Swift Demand: Decentralized Basic Income Cryptocurrency?

A lot of communities in different countries have been discussing the idea of basic income. Now Swift Demand will try to implement this idea through blockchain based free Tokens. Find all details about the site in our review.

What is Swift Demand?

Swift Demand is a new cryptocurrency based on the idea of basic income. This means that the coin does not get mined by a few people that have the resources to do so, but everyone that signs up on the site will be given coins at a constant pace. Each user will receive 100 Swifts each day. There won’t be any more Swift created, so no user can have an advantage in owning or generating more coins.

The only way to generate additional Swifts is through referrals, so if you bring in friends or family, and by confirming certain information. But after the site has reached 5,000,00 users, these new bonuses will disappear and the income generated will be the only source of new Swifts.

The number of Swifts for each user will likely stay at 100 for a longer period of time, but one day the site hopes it will increase. The rate of increase will be set to a normal inflation rate which is the line with the concept of basic income.

What Is Basic Income?

Basic income is a concept of social security and welfare where all citizens (or permanent residents) of a country receive a regular, livable and unconditional sum of money. This will usually be paid by a government and does not require the recipient to work. Ideally, basic income reduces inequality and decreases the wage gap as well improve the overall quality of the society.

Swift Demand Coin Details

The difference to Bitcoin is, that Swift Demand coins are a centralized currency, so even though both are digital currencies, they have different ideas and aims.

Swifts can be sent between users or businesses through the account page and by simply adding their Swift ID.  Each transaction does have a 3% fee as well as a 2 Swift fee. This charge is there to support the development of the site, pay for hosting costs, provide security and in general support the service.

Users will need to actively claim their Swifts to ensure to the site that the user is alive and wishes to obtain their daily allowance. It also needs users to be active and engage with SwiftDemand.com.

Unclaimed coins can be claimed only 7x daily of your 100 Swift allowance. This means a user cannot go over 700 unclaimed swifts.

Anyone that refers another user to SwiftDemand.com will be receiving a bonus of 500 bonus Swifts, but if the service reaches around 5 million users, this will no be continued.

Swift Coins are not tied to any real-world currency, they will only be worth as much as people be willing to pay for them.

Vendor Accounts on Swift Demand?

On the platform, businesses are able to open a vendor account which will allow them to manage transactions easier. Each vendor account has to be identifiable with normal users account but not with a registered business.

Vendor accounts are not able to generate Swifts by themselves like a normal user account can. This means you need to receive coins to your vendor account before you can actively send coins as well.

Now you may wonder how a chargeback would be handled, especially if you have a vendor account. In this case, Swift Demand has no solution yet, as the site will need to wait until the Token is more established. In the meantime, disputes will be handled through a contact form. Depending on the given situation, chargebacks will be handled case by case.

Accounts, Identity and other Details

In order to keep it fair and only give 100 Swifts to each person, the site has to make sure there is only one user per account. Swift Demand says, that they will require additional personal information in the future to ensure people's identity and to prevent them from creating multiple accounts. Old accounts will also require being updated in order to continue claiming the coins.

The site states that transaction fees might also change depending on the costs of running  SwiftDemand.com, but the company may eventually delete transaction costs for friend-to-friend transactions or similar promotions.

One other factor SwiftDemand.com will have to calculate is the difference of the value of each Token per region. When calculating basic income one has to include the different wages of people around the planet. The solution to this is having different categories of Swifts. The GDP per capita in your country will determine the swift type that you receive.

Swift Demand Verdict

At the current moment, there already have been 35,602 accounts created on the site, with a total number of 88,537,680 Swifts in circulation. The site has a noble goal, but right now it is hard to tell how successful this idea might be. We will curiously watch their site in the future.