Bitswift Community Update, May 2020

Bitswift.press
May 16 · 8 min read
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Welcome back this month for another community update as it relates to all things Bitswift. We have been making progress as usual and have some new developments to share with you so please read on if you are interested in learning what we have been up to over here at Bitswift & Co.

Forging Pool:

Month to month the Bitswift forging pool (LZLZ Pool) continues to grow, both in the number of users leasing their balances and to the amount of Ardor that is leased out to the pool. This is great because the LZLZ forging pool is an essential part of the Bitswift business model as it allows Bitswift to obtain the digital resources we need to offset the costs required to operate our Blockchain Apps.

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Changes to Forging Pool Rewards:

As some may be aware, forgers on Bitswifts pool are earning passive Bitswift tokens along with their regular scheduled monthly Ardor rewards. Up until now, the added reward was 100 Bitswift tokens to each forger who received a payout. These Bits rewards were being issued from our dev fund. We have planned to decrease the additional rewards of Bitswift tokens from 100 tokens to 10 as of next month's payout schedule. This is to compensate for the fact that Bitswift tokens are appreciating in value and we have an increasing number of users on our pool. Another reason for doing this is that Bitswift tokens are extremely scarce, with only 3.8 million tokens in existence, there are not many Bits to go around and we would deplete our dev funds rather quickly issuing them at the previous rate.

Please note that the amount of ARDR that forgers are able to generate will not change and all other rates stay the same.

We will continue to monitor the performance and rates around the pool and adjust as we see fit to ensure a balance between profitable forgers and healthy business development.

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LZLZ Pool — Top 5 Forging account on Ardor platform.

Congrats to the following forgers for being awesome with helping us crunch blocks this last month:

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For more information relating to Bitswifts LZLZ forging pool please check the link below:

https://bitswift.cash/explorer/pool

Exchanges:

As always we are actively seeking exchange partners to host and support Bitswift tokens markets. As of now, Bitswift is currently listed on the following exchanges:

  1. Bitswift Decentralized Asset Exchange (Supporting BBTC and soon BETH)(https://myaccount.bitswift.network/index.html)

2. STEX trading BITS with ETH and BTC

(https://app.stex.com/en/trade)

3. Probit trading BITS with BTC

(https://www.probit.com/app/exchange/BITS-BTC)

4. ? Coming soon.

We realize the importance of listing across multiple exchanges which is why we are partnering with another digital asset exchange which we are anticipating will be supporting multiple markets hosting Bitswift tokens. Stay tuned next month for additional details relating to this new exchange partner.

Bitswift.cash — General Updates:

The number of users on https://bitswift.cash keeps rising month to month as well as the total and daily CASH claims.

We are happy to see that people are enjoying the concept of CASH token and a Community-driven Universal Basic Income on the blockchain. As more users participate and bring value to the system, more CASH is generated and claimed into existence, it truly is an experiment for inflation by way of participation and it will be exciting to see what happens next.

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Last month the number of Verified Citizens was 745, while the number of Registered Citizens was 1050. This month we are sitting at 832 Verified Citizens and 1171 Registered Citizens. Not to mention, the community minted its 5 millionth CASH token very recently. Congrats to all Bitswift.cash community! Keep on claiming!

Speaking of CASH tokens, our partners over at OreCoinGames.com are hosting a Bitswift CASH tourney on May 18th, 2020 with a prize pool worth 50,000 CASH tokens. That’s the equivalent of 500 days worth of claiming CASH tokens on Bitswift.cash, or half of what you would need to advertise directly on the Bitswift.cash claim page. Holy smokes! What is great is that everyone can participate because everyone has the ability to generate and claim CASH tokens on a daily basis from the Bitswift.cash faucet.

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The tourney will include 10 winners each of which will get a slice of the 50K CASH to be distributed. Please check the reward schedule below for potential winnings.

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More information on the CASH tourney hosted by our partners can be found on the link below:

https://orecoingames.com/tournament/39

A reminder that CASH community assets trade with BITS on Bitswifts own decentralized asset exchange accessible through everyone's Bitswift blockchain account available here: https://myaccount.bitswift.network.

Bitswift.cash — Addition of a new asset BETH (Bitswift Ethereum)

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We are excited to announce that we will be adding a new asset BETH (Bitswift Ethereum) to https://bitswift.cash which is going to be trading Bitswifts Decentralized Asset Exchange. Since Ethereum (ETH) by itself is not compatible with the Bitswift blockchain, we created this asset which will always be pegged as 1 BETH= 1 ETH.

