SWYFTT Dividend Contract Launched – Irish Tech News


SWYFT is pleased to announce that we have launched the SWYFTT Dividend contract on the Ethereum Mainnet. We are currently testing functionality via Metamask and the Android Mobile Wallet created.

We are actively establishing the Swap tool while continuing to contact exchanges to communicate when and how the new SWYFTT token will replace STQ.

The Token Contract Address Is:  

 0xA1248c718d52752b2cC257eeb0eBa900408dAeB8

There are a few things to cover in this document for review. We have had some long conversations about the topics covered below and hope you will join us in understanding our thought process.

SWYFT Dividend Contract Launched

1-Timeline on Swap Process and Exchange Transition

We will be asking all exchanges to block STQ deposits and withdrawals on the Friday the 13th of December for a swap commencement date of the Monday the 16th of December. Any exchanges that have yet to respond to us with will be notified of a due date of communication back to us.

In the absence of any response, we will be asking community members to withdraw their tokens from these exchanges to use the automatic swap tool.

This will require to send your STQ to a smart contract that will handle the whole process automatically and return you SWYFTT  dividend Tokens.

2- SWYFTT Circulating Supply

As we have now launched, we currently have only 1000 tokens minted for testing purposes. Please find details below of where we will pitch the current circulating supply for the STQ to SWYFTT Dividend ERC20 Token which will be minted upon commencement / approval of the swap.

The new token contract allows us to Burn and Mint tokens accordingly to keep us flexible against the value and demand. Our aim is to make sure both current assets (SWYFTT Dividend Token and SWYFT Coin) stay relatively on parity with each other minus any Dev Team holding that we class as non-circulating.

Current Circulating Supply of STQ at 25/12/2019 was 11,287,544,272 at $0.000018 USD

We believe that this supply is beyond extreme for a payment method for any merchant operation:

To put this into perspective:

I purchase something for $1, I would need to send 55,556 Tokens

I purchase something for $50, I would need to send 2,777,778 Tokens

I purchase something for $200, I would need to send 11,111,112 Tokens

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While we received a lot of feedback around swapping the Token into the dollar from a previous hypothetical metric, we have decided to pin the upcoming swap to a million SWYFTT tokens on Launch.

There are several reasons for this, for you as investor:

  • SWYFT Dividend Rewards monthly give us the ability to increase the supply when organic growth is achieved
  • We need time to build out the Store and market correctly to create mass adoption
  • The Payment method will be more in line with Merchant use.
  • The circulating supply is low enough to offset any large sell offs and recover quickly
  • As the token has 18 decimal places there is no need for such a large supply unless warranted

3-SWYFTT Dividend Contract Economics

There seems to be quite a lot of confusion between the value of the token vs the supply in which a holder holds. To break this down correctly:

“If I own 10 Tokens with a Total Value of $1, a 10-1 Swap would mean each Token is worth $1”

On this basis the swap ratio will be as follows:

Current Circulating Supply = 11,287,544 272

/ (Division)

Swap Allocation = 1,000,000

= 11,288:1 Swap Ratio

 

The price on reflection should reflect the following:

Current Price of STQ = $0.000018 USD

X (Multiply)

Swap Ratio = 11,288

= $0.203184  USD/SWYFTT

 

For Example as a holder:

I currently hold 2Million STQ Tokens at a value at ($0.000018 each) = $36 USD

After the swap:

I would hold 177 SWYFTT Tokens at $36

 On this basis if I wanted to purchase something for:

$1 =  I would send 5 Tokens

$50 = I would send 245 Tokens

$100 = I would send 491 Tokens

 

4-Timed Lockout and Dividend Pay-outs

The above has been discussed in previous papers and will reward not only SWYFTT Dividend contract Holders but also Swyft Coin Holders through a redemption platform.

As previously stated, as the business grows and adoption increases, we will reward everyone for our success and business performance. There will be some incentive bonuses also along the way for special events.

5-Bonus Rates

Bonus rates are available for White listed addresses.

In order to qualify we have locked into the current contract a purchase method to take part in an early dividend, so we can test on a larger scale and a swap ratio enhancer for those who want to participate.

6-What Does This Mean:

As it currently stands we are currently awarding 1000 SWYFTT Tokens per ETH Purchase.

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If we take the current standing of the market at 25/11/2019 @ 19:23 UTC

1 ETH = $148.24 / The New value of SWYFTT ($0.203184  USD) = 729 Tokens

The 1000 Tokens give you a Token benefit of 37% and a additional value of $55.06, plus we will be paying out an undisclosed Dividend amongst these addresses prior to swap commencement on the 14th of December for all participants.

To achieve this all you would be required to do is send any amount of ETH to our Business contract address.

The contract will automatically send your new SWYFTT dividend contracts to the same address sent from.

For further detail private message Mike Havard, CEO.

 1 ETH = 1,000 SWYFTT

0.1 ETH = 100 SWYFTT

0.01 ETH = 10 SWYFTT

0.001 ETH = 1 SWYFTT

Remember – gas required for a sale is higher than standard send.  I usually allocate a max of 200,000 to be safe

 On behalf of the business the following swap ratios will apply to addresses who have participated when swapping your STQ to SWYFTT

1000 Tokens Purchased = 5% improvement on swap ratio (10,723:1 instead of 11,288:1)

2000 Tokens Purchased = 12% improvement on swap ratio (9,933:1 instead of 11,288:1)

5000 Tokens Purchased = 30% improvement on swap ratio (7,902:1 instead of 11,288:1)

All funds received will help us on our journey of deploying the Store.  Also, it will assist with marketing costs, employing external contractors to deliver a quality of work to help the whole Swyft Community.  Not to mention, it will  bring the Swyft Brand into the face of Merchants and potential store customers.

This is not mandatory as the swap will be performed regardless, but the business is personally funded by Mike Havard. Progress can be somewhat constricted against monthly budgets and time frame against allocated Developers.

If we can deliver quicker using outside contractors, working with our in-house development team, Value will be achieved timelier.

There is also an incentive around merchant fiat recovery. Ideally it would be essential to have a platform where merchants can recover fiat for the payments they have taken in SWYFTT.  That without dumping onto an open exchange.

This will protect the price / investor interest and can be recycled within a level of control with set parameters against the success of adoption.

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This will clearly be scalable as time goes by and will be something that we will need to monitor.

7- Surplus Supply on Expiration of the Swapper

Any Tokens left after the expiry of the 31st of March 2020 will be discussed upon three options:

  1. All remaining tokens will be burnt
  2. All remaining tokens will go out as a dividend
  3. Partially burned and partially Dividend

Anything we do will greatly increase your percentage share against the network weight on conclusion of the swap. As an empowered community we can benefit from a successful future with everyone.

The goal is helping where possible and reaching out to skill set within the community where helping with their responsibility is raising awareness of the project once the Store has been deployed.

Best Regards,

SWYFT Dev, Mike Havard, CEO

See more Swyft stories here.

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