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SwiftCoin is a cryptocurrency using peer-to-peer, blockchain, proof-of-work and encrypted mail application developed by Team Daniel Bruno since 2011.[1][2][3] It is a proprietary alternative to Bitcoin using similar blockchain technology.
A cryptocurrency is a digital asset designed to work as a medium of exchange that uses strong cryptography to secure financial transactions, control the creation of additional units, and verify the transfer of assets. Cryptocurrencies use decentralized control as opposed to centralized digital currency and central banking systems.
A blockchain, originally block chain, is a growing list of records, called blocks, which are linked using cryptography. Each block contains a cryptographic hash of the previous block, a timestamp, and transaction data.
Bitcoin (₿) is a cryptocurrency, a form of electronic cash. It is a decentralized digital currency without a central bank or single administrator that can be sent from user to user on the peer-to-peer bitcoin network without the need for intermediaries.
It uses 256-SHA elliptical encryption. The name SwiftCoin derives from the SWIFT banking network, but is not associated with it. Unlike Bitcoin, SwiftCoins can not be mined. SwiftCoin is brought into existence upon the redemption of interest and principal of Solidus Bonds.
In cryptography, encryption is the process of encoding a message or information in such a way that only authorized parties can access it and those who are not authorized cannot. Encryption does not itself prevent interference, but denies the intelligible content to a would-be interceptor. In an encryption scheme, the intended information or message, referred to as plaintext, is encrypted using an encryption algorithm – a cipher – generating ciphertext that can be read only if decrypted. For technical reasons, an encryption scheme usually uses a pseudo-random encryption key generated by an algorithm. It is in principle possible to decrypt the message without possessing the key, but, for a well-designed encryption scheme, considerable computational resources and skills are required. An authorized recipient can easily decrypt the message with the key provided by the originator to recipients but not to unauthorized users.
In theory, the value of a SwiftCoin is a function of the caloric energy required to produce a quantity of electricity. This functionality has been patented by Daniel Bruno, CMT. The price of SwiftCoin is set by supply and demand in the open market. Currency swaps support the currency. The amount of SwiftCoin in circulation is elastic. Dynamic money supply reduces volatility.
In finance, a currency swap is an interest rate derivative (IRD). In particular it is a linear IRD and one of the most liquid, benchmark products spanning multiple currencies simultaneously. It has pricing associations with interest rate swaps (IRSs), foreign exchange (FX) rates, and FX swaps (FXSs).
In economics, the money supply is the total value of monetary assets available in an economy at a specific time. There are several ways to define "money", but standard measures usually include currency in circulation and demand deposits.
A ledger is the principal book or computer file for recording and totaling economic transactions measured in terms of a monetary unit of account by account type, with debits and credits in separate columns and a beginning monetary balance and ending monetary balance for each account.
A cryptocurrency wallet stores the public and private keys which can be used to receive or spend a cryptocurrency. A wallet can contain multiple public and private key pairs. As of January 2018, there are over thirteen hundred cryptocurrencies; the first and best known is bitcoin. The cryptocurrency itself is not in the wallet. In case of bitcoin and cryptocurrencies derived from it, the cryptocurrency is decentrally stored and maintained in a publicly available ledger called the blockchain. Every piece of cryptocurrency has a private key. With the private key, it is possible to digitally sign a transaction and write it in the public ledger, effectively spending the associated cryptocurrency.
Intellectual Property and Notability
On July 9, 2013, the United States Patent and Trademark Office USPTO granted Daniel Bruno the SwiftCoin trademark.[6][7][8] Reputable third party sources with no affiliation to SwiftCoin recognize it as one of the first five cryptocurrencies in existence.[9]SwiftCoin is also mentioned in the book Blockchain Quick Reference: A guide to Exploring Decentralized Blockchain, written by Brenn Hill, Samanyu Chopra and Paul Valencourt.[10][11]
In theory, the value of a SwiftCoin is a function of the caloric energy required to produce x amount of electricity. In 2014, the United States Patent and Trademark Office granted Daniel Bruno, Chartered Market Technician, the first known patent for any cryptocurrency in the world.[12][13][14][15] In practice, the daily price of SwiftCoin is set by supply and demand on several cryptocurrency exchanges.[16][17][18][19]Currency swaps for fiat money support SwiftCoin and the amount of SwiftCoin in circulation is elastic. Dynamic money supply reduces cryptocurrency volatility as per the four white papers published by Daniel Bruno, CMT in 2014 and downloaded over 2000 times.[20]Because the SwiftCoin blockchain explorer is not public, SwiftCoin transactions are more anonymous than bitcoin transactions. The SwiftCoin cryptocurrency wallet in Linux and Windows shows proof-of-work confirmations in real time, permitting users to confirm receipt of SwiftCoin by a certain wallet address. The SwiftCoin Android application does not show more than one confirmation on the blockchain.[21] In contrast to bitcoin, SwiftCoin is not mined and hashing difficulty[22]does not affect value.[23]
Fiat money is a currency without intrinsic value that has been established as money, often by government regulation. Fiat money does not have use value, and has value only because a government maintains its value, or because parties engaging in exchange agree on its value. It was introduced as an alternative to commodity money and representative money. Commodity money is created from a good, often a precious metal such as gold or silver, which has uses other than as a medium of exchange. Representative money is similar to fiat money, but it represents a claim on a commodity.
History
In March, 2016, Team Daniel Bruno announced a US$10,000 reward to any hacker who could break SwiftCoin and John McAfee SwiftMail encryption. The contest ended on April 1, 2016 without winners.[24]
In April, 2016, Team Daniel Bruno increased the bounty to US$20,000. The contest expired on April 30, 2016, without any winners.[25]
In September, 2016, the bounty was increased to US$30,000. As of this writing, no one has claimed the SwiftCoin hack prize.
On July 25, 2016, SwiftCoin became available on Android at the Google Play Store as “John McAfee SwiftMail.” SwiftCoin can be used on Windows and Linux.[26]
An iPhone app is under development. The SwiftCoin wallet is made for ease of backup and physical transportation via pen drive.[27][28]
In 2015, Chartered Market Technician Daniel Bruno[29] published a series of papers advocating the substitution of digital currencies for dollars in commodities trading. In Digital Currency Trading and the Law of One Price, Daniel Bruno argues that Bitcoin is too volatile for commerce. Instead, commodity sellers should offer their products in decentralized digital currencies not subject to regulation by central banks.
John McAfee SwiftMail
The SwiftCoin blockchain allows for an optional mail and mail attachment along with a payment equal to or greater than 0.001 SwiftCoin. The round trip cost to send and receive a payment and mail attachment is zero. In 2015, the SwiftCoin Android app began to be marketed as John McAfee SwiftMail even though John McAfee has stated publicly that is not involved in the project.[27][28][30][31][32]
Cofres Bitcoin company
In 2014, in Uruguay, American Daniel Bruno opened the world’s first safe deposit box franchise to use randomly generated, alpha numeric SwiftCoin wallet addresses to identify the owners of rented safe boxes.[33][34][35]
The facility was an over the counter SwiftCoin, bitcoin and alt-coin exchange hub, offering a secure and public place to buy and sell digital currencies for fiat money as well as precious metals.[36][37]
In 2015, Daniel Bruno shut down the operation after a driverless car slammed into the Montevideo flagship facility, shattering over 600 kilos of heavy storefront glass. Security video showed the driver bail out of the vehicle before impact. No one was injured.[38][39][40][41]
Forex trading and prediction markets
In 2011, SwiftCoin and bitcoin became the first digital currencies to be used to fund accounts for trading in forex, gold and silver.
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