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 |
| Block types | PoW, PoS, PoC (planned) |
| Transaction confirmation time | 10 blocks |
| Mining maturation time | 80 blocks |
| Staking maturation time | 36 hours |
| P2P Port | 24055 |
| RPC Port | 35075 |
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.
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.
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.
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.
Another completely unique feature planned for Swipp is the proof of collateral consensus mechanism. The implementation will add a third block type for generating new currency on the network. Consequently, this will introduce an additional layer of security to the Swipp cryptocurrency. The PoC (proof-of-collateral) blocks will be solely generated by masternodes, staking the collateral that they hold. This will increase the ROI of masternodes by roughly 2/5 compared to the current return.
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%.
A third block type called proof of collateral (PoC) is planned for a future release of the wallet. The PoC blocks will be generated by masternodes, staking the collateral that they hold. This will increase the ROI of masternodes by roughly 2/5 compared to the current return.
The return of Swipp block rewards is high in the begining and drops off quickly as the currency and community matures.
| 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 | Passed |
| 500 000 - 799 999 | 2 Swipp | 0.6 million | Passed |
| 800 000 - 1 199 999 | 1.5 Swipp | 0.6 million | Current |
| 1 200 000 - 1 999 999 | 1 Swipp | 0.8 million | February 2020 |
| 2 000 000+ | 0.5 Swipp | ∞ | October 2021 |
| 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 | Passed |
| 800 000 - 1 199 999 | 1 Swipp | 0.4 million | Current |
| 1 200 000 - 1 999 999 | 0.5 Swipp | 0.4 million | February 2020 |
| 2 000 000+ | 0.1 Swipp | ∞ | October 2021 |
| Block | Return | + (max) | Occurs |
|---|---|---|---|
| ? - 1 199 999 | 1 Swipp | ? | ? |
| 1 200 000 - 1 999 999 | 0.5 Swipp | 0.4 million | February 2020 |
| 2 000 000+ | 0.1 Swipp | ∞ | October 2021 |
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.