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Cryptocurrencies and Basic Income: What is SwiftDemand?

Burgess COMMENTARY

Peter Burgess

Cryptocurrencies and Basic Income: What is SwiftDemand?

SwiftDemand is a basic income blockchain experiment in which each user who is signed up daily receives a certain number of Swift tokens. The project’s white paper gives a clear understanding of the implementation of this Decentralized Autonomous Organization (DAO) providing Universal Basic Income and how the Swift Protocol works.

The concept of SwiftDemand is to create a transactional currency that provides basic income. Hence, four types of accounts are required to ensure that the ecosystem works:

Citizens – The registration to become a Swift Citizen is open to anyone and is for free. However, a unique individual should only be allowed to have one account that receives the basic income and is validated by an Identity Provider.

Entities – There are accounts not tied to individuals and are allowed to exist for business or privacy purposes. However, these do not receive any basic income.

Delegated Nodes – these are responsible for maintaining full nodes, containing every single transaction that has occurred on the blockchain, and for creating new blocks for the tokens. Delegated nodes are elected by Swift Citizens, and the elections occur every 6 months.

Identity Providers – These ensure the validation of the Swift Citizens identity, create new citizens by generating a key pair, i.e. a public and a private key allowing to encrypt information that ensures data is protected during a transaction, and include the identity on the blockchain.

As specified by SwiftDemand creators, the goal of the Swift protocol income distribution is to provide a faire method of providing Swifts to all Swift Citizens. Swifts are distributed on a daily basis under the form of a basic income and, today, the grant is set at 100 tokens. However, it is subject to change as the amount of tokens distributed depends on the number of Swift Citizens that exist in the ecosystem.

It is also important to note that the basic income has to be claimed by the Swift Citizens with a maximum of seven unclaimed days of Swifts. For example, it means that if a Swift Citizen claims its basic incomes every four days, he will be granted 400 tokens every four days. Another way to earn Swifts is through referrals program. When any Citizen successfully introduces a new user to SwiftDemand, his/her account is granted with 500 tokens.

This attempt at implementing a universal basic income has the potential to make basic income more visible. Despite a complex protocol, the platform is free and easy to use. Even though the Swift currency does not have any value outside the Swift ecosystem, citizens have the opportunity to sell goods and services, transfer their tokens or make purchases, creating a parallel economy ruled by basic income values.

More information at:

Swift Protocol White Paper (Draft)

One Pager – SwiftDemand


“Swift Demand: Swifts Token Attempt At Basic Income Project?”, Bitcoin Exchange Guide
https://bitcoinexchangeguide.com/swift-demand/

Swift Demand: Swifts Token Attempt At Basic Income Project?

The concept behind Universal basic income is a relatively new concept although it is catching up with several nations. The basic pay entails a form of social security to a resident or citizen of a particular area of jurisdictions, for free. The idea is often to help get rid of poverty and help reduce the wage gaps within the society. Now, thanks to the blockchain we are set to have an official primary income system that is free from the manipulation of our current government system. Today you get to learn about a blockchain project is set roll-out a crypto Basic Income program.

What Is Swift Demand?

SwiftDemand is a basic income blockchain experiment that will reward its users a 100 token each day. Users will only have to sign up to 100 tokens or use a referral link and get 500 tokens. The concept with SwiftDemand is to utilize blockchain and in cryptocurrency, in particular, to offer the people on its platform a fixed amount of income. Ideally, SwiftDemand wants to create a sort of neutral society that does not judge one based on the value of fiat currency.

Swift Demand Ecosystem

SwiftDemand will create a financial marketplace and a transactional currency that will build the first income ecosystem. The ecosystem will consist of:
(*) Citizens- Swift Citizens will work under an Identity provider with one unique individual account from where daily tokes will go.
(*) Entities- will comprise of firms and organizations that do not connect in any way will not receive the Basic Income
(*) Delegated Nodes- help to maintain the network nodes and aid the creation of new blocks for the tokens. Swift Citizens have the option to vote on the defeated nodes as they also act as elected officials with the power of delegate nodes.
(*) ID providers- Identity Providers, will ensure the creation of your Swift Citizenship identity through the generation of a key pair
(*) How Swift Demand Basic Income Project Works

While Swift's coins might work on an endless supply concept; there are plans to cut off registration once the platform hits five million members. Additionally, that also means the bonuses will no longer exist on the platform. SwiftDemand is also said to work on a different centralized currency that focuses on the last step towards creating a utility source for the coins. Initially, a user had to register to get the 100 tokens. As of now, SwiftDemand is set to increase once again thanks to the portal.

Ways To Earn With Swift Demand

Referrals program- any users who successfully introduce a new friend to SwiftDemand will get a 500 bonus token in their account

Bonus and promotions- the daily gift will feature a 100 bonus rate for the token users, which is easily traceable through the SwiftDemand marketplace

Is Swift Demand Viable?

Although universal, necessary income experiments in the world are yet to become fruitful; the concept is gaining pace and attention as a solution. Additionally, the income still needs very much work although the project is positive on their progress. Consequently, that means SwiftDemand could be of much value in the coming future even though it still too early to judge. The critical thing is to remember that the token does not hold any value outside the ecosystem and the importance of competition within the market could spell doom.
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Article reviewed by André Coelho.

About Quentin Mathys Quentin Mathys has written 2 articles.