Mining/Proof-of-Stake
The first method to mine/earn SwiftCash is staking! Proof-of-Stake is a revolutionary idea which has replaced the traditional Proof-of-Work mining. Instead of miners competing with each other over hash power, they compete with each other over their balance and/or stake! Whoever has a higher balance/stake, will have a higher chance of finding and registering new blocks and getting rewarded for it! You can read more about the superiority of Proof-of-Stake to Proof-of-Work in our whitepaper
The ROI section of our explorer has a beautiful calculator for staking. In reality, there is no minimum balance required to participate in this competition, however, minimum recommended balance to participate is 10,000 SWIFT. As you can see in the calculator, with a 10,000 SWIFT balance, it can take almost 2 days for a miner to find and register a new block! Below is a snapshot of the ROI for staking at the time of writing this post. Keep in mind that this can change quite often depending on how many participate in mining/staking as well as the amount of block rewards allocated to reward them!
In order to mine/earn SwiftCash this way, you need to first download the core wallet for either Windows, Mac or Linux and then run it to download and sync the blockchain. You then need to either transfer some coins to your wallet or import an existing address with some coins in it, and then make sure your wallet is unlocked!
A more detailed guide about this can be found here.
SwiftNode/Proof-of-Stake
Second way to mine/earn SwiftCash is to run a Masternode known as SwiftNode! To do so, you need 50,000 SWIFT as well as a unique IPv4 address. Ideally, you would want to hire a virtual server which can cost about 5 dollars per month. SwiftNodes help secure the budget and also participate in community consensus by voting on proposals. They're also used to enable instant payments by locking transactions instantly.
We have a beautiful and detailed calculator for SwiftNodes in the ROI section of our explorer. As it can be seen below, the annual ROI for SwiftNodes is currently about 91%. The ROI can change based on the number of SwiftNodes as well as the amount of block rewards allocated to reward them. You can also try third-party platforms to take care of the installation of your Masternode. One of these that currently supports SwiftCash is dextro which only charges $1.20 US per month per node!
A more detailed guide about this can be found here.
Proof-of-Phone/Proof-of-Luck (Ended on July 1st 2019)
This one's more like a faucet and is a mixture of Proof-of-Phone and Proof-of-Luck concepts. You first need to join our mobile mining server on discord via http://miner.swiftcash.cc. If you don't have a discord account, you'll need to sign up. Then you need to make sure you verify your phone number with discord. And last but not least, you need to upload an avatar on discord and this avatar will basically become your lucky card! If you don't feel so lucky after a day or two, feel free to upload a different avatar!
Keep in mind that this is only an idea that is currently being funded via our budget and is not something implemented in core and is only planned to last for the next 20 months as the rewards allocated for it are expected to slowly drop to zero within the next 20 months! Whether this changes or not in future is currently unknown.
A more detailed guide about this can be found here.
Proof-of-HODL/Proof-of-BEAR
This one is about rewarding those who HODL in bear markets. You need to have at least 1000 SWIFT in an address which you and you alone have the private key to it. If the price of SwiftCash depreciates and you do not move your coins out of that address during the depression, you will be rewarded! You do however need to either increase your balance during that period which can happen automatically if the address is staking or has an active SwiftNode associated with it! Alternatively, you can send some coins back to yourself as long as the fee remains below 0.005 SWIFT. This requirement is only intended to filter zombie addresses.
The amount you can mine/earn depends on a number of factors including your total balance, the total number of coins that pass the Proof-of-HODL concept, the percentage of price depreciation, as well as the period of time. As it can be seen below, there are four snapshots for these rewards aka SwiftRewards; which means those who HODL longer, will be rewarded more, if price depreciates!
- Tier 1: Every
43,800block - appx. 1 month - Tier 2: Every
131,400block - appx. 3 months - Tier 3: Every
262,800block - appx. 6 months - Tier 4: Every
525,600block - appx. 12 months
More information about this can be found in our whitepaper.
Proof-of-Labor/Proof-of-Brain
This one is about having an idea that would add value to SwiftCash, and being able to implement it. Your idea and/or work will be vetted by stakeholders or SwiftNode owners to be more specific, and if it gets enough votes, then you'll be able to implement it and get paid for it in SwiftCash! As a community, in order to avoid getting scammed, a party of ambassadors picked by the community is formed to vet and escrow these ideas and the approved funds. This is not a mandate at the core level, but rather a mandate within the active community. At the core level, everyone is able to submit proposals and request to mine the funds from future inflation, directly into their own address. However, given the ambassadors and escrow mandate within the active community, such proposals are most likely not going to pass!
More information about this can be found in our whitepaper.