swaggit blockchain that powers the SWAGG cryptocurrency on the swaggit network
This is a work in progress. Changes and documentation will be posted as we go along. If you are interested into participating, drop me a line at [email protected]
Unlike other cryptocurrencies, the swagg value is not based on speculation. We decided to have it as some kind of stable coin with a 1:1 value. The cryptocurrency we will initially pair with is DOGE as its value is low and the transaction time is very fast. Beign paired does not mean that the swagg will depend on the DOGE blockchain. Swagg is an independent cryptocurrency with its own blockchain, security algorithm, consensus and coinbase.
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Mining
- POW: SHA3-512
- Rewards: level1 - 1,000,000SWG, level2 - 100,000SWG, level 3 - 10,000SWG
- Validates: Coin issuance, Hashing, Transactions, Blocks, Content value
- Maturity: Block 100,000
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Max Available: 47,000,000 SWG
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Min. transaction amount: 0.000000001
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Security Features
- Unique serial number signed by the coinbase
- Spending tracking to avoid double-spending attacks
- Non-usable until mined, validated and transfered to the coinbase
- Only one owner at a time per spending
- Encrypted, Versioned, Socially audited
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Cross-chain transactions (future development)
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Tokenizable (if the word does not exists I coin it ! ;))
... more to come
I decided to build this project with a specific use-case in mind. However I decided along the way to make it adaptable to more decentralized and privacy-centric ones as well.
The first one is of course The Swaggit Network which is currently under development. The chain will enable fast content verification and rewards as well as insure privacy and anonymity for the users. The wallet will not only be used to carry the Swagg but also to carry the user encrypted data before it is shared publicly on the network (like facebook, the security settings will be customizable).
The anti-forgery features will also help prevent spam, abuses and fake news without even knowing its content.