[ANN] Update on Upcoming SWYFT Merger

While we are delivering the new chain, we feel it a necessity to look at our hosting platform. Looking at the instability of certain nodes alongside the value it brings relative to the inherent costs to run, the following will be implemented upon swap completion.

Each coin will be valued in their own right utilizing costs associated to run them.

As an example, SMARTCASH is an ongoing issue because of the size of the wallet and consumption of power. Therefore, this will be a service which will build an IP4 instance per node rather than run on a collective server. It will also be be charged accordingly.

Other coins such as SWYFT, which can use IPV6, will be less expensive per our cost base and will be stacked on one instance.

The following modifications will also be made:

Daily billing will be discontinued. Users will be required to charge their account based on a 30 day window. The duration will be calculated using days remaining from payment.

A reminder will be sent out on the 7th day to encourage you to pay for the following month.

There will continue to be no leeway for not topping up your account. This is your responsibility as we will not run nodes at a company loss. IPs are freed up for new users who stay on top of their accounts.

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Payment methods

Due to the low volume and liquidity of certain coins, changes will be made regarding how we accept payment. Swyft will be listed alongside major coins. Others will be removed. Swyft is the use case for our platform emphasizing holding as we recoup assets of the business.

Major Coins will be used to recover cash value to help contribute towards server costs. If users are only using our platform, not investing in our coin, changes will be made to assist in the upkeep of our coin value.

Swyft Nodes

As previously mentioned, all Swyft nodes will run for free on the new chain which will come as an incentive to retain this billing option. Billing will remain off as our coin remains at a specified price point. That price point will be determined as we approach the swap date.

If the coin is dumped below a certain value and remains for a duration of 7 days, billing will be switched back on. At that point, you will need to charge your account.

The responsibility of coin value doesn’t rest strictly with the developers. The methods of people selling coins has a large impact on the value.

An OTC channel will be established where people can exchange coins safely while encouraging members to set sell orders rather than dumping down to the order book.

We will make sure we are marketing the business appropriately. Volume will increase as we begin to list on larger exchanges which will occur in the near future. We will also be funding new projects to attract new investors thus ensuring the churning of coins as they change hands.

I hope the above is clear. These changes will take effect over the the next few weeks as we make the modifications to the platform. We will email users emphasizing the change in each build process and price associated with running once all is completed.

Gin is a prime example of exiting this space due to a challenging business model. As such, we are reviewing our business model and focused primarily on the use case of our own coin. All other coins, apart from Swyft, will be billed accordingly.

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We have also confirmed increasing support for the platform 24/7 with the exception being holiday cover. This means there will be someone on hand to help you recover you node to be fully functional at all times throughout the day and night.

This is currently being refined and will be complete on swap completion.

Please stay tuned for further updates as we are aggressively attacking a new business road map. We also are reviewing all aspects of our business to exist and flourish in this specific space with the increase of investor value or paramount importance.

Further announcements will be coming by the end of the week. They will pertain to the remaining topics that need to be articulated to everyone.

Kind Regards,

  • Swyft Dev

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