFT banking network, but is not associated with it. Unlike Bitcoin, SwiftCoins can not be mined. SwiftCoin is brought into existence upon the redemption of interest and principal of Solidus Bonds.
In theory, the value of a SwiftCoin is a function of the caloric energy required to produce a quantity of electricity. This functionality has been patented by Daniel Bruno, CMT. The price of SwiftCoin is set by supply and demand in the open market. Currency swaps support the currency. The amount of SwiftCoin in circulation is elastic. Dynamic money supply reduces volatility.
Both SwiftCoin and Solidus Bonds are proprietary, not open source. The blockchain ledger is not public. The SwiftCoin cryptocurrency wallet shows proof-of-work confirmations in real time.
_History_
On July 9, 2013, the USPTO granted Daniel bruno a trademark for SwiftCoin and on November 25, 2014, the Patent and Trademark Office in the United States granted Daniel Bruno a patent for SwiftCoin.
In March, 2016, Team Daniel Bruno announced a US$ 10,000 reward to any hacker who could break SwiftCoin and John McAfee SwiftMail encryption. The contest ended on April 1, 2016 without winners.
In April, 2016, Team Daniel Bruno increased the bounty to US$ 20,000. The contest expired on April 30, 2016, without any winners.
In September, 2016, the bounty was increased to US$30,000. As of this writing, no one has claimed the SwiftCoin hack prize
On July 25,2016, SwiftCoin became available on Android at the Google Play Store as “John McAfee SwiftMail.” SwiftCoin can be used on Windows and Linux.
An iPhone app is under development. The SwiftCoin wallet is made for ease of backup and physical transportation via pen drive.
In 2015, Chartered Market Technician Daniel Bruno[25] published a series of papers advocating the substitution of digital currencies for dollars in commodities trading. In Digital Currency Trading and the Law of One Price, Daniel Bruno argues that Bitcoin is too volatile for commerce. Instead, commodity sellers should offer their products in decentralized digital currencies not subject to regulation by central banks.
SwiftCoin cryptocurrency is another type of electronic currency that emerged after Bitcoin was introduced in 2009. The idea behind SwiftCoin is for it to travel from one computer to another with no central approval, not even First National BNAK (the decentralized bank used by SwiftCoin).But unlike Bitcoin, mining does not work with SwiftCoin. You earn SwiftCoin through buy and sell or through owning a Solidus Bond. SwiftCoin is used as a method of payment for Solidus Bond redemption and as capital in the form of coupon.
_History_
In 2011, Daniel Bruno and his team gave birth to SwiftCoin. He acquired the trademark in 2013 and the patent a year after. Though the name sounds familiar, it is unrelated to Society for Worldwide Interbank Financial Telecommunication or SWIFT.
A challenge that comes with $10,000 reward was announced and was opened to any hacker who can attack and break the security features of SwiftCoin and John McAfee’s SwiftMail. The prize was later on increased to $20,000 then to $30,000 which to date, no one has succeeded yet.
_SwiftCoin Wallet_
If you already have a SwiftCoin, then you need a place to store it – a wallet. The installation of the required software means getting your SwiftCoin Wallet which is secured by your Personal Identification Number or PIN. It is also easy to back up or clone your wallet to any secured thumb or pen drive. It is a convenient way for you to restore your wallet in the future if the need arises.
Buy and Sell
You get a small amount in your SwiftCoin Wallet by installing the software. If you wish to add more, you can buy SwiftCoin on their website http://www.oswift.com. SwiftCoin is priced depending on a current rate.Like any other blockchain, SwiftCoin cryptocurrency can be used to buy and sell from the platform above. Good news is if you have a spare e-money but on a different cryptocurrency, bitcoin included, there’s a big chance that you can use them to exchange into SwiftCoin. Don’t forget to check their website for the updated list of currency they accept.
To conclude, Swiftcoin cryptocurrency is considered as an early starter, but it has proven that it’s here to stay. SwiftCoin, together with bitcoin, are the only e-money that can be used to trade in forex and minerals such as gold and silver. Visit their website at bnak.tv if you’re interested in buying SwiftCoin.
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