Cryptocurrencies and Basic Income: What is SwiftDemand?

SwiftDemand a basic revenue blockchain experiment during which each user who registers daily receives a particular amount of Swift tokens. The technical document of the project provides a transparent understanding of the implementation of this Decentralized Autonomous Organization (DAO) that gives Universal Basic Income and the way the Swift Protocol works.

The concept of SwiftDemand is to form a transactional currency that provides basic income. Therefore, four sorts of accounts are required to make sure that the ecosystem works:

Citizens: Registration to become a citizen of Swift is hospitable anyone and is free. However, a singular individual should only be allowed to possess an account that receives basic income and is validated by an Identity Provider.
Entities: there are accounts that aren't linked to individuals and are allowed to exist for commercial or privacy purposes. However, they are doing not receive any basic income.
Delegated nodes: they're liable for maintaining complete nodes, which contain all the transactions that have occurred within the blockchain, and for creating new blocks for tokens. Delegated nodes are chosen by Swift Citizens, and elections occur every 6 months.
Identity providers: make sure the validation of the identity of Swift Citizens, create new citizens by generating a pair of keys, that is, a public and a personal key that permits encrypting information that guarantees that data is protected during a transaction, and includes Identity within the blockchain.
As specified by the creators of SwiftDemand, the target of income distribution of the Swift protocol is to supply a fairer method to supply Swifts to all or any Swift citizens. The swifts are distributed daily within the sort of a basic income and, today, the subsidy is about at 100 tokens. However, it's subject to vary since the quantity of tokens distributed depends on the quantity of Swift Citizens within the ecosystem.

It is also important to stay in mind that Swift citizens must claim basic income with a maximum of seven unclaimed days of Swifts. for instance , it means if a Swift Citizen claims their basic income every four days, they're going to be awarded 400 tokens every four days. differently to win Swifts is thru the referral program. When any citizen successfully introduces a replacement user to SwiftDemand, their account receives 500 tokens.

This plan to implement universal basic income has the potential to form basic income more visible. Despite a posh protocol, the platform is free and straightforward to use. Although the Swift currency has no value outside the Swift ecosystem, citizens have the chance to sell goods and services, transfer their tokens or make purchases, creating a parallel economy governed by basic income values.

More information in:

Swift Protocol white book (Draft)

A pager - SwiftDemand

Swift Demands Swift Tokens fitting a basic income project. Bitcoin Exchange Guide

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