The SWYFT Vision – Long Term with Bold Projects

 In Blockchain, Cryptocurrency

Statement by Mike Havard, CEO (SWYFT)

The Ability to think wider, outside of the community or duplicate what every other business is doing will separate us from the competition. The Swyft vision if you will. Enhancing the teams, by collaborating further projects, will really help us achieve our vision and more. I see this happening a lot within the next coming months. This will play a crucial role in filtering the low funded or short-sighted projects into 2020 and with legislation tightening a clamp down on ICO’s, IEOS popping up without the use cases. Investors are a lot smarter than they were 6-12 month ago, the due diligence shown today in knowing your Dev and the project comes with a complete forensic scrutiny on whether this is a good project to invest your hard earned cash in. Our transparency and accessibility at all levels of our project has shown no boundaries on what can be achieved through honesty and level of commitment we will continue to adopt. I feel empowered by the duty of care to the Swyft community and striving towards returning investor value and retaining confidence. Swyft is on a journey in continuing to reach our optimum delivery point at each threshold of personal ability against the constant expansion it requires” 

The SWYFT vision starts to move forward from the creation of a new combined community, blockchain, and wallet.Now is the perfect time to take what we’ve learned from past projects and use our creativity and imagination to create a Swyft vision of where we want to go.  While hosting, markets, and community growth are all very important in the short term, it’s important not to lose focus on our larger goals for delivering the power and convenience of cryptocurrency to the general public.

Developing a vision can be a very empowering process, because it allows you to first define your destination without necessarily having to worry about exactly how you will get there.  Sometimes in technology, you have to leap from the cliff and build the airplane on the way down; which is why we decided to publish some of our “Blue Sky” project proposals for the SWYFT vision at this time.  While other projects look inward at only their technology and products that focus on the limited market of existing cryptocurrency users, we want to examine ways that we can provide value to the other 99.9999% of people on the planet.

Blue Sky (adjective): “Creative ideas that are not limited by current thinking or beliefs

These are our bigger plans that have less specific detail, but give a sense of the Swyft vision of a larger direction over the long term.  Blue Sky proposals are intentionally bold and get proposed without exact plans of action as a way to stir the imagination and shine a light on where we want the project to end up. Elon Musk and Apple Computer are examples of entities that use blue sky proposals to communicate a vision. Following their examples, we will start to attract the types of resources that can make some of these proposals real.

For our project to reach the levels of value fitting in with the Swyft vision, we will be focusing on ways to bring our coin to the general public.  This won’t be an easy journey, but the potential rewards for breaking through to the retail market are huge.  No coin has accomplished mass adoption, so the first project that can cross the divide to the general public will literally be the Google of crypto. At this point, it’s anyone’s game, so all of our proposals are created with the intention of enabling products that non crypto retail customers will want to use.

Smart Contracts– Now that we have successfully merged our projects and established a new blockchain, the next logical step for enabling more powerful DApps will be with smart contracts.  As a bitcoin fork, we are currently limited with the types of smart contracts we can support, but there is a lot of development going on with other projects in our space, and we’re watching their progress.  Of course, we don’t necessarily want or need to directly support smart contracts on our chain.  There are many examples of projects bridging between Bitcoin chains and Ethereum-style chains. They use custom side chains and other technologies to leverage smart contracts from Bitcoin projects.  Instead of trying to launch our own competing smart contract blockchain, we think using a combination of these bridging technologies will be the right direction for our future needs of the Swyft vision.

When thinking of smart contracts, please remember that much of what the technology will give us will be hidden from the typical user.  After all, when you dial your cell phone, you don’t really care how the call is completed…you only care that your phone works and adds value to your life.  Smart contracts will be to our project what cell towers and switching stations are to phones; an infrastructure to allow advanced features for our applications developers to deliver to end users.

Lightning Support– This is another infrastructure layer that enables very fast transactions and allows for rapid scalability of our network. Masternode projects have given a lot of lip service to instant transactions, but almost none of them actually deliver on their promises.  To be able to scale to Internet level uses required by mass adoption, we will have to deliver on those promises.  Supporting a layer-two technology like the Bitcoin lightning network will be the way that we do it.  Why not use masternodes for this?  See our proposal for the power platform for the answer to that question. The Swyft vision!

Atomic Swaps– Atomic swaps, or atomic cross-chain trading, is the exchange of one cryptocurrency for another cryptocurrency without the need to trust a third-party. A relatively new piece of technology, atomic cross-chain trading looks to revolutionize the way in which users transact with each other.  Recent applications of AML and KYC policies will soon be forcing centralized exchanges out of the evolving market, and Atomic Swaps will be the technology that replaces them for a true decentralized network.  When we are successful at achieving any level of mass adoption for SWYFT, our ability to swap between other currencies will establish us as a true leader in the crypto space.

