The week of SwiftCash - 13 March 2019
We are getting closer the first superblock of the new blockchain on SwiftCash: the fork passed without problems and the restart of the new chain from block 1 was fine. The reasons for the fork were explained widely here, I'm not therefore want to dwell again on what has already been widely said. In this post we'll talk mainly about what are the effects that have been affacted the SwifCash ecosystem.
Market value
The market value has sharply risen . As we can see from CoinGecko, SwiftCash has gone from a value of about 0.1 cents $ to a value, at the moment of writing of about 0.35 cents $. Which means an increase of 250% more or less.
SwiftNode
SwiftCash nodes have also been affected by the new rules. Before the fork, nodes were around 800, and this meant that, being the collateral of 20k SWIFT , the locked coins were a total of 16M. In the new chain, there are about 325 active nodes, but the collateral needed to keep them running has been lowered from 20k to 50k SWIFT: this means that the locked coins of the entire network weren't affected but the fork! A nice profit for our investors as we saved about 500 nodes. Not a small savings, considering that an economic VPS costs about 3-4 $ / month
No dump
Since the terms for the coins claim have expired, the risk of uncontrolled dump has been practically canceled. During the claim periodeas clear that many SwiftCash stakeholders, once claimed the coin, immediately dumped all their funds on Escodex, despite all the effort made by developers and moderators to start this project. This caused a consequent weakening of the SwiftCash price which had started from around 500sat, to settle at the end of the claim period, at around 30 sat. Removing this risk of dump, the entire ecosystem has benefited a lot. Don't forget that It will be possible for those who want to join the SwiftCash project, to claim their coins for a limited period (6 months starting from the date of the block 1) through the proposal system. For example, a proposal of 550k SWIFT was registered in the blockchain for the late claim and it is gathering the consensus of the network. This means that's easy to suppose that the user base is mature and the projects are so many that people are convinced that the value of SwiftCash may increase in the future, otherwise they would continue to dump as they did previously .
Supply
The current supply has been significantly reduced, from around 310M SWIFT, to the currentof 79M: all the addresses that didn't join the SmartCash fork have been removed.
Trust in the project
It is clear by now that the value of Swift has increased especially due to the confidence in the project. If we have had so many stakeholders who at their own risk donated BTC to have SwiftCash listed on different portals, we can imagine their motivation. As the bear market is still continuing, I think it is a great signal from the community, I can imagine they approve the direction taken by the developers. It is also likely that even those who will claim the coins in the future through the proposal system remain within the project, taken in account the fundamental I wrote before.
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These are the main effects on the blockchian. We have had other important innovations that are worthy to be discussed imo.
The first is the listing on CREX24. For the listing the exchange has requested fees for 0.5 BTC. Having no budget address coded in the blockchain for the payment of this type of proposal, a voluntary fundraising was carried out among Discord users. Msg768 took the responsibility to present a proposal in the voting session coinciding with the 3rd superblock of the previous chain and requested the equivalent of 10k SWIFT for each 0.01 BTC donated for the listing. Once the 50 donations were obtained, the fees were paid to CREX 24 and the listing was immediate.
The second news is the listing on MNO (Masternode Online). The proposal / vote system has allowed us to collect 0.25BTC, again with the same pair of 0.01 BTC donated, 10k SWIFT obtained (so change of 100sat / SWIFT). The payment has been sent and we are now listed.
The latest news, on the other hand, were the free listing on the major cryptocurrency tracking sites, namely:
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