It uses 256-SHA elliptical encryption. The name SwiftCoin derives from the SWIFT banking network, but is not associated with it. Unlike Bitcoin, SwiftCoins can not be mined. SwiftCoin is brought into existence upon the redemption of interest and principal of Solidus Bonds.
In theory, the value of a SwiftCoin is a function of the caloric energy required to produce a quantity of electricity. This functionality has been patented by Daniel Bruno, CMT. The price of SwiftCoin is set by supply and demand in the open market. Currency swaps support the currency. The amount of SwiftCoin in circulation is elastic. Dynamic money supply reduces volatility. Both SwiftCoin and Solidus Bonds are proprietary, not open source. The blockchain ledger is not public. The SwiftCoin cryptocurrency wallet shows proof-of-work confirmations in real time.
On July 9, 2013, the USPTO granted Daniel Bruno a trademark for SwiftCoin and on November 25, 2014, the USPTO granted the patent. In March 2016, Team Daniel Bruno announced a US$10,000 reward to any hacker who could break SwiftCoin and John McAfee SwiftMail encryption. The contest ended on April 1, 2016 without any winners.
In April, 2016, Team Daniel Bruno increased the bounty to US$20,000. The contest expired on April 30, 2016, without any winners. In September 2016, the bounty was increased to US$30,000. As of November 2018, no one had claimed the prize.
On July 25, 2016, SwiftCoin became available on Android at the Google Play Store as John McAfee SwiftMail. SwiftCoin can be used on Windows and Linux.
The SwiftCoin wallet is made for ease of backup and physical transportation via pen drive.
In 2015, Chartered Market Technician Daniel Bruno published a series of papers advocating the substitution of digital currencies for dollars in commodities trading. In Digital Currency Trading and the Law of One Price, Daniel Bruno argues that Bitcoin is too volatile for commerce. Instead, commodity sellers should offer their products in decentralized digital currencies not subject to regulation by central banks.
The SwiftCoin blockchain allows for an optional mail and mail attachment along with a payment equal to or greater than 0.001 SwiftCoin. The round trip cost to send and receive a payment and mail attachment is zero. In 2015, the SwiftCoin Android app began to be marketed as John McAfee SwiftMail even though John McAfee has stated publicly that it is not involved in the project.
In Uruguay in 2014, Daniel Bruno opened the world’s first safe deposit box franchise to use randomly generated, alpha numeric SwiftCoin wallet addresses to identify the owners of rented safe boxes.The facility was an over-the-counter SwiftCoin, bitcoin and alt-coin exchange hub, offering a secure and public place to buy and sell digital currencies for fiat money as well as precious metals.
In 2015, Daniel Bruno shut down the operation after a car slammed into the Montevideo flagship facility, shattering over 600 kilos of heavy storefront glass. Security video showed the driver bail out of the vehicle before impact. No one was injured.
In 2011, SwiftCoin and bitcoin became the first digital currencies to be used to fund accounts for trading in forex, gold and silver.
