Invented by Team Daniel Bruno in 2011, SwiftCoin is an open-source cryptocurrency that uses blockchain, peer-to-peer, encrypted mail application, and proof-of-work. It is a Bitcoin alternative and uses the same blockchain technology. The digital currency uses SHA-256 elliptical encryption. The name of SwiftCoin is derived from SWIFT banking network; however it is not linked with this network. Mining of SwiftCoin is not possible.
The SwiftCoin value is caloric energy’s function that is needed to produce a certain amount of electricity and its functionality is copyright by Daniel Bruno, CMT. Demand and supply value of SwiftCoin is set in the open market. Solidus bonds and SwiftCoin, both are proprietary. The cryptocurrency wallet exhibits the real-time Proof-of-Work confirmations.
On 9th July 2013, USPTO permitted Daniel Bruno SwiftCoin’s trademark. Then, on 25th November 2014, Daniel Bruno has been granted a patent for the cryptocurrency by Patent and Trademark Office in the US.
Thereafter, in March 2016, Daniel Bruno Team announced 10,000 US Dollar reward to anyone who can hack SwiftCoin encryption. No one was able to break that code and contest got finished on 1st April 2016. After that, on 25th July 2016, SwiftCoin came on Android phones on Google Play Store with the name of ‘John McAfee SwiftMail’. In addition, SwiftCoin can also be easily used on Linux and Windows.
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