Swift Demand is a basic income experiment. Each user who is signed up for the service receives 100 coins each day. No additional coins can be created with time or resources. No user can gain any other 'advantage' when it comes to acquiring coins.
Additional coins can temporarily be generated through referrals and confirming information. After 5,000,000 users have been reached these bonuses will disappear and income generation will be the sole source of new coins.
Basic income is a concept where all people in a specific group are given a fixed amount of unconditional income. Ideally basic income should reduce poverty and help decrease the wage gap between the rich and the poor improving the quality of society.
Bitcoin is decentralized Peer to Peer currency. SwiftDemand is centralized currency focused on the concept of basic income as the primary source of the coins. They are both online currencies, but have different goals and ideals.
Coins can be sent by going to your account page and typing in the Swift ID of the person or business you wish to send coins to as well as the amount of coins you wish to send. Simple click 'Send' and the transaction will be complete.
Each transaction has a 3% fee as well as a 2 coin fee. The fee is used to support the development of Swift Demand, pay for the costs associated with hosting and supporting the service, and allow us to provide protection for users or businesses that were deceived during a transaction.
The number will very likely stay at 100 for a long time, but eventually it will increase. The rate of increase will eventually be set to a healthy inflation rate that is in line with the concept of basic income.
Actively requiring users to claim coins lets Swift Demand ensure the user is both alive and wishes to obtain their daily allowance. It also requires users to be actively engaged with Swift Demand and encourages them to use their income regularly.
Yes, the current limit to unclaimed coins is 7x the daily allowance of 100 Coins. This means that if you can't go over 700 unclaimed coins and will be unable to gain more unclaimed coins until those are claimed.
We expect to discontinue the bonus program when the service reaches around 5 million users. Anyone who refers a friend will receive 500 bonus coins in their account. Email Confirmation, Phone Confirmation, etc… also give you bonus coins (Currently set to 100 bonus coins). These offers will eventually expire, but warning will be given before expiration occurs.
No, Coins are not tied to real world currency in any way and do not represent a specific amount of currency or value of any form. Coins are only worth as much as someone else is willing to pay for them.
Vendor accounts are business accounts which allow transactions to be more easily managed from a buisness point of view. Each vendor account must be associated with exactly one normal owner account. There is no requirement that vendor accounts must be associated with a registered business. If you wanted to set up a lemonade stand and create a vendor account to accept coins, you may.
Vendor accounts are not user accounts and thus do not generate any coins by themselves. In the future a feature may be added to allow vendors to be rated to let users know whether or not a particular vendor is trustable.
Additional personal information will be required for users to create accounts in the future to ensure the identity of an individual and to prevent them from creating additional accounts. Old accounts will also require you to update your information to continue claiming your coins. Accounts found violating the terms of service will be promptly suspended and coins will be deleted. Anyone found breaking the rules will receive a 1 year ban from being able to receive coins. Be aware that in the early days of the site while Swift Demand is focusing on growth there may be the possibility for more abuse until we have the means to verify identities.
Transaction fees may raise or fall depending on how much it costs to maintain Swift Demand. All fee changes will be announced at least 1 month before they are implemented. Personal friend to friend transactions may eventually become free in the future as well.
Warning, there is no current built in chargeback system in place. This will be added after Swift Demand becomes more established. If you have a dispute you wish to address please use the contact form and include all details for your situation.
Chargebacks will be handled differently depending on the specific situation. When a user or vendor claims fraud has occurred the specific case will be looked to and solved on a case by case basis. Here are the following situations and process for each one:
The resolution is solved and the user is at fault: Coins will be returned from user to the vendor, if there are insufficient coins then they will be drained from the basic income until the debt is resolved.
The resolution is solved and the vendor is at fault: Coins will be returned from the vendor to the user. If the vendor does not have enough coins to fulfil the return then the vendor will be shut down and coins will be drained from the vendor’s personal account if the vendor is not an official company. If the vendor is an official company and refuses to pay their account will be shut down and not be allowed to operate again unless they repay the debt. The coins will be returned through the 3% transaction fees that were payed to Swift Demand.
Vendors will have different levels of clearance. Vendors with low clearance will be required to hold a certain amount of funds in their account in the case of chargebacks. Fraud on a large large level (Several users sending money to a fake company, the face company transferring money to other users, and then all users doing simultaneous chargebacks) will be treated as fraud. An investigation will be conducted and all accounts found at fault will be shut down. Non-connected accounts will be charged by having the money taken out of their account immediately or if the money is not available it will be taken out of their daily money or new money they receive. Money that can not be recovered will be taken out of our 3% fee. Vendors with high clearance will be identified with high levels of scrutiny and will not be required to hold the same amount of funds.
In the event that there is a conflict between two users an investigation will be started and we will attempt to resolve it. The same system for recovering money will be done as if it was a vendor and a user.
Currently there is no existing API to link Swift Demand into your website. We are currently planning on developing an API so vendors can easily accept coins as a payment for a product or service. Swift Demand links will work in a similar way to how most vendors currently use Paypal / Stripe.
Different countries will have their own coins since the concept of SwiftDemand is basic income it unfortunately doesn’t work on a global scale. The average person in a third world country makes a vastly different amount of money than a person from a first world country. Making all coins equal would devalue them for people in first and second world countries making them effectively worthless. We also do not want to leave out people in Second or Third world countries either since SwiftDemand should be able to be used anywhere. The solution to this is have different categories of coins. The GDP per Capita in your country will determine the coin type that you receive. Separate countries that are close in GDP Per Capita will receive the same type of coin. While SwiftDemand is in beta we will give everyone the highest quality coin now to get the service started.
No, during the initial transfer of coins from generic to region based you will be able to select the region of coin you wish to convert your coins into even if you are not from that region. However after the switch you will only receive coins from your specific region.
After a region split occurs there will be a built in market to allow people to trade coins between currencies. The prices of each type of coin will be dictated by the free market.