Specifications

Swipp is a modern cryptocurrency based on a secure hashing algorithm - offering blazingly fast anonymous transactions. The code base is actively developed by a skilled software engineering team with decades of experience.

Maximum curency supply 14 million Swipp
Required masternode collateral 30 000 Swipp
Block time 2 minutes
Transaction confirmation time 10 blocks
Mining maturation time 80 blocks
Staking maturation time 36 hours
P2P Port 24055
RPC Port 35075

Masternodes

Swipp offers masternodes, securing and improving the speed of the network. With a collateral of 30 000 Swipp, anybody can run a masternode and receive a part of the Swipp generated on the network. A masternode receives 40% of the new currency generated on the network by miners and holders.

Adaptive masternode network

Swipp will be the first cryptocurrency to feature a adaptive masternode network. Instead of masternode payments being evenly and randomly distributed between masternodes, a masternode operator can influence the network and increase the chances for his or her masternode to receive payments by hosting the masternode in a geographical area with high traffic where there are currently less or no masternodes running.

The reasoning behind developing this adaptive network is to promote a masternode network that can better handle traffic from many different geographical locations, while also promoting better fault resistance in case of outages on the network.

Adaptive masternode network explained

While traditional masternode coins calculate scores and evenly distribute that score between nodes on the network when a block is found, the Swipp network will take a slightly different approach. When a miner or a staker on the Swipp network finds a new block, we say the calculation is adaptive, because it takes the distance to the masternodes into account while also considering the quantity and proximity of masternodes to the finder.

The proximity from a given masternode to a finder is either zero or one. If the proximity between them found is one, the masternode and the finder are in the same location on the earth. However, if the proximity between them found is zero, the masternode and the finder are as far away from each other as they can be - on opposite sides of the earth.

Adaptive masternode scoring

When a block is found, each masternode receives a score calculated by the following formula:
S = round(N * P²)
Where N is the number of masternodes on the network and P is the proximity to the finder.

Masternodes that can not be geographically determined, always receive a a proximity rating of 0.2. If a masternode is hosted at the south pole, it will always receive a proximity rating of 0.8, regardless of where the finder of the block is located.

Masternodes with a closed P2P port, not contributing to the network, will always receive a score of zero, effectively hindering payments. If you host a masternode on the network, you can check if your P2P port is opened via the masternode tab on the block explorer.

Currency returns

There are two ways to generate new Swipp - with proof of work blocks (PoW) or proof of stake blocks (PoS). Proof of work blocks can be found by mining the currency using mining software or hardware with support for the X11 hashing algorithm. Proof of stake blocks are found by keeping the currency in your digital wallet and staking the currency on the network. 40% of the return is paid out to the masternode, while the miner/staker recieves 60%.

The return of Swipp block rewards is high in the begining and drops off quickly as the currency and community matures.

Mining returns

Block Return + (max) Occurs
0 - 92 999 48 Swipp 4.464 million Passed
93 000 - 119 999 24 Swipp 0.648 million Passed
120 000 - 179 999 12 Swipp 0.72 million Passed
180 000 - 299 999 6 Swipp 0.72 million Passed
300 000 - 499 999 3 Swipp 0.6 million Current
500 000 - 799 999 2 Swipp 0.6 million September 2018
800 000 - 1 199 999 1.5 Swipp 0.6 million May 2019
1 200 000 - 1 999 999 1 Swipp 0.8 million February 2020
2 000 000+ 0.5 Swipp October 2021

Staking returns

Block Return + (max) Occurs
0 - 92 999 5 Swipp 0.465 million Passed
93 000 - 199 999 3 Swipp 0.321 million Passed
200 000 - 399 999 2 Swipp 0.4 million Passed
400 000 - 799 999 1.5 Swipp 0.6 million Current
800 000 - 1 199 999 1 Swipp 0.4 million May 2019
1 200 000 - 1 999 999 0.5 Swipp 0.4 million February 2020
2 000 000+ 0.1 Swipp October 2021

The X11 Hashing Algorithm

Swipp uses blockchain technology and is based on the X11 hashing algorithm in order to secure transactions and mining of the currency.

X11 was first introduced with the release of Darkcoin back in 2014 (a currency that now has evolved into DASH). At it's core, the algorithm is a chained proof of work algorithm inspired by the chained-hashing approach of Quark. The algorithm uses multiple rounds of 11 different hashes (blake, bmw, groestl, jh, keccak, skein, luffa, cubehash, shavite, simd and echo).

The design makes the X11 algorithm one of the safest and most sophisticated cryptographic hashes used by modern cryptocurrencies.