So, there is this digital currency that intends to transition to a cryptocurrency that believes in a Universal Basic Income(UBI) and to that effect it gives a UBI daily of 100 Swifts to those of its citizens that claims their UBI. What this means is, if you want to get in on a cryptocurrency prior to it being a crypto, in other words, not on the ground floor but while they are building the foundation, and you have little to no central bank currency to invest then this might be the opportunity for you.
Image courtesy of SwiftDemand
Theirs is no less a rather lofty goal that to many in the cryptoworld who lean towards the ideology of anarchism might seem antithetical to a decentralized ledger technology.
From their Abstract; "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 transactional 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."
The words that they like to use to define the recipients of the UBI is 'citizen' and with this...title, shall we call it, is the responsibility to vote in elections which occur every six months for the first five years to elect what is called; 'Delegated Nodes'. Along with other responsibilities, the Delegated Nodes act as elected officials and vote on "proposals to add/remove other Delegated Nodes and Identity Providers." (quotations from their White Paper)~ This is a point of contention for me as I believe the biggest problem we have with society is the elections of representatives(leaders) to make decisions for us. This is an enabling of power and the one thing history has shown us is that power has a corrupting influence and tends to attract the psychopath.
Here is their White Paper for you to do your due diligence.
Let's look at some of the numbers.
They plan to distribute 70,000,000,000 Swift coins during Stage One. And after chewing over some of the numbers this morning they have quite a ways to go.
Stage One Distribution = 70,000,000,000
Total Swift in circulation (Today) = 320,433,174
Present number of Swift citizens = 159 700
70,000,000,000 - 320,433,174 = 69,679,566,826 Swift coins waiting to be distributed in Stage One.
Considering they have 159 700 citizens allegedly claiming 100 Swift coins per day.
159 700 x 100 = 15,970,000 Swift coins times 7(days of week) = 111,790,000/week
In their "One Page" pictured above they claim a 10-20% growth rate per week. Their statistics reveal that in the last 24 hours only 6,769,000 Swift coins were claimed and at 100 coins per claim, that means only 67690 Swift citizens claimed their coins or less than half the citizenry. In the last month, 173,117,100 coins were claimed. This number is more difficult to break down as while each citizen receives 100 Swiftcoins as their UBI, they can also receive 500 Swiftcoin for referrals, which, if included in the calculation pertaining to the last 24 hours of distribution, would mean that even less of its citizens are making their daily claim. But, to the best of my limited math abilities, it appears to me that at their present rate of maximum growth with only less than half their citizens claiming their UBI, it will take near four years for Stage One and that is far too long. To speed this up I have suggested to them that any unclaimed coin(more than seven days) be equally distributed to those that do faithfully log in daily to claim their UBI.
Also, as I mentioned earlier in this post, I have an issue with 'elected officials' deciding upon proposals. If this is to be a true BLOCKCHAIN REVOLUTION, it is the citizens who should be voting upon proposals as their contribution to receive their UBI. To give value to the UBI there needs to be a responsibility associated with the benefit. To give something for nothing is to potentially devalue that which you give. To associate a responsibility to participate with the UBI is to give it value.
All in all, this is an interesting concept, though it is far from perfect and at present, it does not fill me with the utmost confidence. As I have shown I have my criticisms which I have shared with them, as well, they do not reveal who is involved in developing this currency and a lack of faces associated with SwiftDemand will tend to breed distrust and appear suspicious. I will continue to participate in it, for, if nothing else, it is a learning experience costing me no more than a few minutes a day. A lot will depend on their growth and whom they attract, as well as, the changes I have suggested.
If this sounds like something you want to be a part of, and considering at this time there is no cost to be a part of it, then please follow my referral link ~ https://www.swiftdemand.com/?referred_by=daemonnice ~ to sign up. By doing so I will be rewarded with 500 Swift coin.
This post does not represent financial advice of any kind. Always do your own due diligence prior to investing money and never invest any more than you are willing to lose.
Thank you for reading.
Peace
#daemon-nice