In this episode I wanna talk about another important aspect of #SwiftCash which is not unique to SwiftCash but still very important and lacking in many projects including Bitcoin, Litecoin and Dogecoin. It's known as mining through the Proof-of-Labor concept. The most well known way of making money in this world has always been through hard work/labor. Blockchains are of course mostly automated and there's no need for continuous hard work/labor or so we've been told? The fact of the matter is that software requires attention from developers. There's also marketing and many other aspects involved in blockchains that do in fact require hard work/labor. The beauty of SwiftCash is that it has a mechanism to reward these workers. I would actually like to refer to this type of mining as real Proof-of-Work since this is the type of mining that actually requires hard human work, rather than machine work.
The mining process through the Proof-of-Labor concept in SwiftCash is similar to Dash. Anyone can propose anything. It's an absolutely free market. Proposals only cost 10 SWIFT and are voted on by Masternodes. Each Masternode is secured by 50,000 SWIFT and a virtual server and is worth 1 vote. If a proposal gets enough votes, it can then mine the proposed budget directly from the blockchain into the provided address. This makes access to the blockchain budget of SwiftCash completely decentralized, borderless and even anonymous. This is crucial to make sure that even this aspect of the SwiftCash blockchain can continue to live on forever and ever, without relying on any centralized authority or oganization anywhere in the world.
Having said that, the active community needs to step up and make sure scammers cannot abuse this system. As a result, the SwiftCash community has made a multisig address controlled by old and trustworthy members of the community to act as an escrow for proposals. That means the community by and large refuses to vote for proposals that ask for funds without first delivering the promises in the proposal. This may keep people from proposals because they might think that if they complete the work, the community might still vote no to their proposal. Here's where our community escrow comes in to act as a middleman between the budget in the blockchain vs. the proposal owner. The proposal owner can propose to receive the funds via our community escrow after completing the work. This way, community can vote for the proposal knowing that scam is impossible since in case of approval, funds will first go to our community escrow. If promises of the proposal are delivered, then the proposal owner can receive the funds from our community escrow. And if promises are not delivered, then the approved funds will be left in our community escrow for future proposals or the community can choose to burn/destroy those coins forever.
That's it for my forth episode. In the next episode, I'm going to talk about another absolutely unique feature with SwiftCash that in future can basically turn SwiftCash into something a lot more than a cryptocurrency. I'm talking about DeLotts or Decentralized Lotteries which run fully on the SwiftCash blockchain, from buying tickets, to accumulating the jackpot and paying the winners. Stay tuned!
Episode 1 | Episode 2 | Episode 3 | Episode 4 | Episode 5
@tipu curate
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