SwiftCoin

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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.

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 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.

Both SwiftCoin and Solidus Bonds are proprietary, not open source. The blockchain ledger is not public. The SwiftCoin cryptocurrency wallet shows proof-of-work confirmations in real time.[4][5]

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]

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.

See also

References

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  3. https://coinreport.net/first-national-bnak-exchange/
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External links

Template:Cryptocurrencies