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. No user can gain any other ‘advantage’ when it comes to acquiring swifts.
The goal of the Swift Protocol income distribution model is to provide a fair method of providing Swifts to all Swift Citizens. The distribution method also must ensure that the amount of Swifts entering the system should never cause a decrease in value. To more quickly reach the state where a mature economy has formed, early users will receive extra daily Swifts during Stage One.
Swifts are distributed to users on a daily basis with a maximum of seven unclaimed days of Swifts. A Swift Citizen must explicitly claim their Swifts at least once per week to convert their Unclaimed Swifts to normal Swifts. Days are marked by blocks that occur between 00:00 UTC to 23:59 UTC.
The total number of Swifts targeted to be added to the economy in Stage One is 70 Billion. After this stage has been reached, Stage Two will limit the amount of new Swifts that enter the economy to a healthy inflation rate.
There are vendor accounts
Vendor accounts are business accounts which allow transactions to be more easily managed from a buisness point of view. Each vendor account must be associated with exactly one normal owner account. There is no requirement that vendor accounts must be associated with a registered business. If you wanted to set up a lemonade stand and create a vendor account to accept swifts, you may.
With all the hype and appetite whetting comes the question; is swift a cryptocurrency?
Well according to the swift whitepaper, 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.
Join Swift and earn free daily income