SWYFT Tether Tokens– A key component of the Swyft vision is the adoption of crypto by retail merchants and end users is the ability to price products and services in fiat terms that don’t require complex conversion rates.  To accomplish this, we will establish a pilot programs for ERC20-type tokens that are tethered to major fiat currencies. These tokens will be backed 1:1 by real fiat deposits and will offer guaranteed buy- backs of these tokens from merchants and end users.  It’s our plan to use these tokens as the actual currency used for purchasing.The fiat tether guaranteed settlement to fiat will ease the way for merchants to accept SWYFT for payment.

The ability to swap SWYFT in and out of these tethered tokens will lead to our support of:

Haven Protocol– The haven protocol is another crypto project that proposed a system whereby holders could lock in their current value by swapping from their “floating” coin to a tethered sidechain.  Although we don’t want to replicate their methods, we believe this feature is a valuable one that can be accomplished with our tethered fiat tokens.  By swapping your SWYFT into one of our fiat tokens, you are protected from market volatility with SWYFT.  You can hold your fiat tokens until you want to move back into SWYFT, and the number of SWYFT coins you will get when you move back into the main chain will be determined by the current spot value of the coin.

Affiliate Marketing Platform– Those of you who have come from the BiFrost side of the world should be familiar with this project.  Although our partnership with an affiliate company fell through, we never dropped our plans to create a general-purpose affiliate marketing platform to offer merchants in the crypto space.  We have several powerful AND resources on the SWYFT vision team, so we will be making concrete plans to create a great affiliate platform for future SWYFT vendors.

Power Platform– Masternodes have been tragically underused in the crypto space.  Although they were originally intended to provide multiple services to coin networks. With very few exceptions they have really only been used as a marketing gimmick to entice holders to lock their coins out of general circulation in exchange for a percentage of block rewards.  With smart contracts, we can accomplish the same goal of rewarding coin lock contracts while re-positioning masternodes to become real network workhorses that deliver actual computational power to our application developers.  Power Platform servers will be completely re-designed to deliver a variety of useful network services that range from strong encryption to private and anonymous network routing to peer-to-peer content delivery.  Power Platform operators will be paid directly by the applications they service; creating an entirely new ecosystem for providing advanced features to end users.

Mobile Wallet – Unlike desktop wallets, the SWYFT mobile wallet leverages server-less light-wallet technology to store and protect your coins while delivering a host of extended features. The Swyft vision!

Mobile Wallet thoughts and ideas are not limited to:

  • Sending, receiving and holding Swyft
  • Cold staking reward Structure
  • Buying and selling for ETH
  • Atomic Swaps between Swyft Coin and Swyft tether token
  • New Updates
  • Push Notifications
  • Lock out timed reward structures (like Masternodes) based on smart contracts against the Token
  • In app Chat
  • Power Platform (Dashboard) Link
  • Local Wallet Masternode Tracking – Address Link
  • Merchant option (Need to understand ability)
  • Store
  • Other Smart contracts that we can adopt

We give new and existing users accessibility to sell and buy through a mobile app and track their investment with an interface that takes the hassle out of using exchanges. Staying in touch with project progress will enhance our exposure and certainly be an inhibitor in appealing to a wider audience.

Another major feature of the wallet is it’s a hierarchical deterministic (HD) wallet. HD wallets (aka hierarchical deterministic wallet) are those wallets that use a single 12 or 18-word seed phrase to generate the subsequent pairs of private and public keys in a crypto wallet. This 12 or 18-word seed is also known as seed phrase or mnemonic phrase that is used to determine subsequent addresses and private keys in a wallet software.

Hence, using this type of wallets solves the cumbersome problem of frequent wallet back-ups now required to safely back up only the seed.

Partner Program – We will have the ability to be able to expand the current skill set and time of the team while drawing on a larger community by combing projects which have talented individuals as well as use cases. Simply, they will just need refining thus giving the modern or incumbent investor a broader portfolio of products and a real motivation to invest. We are of the mindset that it’s not just about investing in products but ALSO people! This outward looking SWYFT vision will allow building more in less time.That will only enhance our offering and widen our scope of what can be achieved to give us a USP above our peer set.

Finally, if you are a project seeking further advancement, interested in collaborating or need funding please apply or contact the Dev of Swyft for consideration.

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