The process will be similar to the one we created with BBTC (Bitswift Bitcoin). Users will be able to deposit ETH on Bitswift.cash, these ETH can then be exported to BETH on your own Bitswift blockchain account where it may trade with other assets across the decentralized exchange set up there. This means that you will be able to trade BITS for BBTC and BITS for BETH on Bitswifts Decentralized Exchange with the option for direct conversion to native chains through Bitswift.cash crypto gateway services.

Speaking of Bitcoin, the market BITS/BBTC on the Asset Exchange has been getting some more activity recently. Specifically there are some buy orders stacking up on the BITS/BTC market. If you are looking to sell some BITS for BTC securely in good old p2p fashion check out the market there and see if the rates are any good for you.

Bitcoin halving:

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We are extremely excited to witness another BTC halving event. So what does the Bitcoin halving have to do with Bitswift? Well not much really except for the fact that Bitswift trades with Bitcoin across many digital asset exchanges, as such the value of Bitswift is largely associated with the value of its traded partner Bitcoin. Bitcoins halving ensures digital resources become scarcer over time, based on some simple economic concepts like supply and demand, this should ensure the increased value of existing supply. As the value of Bitcoin goes up so does the likelihood that the value of Bitswift will go up. Likewise, as the value of BTC goes down so does Bitswift generally go down. This correlation between Bitcoins price and Bitswift tokens price has held true since Bitswift's conception. The same holds true with basically all other cryptos trading with Bitcoin throughout the free markets. We look forward to the next halving which takes place only 1381 days from now. :)

COVID Catalyst for Change:

If you are like me, you are probably wondering what the hell is actually going on out there. Now don’t get me wrong, I understand there is a global health issue, and viruses can be harmful to people, sometimes even fatal. However, it appears like there is an ongoing war on many fronts. This virus has many arms extending from media, political, and the literal submicroscopic infectious agent itself. It seems to be slowly turning people against each other. The existence of this multi-armed beast has triggered emotional responses from political leaders around the globe to act with complete economic shutdowns, driving many millions of people into unemployment. These decisions will have lasting and damaging effects for decades to come and one must seriously question what is more harmful a virus, or complete economic devastation.

We now have a system in place that demands people work to earn a living, yet they have taken it upon themselves to cancel the ability for many people to actually go to work. Unemployment numbers are stacking while the big companies are set to get bailouts in the billions. Many restaurants, hotels, and other small family shops will likely not recover from this government-enforced economic disaster. Of course, there is no logical safety net like a Universal Basic Income system to help the people in need, all of those programs were canceled by the government. All there seems to be is to pick and choose relief programs composed of debt dollar loans to businesses to help keep what employees remain on staff. Government relief programs seem to be highly selective leaving the vast majority in need without the proper support they require to maintain business operations. Supply chains across many sectors are wrecked while people live in fear, and infinite money printing seems to be the only answer to everything. Where is the logic?

Time for TrustTech

What we need are fewer emotions and more logic. We need more trust in public blockchains and less trust in people who are capable of making bad decisions on behalf of everyone else. We need less manipulation and fear-mongering and more transparency and confidence. The centralized models responsible for delivering trust are long overdue for replacement. By today's standards, they are not scaling well, everything else has changed in the last 100 years except for the way basic trust systems work. We have for so long been relying on the 3rd party and now it is evident the 3rd party can not always be trusted. We can no longer trust in the system which holds everyone down in debt, we can no longer trust in human emotions which act in haste in times of emergency.

Now is blockchains time to shine, it is the time to integrate new models of trust. Quite simply, it is time for all of us to step it up. Instead of trying to convince people, we need to start educating people so that they may have the knowledge to convince themselves to put trust into a new system that does not rely on centralized trust. We need to integrate and implement it into reality in manners which enrich the people, not just the institutions and corporations. It is time to trust in technology which enables us to trust each other directly ensuring old antiquated models of trust that hold everyone down are rendered obsolete.

Closing Quote:

The best time to plant a tree was 20 years ago. The second best time is now.

–Chinese Proverb

Join us on other social platforms!

The community is active if you know where to look, so please join us on official social platforms to support the development and help the community grow.

Telegram: https://t.me/joinchat/GDyWfBFOddCYFBYhDoRrpA

Discord : https://discord.gg/zRRvMHN

Reddit: https://www.reddit.com/r/Bitswift/

Slack: https://nxtplatform.org/slack/

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