In the interest of full transparency, and in order to get as much information out to the SWYFT and STQ communities as quickly as possible, the SWYFT Team has started work on an action plan for the merger of our two projects.
This plan is still in the early stages, and there are still a number of details to work out, but we feel that it’s important that both communities understand what’s coming in the near future, and why we are making the choices we are.
We truly value our increasing community, so we welcome any and all feedback on this document and the plan in general, and we look forward to a successful and profitable marriage of our projects, communities and admin Teams.
The first and most important step in this process will be the creation of a new ERC20 token, to be known as the SWYFT token. The SWYFT token will be created to match the current supply of SWYFT cryptocurrency coin and will contain features to allow the relative coin and token supplies to maintain parity in the new combined ecosystem.
Once the new SWYFT token contract is in place, a token swap will be announced and managed via a new platform or within the mobile wallet via API. Existing tokens will be collected into a wallet managed by STQ community leader @Freddy for eventual decommissioning, and new SWYFT tokens will be distributed to current holders at a ratio that dramatically reduces the current supply of STQ to a manageable number that roughly matches the circulating supply of SWYFT coins.
Prior to the initiation of the token swap, the SWYFT Team will work with existing STQ exchanges to replace STQ with SWYFT for trade. STQ deposits will be frozen, and an extended withdrawal period will be allowed so no STQ tokens get stranded on the exchanges.
We fully expect the swap of STQ for SWYFT to extend into 2020 to allow all members of the large STQ community a chance to participate in the swap process.
At this point, you may be asking why we are selecting a manual swap over an automated chain swap? This is an issue that has generated a lot of discussion with the senior team, and the answer is a manual swap provides a natural filtering process for holders. To be frank, we simply don’t want to reward members of the STQ community who abandoned their investors by giving them positions in the new system.
This should not only raise the value of the token based on the elimination of existing not traded Dev funds on the previous token Chain but create some credibility and trust back into the project. That this in now controlled by the community and the New Dev Team.
Although the swap ratio will be set based on relative token supplies, we are considering a more favorable swap ratio to holders of the SWYFT coin as an incentive for STQ token holders to acquire SWYFT coins and start participating in the SWYFT ecosystem.
A table of these bonuses will be published in advance of the swap to allow members of the STQ community to acquire coins for staking/masternode rewards. This will also benefit any incumbent members of the Swyft community who also hold STQ.
1 – A dividend-style system to distribute new tokens to current holders in a way that is proportional to current token positions. This will be very similar to the current SWYFT coin staking system, except all holders of SWYFT tokens will benefit without having to actively stake via local wallets.
2 – New contracts will be created to allow SWYFT token holders to “lock up” tokens for predefined periods of time in exchange for increased rewards. In effect, these contracts will look and feel like traditional certificates of deposit with banks. For those familiar with masternodes, these contracts will be analogous to masternodes – without the need to actually start and maintain servers in the cloud.
The SWYFT Team is currently creating a new mobile wallet system to service both the SWYFT coin and SWYFT token systems, we see this item the centre piece of the entire plan for the ecosystem and is currently in the first stage of its testing. This will be a Hierarchical Deterministic wallet system that is based on “seed” words to create and manage private keys.
HD wallets are incredibly convenient, because they remove the need for complicated backups, and wallets can easily be re-created via the seed words in cases devices being lost and/or damaged.
Since the new SWYFT wallet will support ETH in addition to SWYFT coins and SWYFT tokens, we will be adding access to an internal OTC marketplace to allow purchasing of SWYFT coins and tokens directly from within the wallet. Those who wish to purchase can do so from their ETH holdings without having to visit or maintain accounts on external exchanges.
We also plan to add fiat purchases to this marketplace, but availability of that feature will be based on government regulatory compliance requirements and may be restricted for some users.
The SWYFT wallet will also allow for atomic swaps between SWYFT coins and SWYFT tokens. The rate of exchange for these swaps will be automatically determined based on the relative money supplies of each asset at the time of exchange.
STQ will feature within the wallet if we can deliver the refined features prior to the swap and give users a place to store their coins if necessary, until a date has been communicated.
We are very excited to be able to restore the Storiqa online marketplace and promote it as a world-class market for cryptocurrency users. The SWYFT team is working with STQ developers to evaluate the current system and make plans for scalable deployment on new servers so we can start recruiting merchants.
The recruitment process will be an ongoing operation, but if we position the platform initially as a “Craigs List/ Ebay” style marketplace to establish the system, we will then be able to branch out to local and (eventually) national/international sellers.
It’s important to note that we plan to combine the marketplace with our evolving mobile platform to allow a one-stop experience for management and use of your SWYFT coins and tokens. Expect to hear a lot more about these plans in the near future as our project technologies are merged together.
Taking steps in gaining control over the takeover that has been discussed with the existing Storiqa Team and Swyft. In order to maintain a level of stability we need to migrate all existing project channels for better communication to one place. This includes the old Swyft / Frost Channels.
While we understand there may be some sensitive sentiment towards the old STQ project team, we can only be held accountable for our own actions and deliverables. We welcome constructive feedback any time and are very active in building upon the vision we have for incumbent and future investors.
This is a forum to not only to share ideas but to discuss a progressive road map on new adoptions into the block chain industry and building outward facing use cases. This will happen in multiple phases and maybe a timed period in some instances of execution.
Rest assured if we stand together in our approach to move forward positively and with commitment, we can only strengthen the long term outlook for everyone!
Swyft STQ Community Chat Channel – https://t.me/SWYFTCHAT
Swyft STQ Announcement Channel – https://t.me/SWYFTLTD
Mike Havard, SWYFT CEO