SWYFT Dividend Contract Update
We are currently in the last stages of testing the new SWYFT Dividend contract on the Ethereum Testnet. It’s prudent at this stage to explain how this will work and the benefit for SWYFT token holders as well as the the STQ / SWYFT Community. A lot of quality time has been spent working through the details of how this will be of great importance in increasing an engaged community.
As previously documented, this contract is to reward the investors of the SWYFT community for their continued support and involvement in growing / participating in the ecosystem. This is measured against marketing incentives while rewarding everyone based on business performance and market exposure.
The contract itself will be deployed with minimal numbers of the SWYFT token. These will initially be minted in order to work on the implementation into the SWYFT Android mobile wallet and platform swapper. We will be having further discussions concerning the desired circulating supply. The quicker we get the swap commenced, while a lengthy process, we will get started on scoping the marketplace.
“The way the SWYFT Dividend works is unique as opposed to anything currently in the marketplace”
Upon Developer activation, the dividend process starts by snapshotting all addresses on the network – recording:
1. Address of SwyftT
2. Amount of SwyftT held in Address
3. Total Supply of SwyftT at the point of snapshot
4. Percentage of network weight of each address against Total Supply
Each snapshot creates and records a unique identification number within the token contract.
Once this process is complete it will create a unique address of where to send the dividend payment for pay out. This address will be different at the end of every month. Obviously beforehand we would have already communicated which threshold was reached against the tangible measurements set and the contract would have minted the coins.
This process will then move to a redemption function that will be available within our SWYFT mobile wallet or a redemption platform which we will create.
The Redemption Process
To redeem your SWYFT dividend from the SWYFT token Android mobile wallet, it will be a simple push of a button through a function we will create as your address within this application can be referenced.
To redeem through a web platform if using another wallet – you will simply need to put in your wallet address, and it will recover your balance from the information and send to this address.
Dividend Payments can only be sent to the address it recovered from the Snapshot. You will not be able to send these anywhere else.
Please Note – An expiry will be in effect on the redemption function before the commencement of the next dividend cycle.
Due to the need to balance the books at the end of every month and before we can start another dividend cycle, there will be an expiry set on redeeming your dividend. If not redeemed within the allotted time, unredeemed funds will be added to the following month’s allocated pot.
This process will remain transparent, therefore, if users haven’t withdrawn their allocation, they are not engaged and as such should not be rewarded. This will be a two-way process between the business and you as the investor supporting each other to raise the value and footfall.
To be clear, there will be no leniency for latecomers. The expiry date will be set at the start of the month when the redeem function becomes available. There will be a time frame of somewhere between 3.5-4.5 weeks dependent on the month.
If you’ve missed it, others within the community will benefit the following month as this won’t be retained and we will be in the same return structure as the community.
Any messages to us as a dev Team on recovering a SWYFT dividend after the expiry date will be met with a pre-set message back.
We hope to get the SWYFT Dividend contract deployed and activated on the main Ethereum network within the next 48 hours. Work will then focus on the swap process and the Mobile wallet to be complete within a week.
Further announcements following so please stay tuned.
Please feel free to ask any questions regarding the above and we will be happy to answer your concerns.
SWYFT Dev – Mike Havard, CEO