SwiftCash Proposal: Hard Fork/Reset - Zombies, Inflation & Collaterals

in #swiftproposal2 years ago (edited)


As explained before in my pre-proposal, the influx of unclaimed/untouched forkdrops has created a massive inflation per account - almost 3x more than anticipated. Furthermore, it discourages demand from investors since nobody knows when these "zombies" will wake up and how many of them will dump. And last but not least, the high vps costs in SWIFT which is at least partially due to the smallness of the collateral.

Here's a brief summary of my proposal/solution to these problems:
Let's submit a proposal(for consensus only) and I will ask for the fee back(100 SWIFT) to:

  1. Reset the chain at the third super block
  2. Remove the untouched forkdrops
  3. Increase the collateral to 50K SWIFT
  4. Reduce the block rewards from the initial 150 SWIFT to 60 SWIFT
  5. Reduce the maximum budget accordingly
  6. Change the first halving cycle from 8 years to 20 years
  7. Add the first round of swiftrewards to the new snapshot
  8. Restart the chain and airdrop the addresses based on the new snapshot
  9. Pledge to vote yes to proposals that will want to attempt to claim their swiftcash, up to at least six months after this fork

Definition of a zombie address in this context: an address that only has one transaction, which has happened before block 200, which is labelled as forkdrop in the explorer.

The proposed changes will reduce the ROI of SwiftNodes to less than 10% per month from the current 20+% per month. These changes should help the price both in short-term and in long-term. I also expect the new curve of first halving in 20 years as opposed to 4 years with bitcoin, to become a great aspect of this project. Having said that, I would personally never propose to fork anyone in the main chain out, and we're merely talking about forkdrops here. It's a shame we did not come up with a solution for this before launch but I guess none of us expected to see something like this before launch. I however truly believe and hope that this will be the last reset. I look forward to seeing your votes.



Very good idea. Especially the fact that the collateral is increasing - the node will not work at a loss :)

Welcome to Steemit guys!

So i am not relly with remove the zombie adress who know, someone who dodnt claim arent a zombi, i mean not at all because some people like me have a node in smartcash and dont want to close their smartcash node. So i am free and as you know after claiming i must close it. So i am not only with the first point but after all others in that proposal are good.

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I dont get your point. You can perfectly run at the same time a SmartNode and a SwiftNode (moreover you can do it on the same VPS so better ROI).
Claiming your SWIFT wont oblige you to close your SmartNode.

Yes but it a personal choice, because i will share my private key and i dont know where it will go that is my fund.

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Basically it wont leave your console unless you have some malwares on your computer.

Yes but it a personal choice, because i will share my private key and i dont know where it will go that is my fund.

Posted using Partiko Android

sorry for being a noob here... btw how do i vote for proposals...

Nothing to be sorry about. To vote on proposals, you need to have at least one SwiftNode which currently requires a 20K SWIFTcollateral plus a virtual server with a static IPv4 that will be running a full node of the swiftcash software 24/7.


It's somehow a step closer to KYC... =) Voting yes.

LOL not really! But thanks :)

Will an existing 20K collateral swiftnode be grandfathered or does 30K swift need to be added to it? I think they should be grandfathered.

30K SWIFT will need to be added. Most people have more than 1 masternode. In fact more than 5. And those who don't can buy some more stake. Price is ridiculously cheap.

removing the unclaimed airdrop is not a good idea. or may be give a sufficient deadline for people to claim

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It'll be almost 4 months since we launched when we plan to remove unclaimed forkdrops. I personally think 4 months is sufficient enough but we're going to pledge to vote yes to proposals that try to claim later too up to another 6 months.

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