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SwiftCoin is a cryptocurrency using peer-to-peer, blockchain , proof-of-work and encrypted mail application developed by Team Daniel Bruno since It is a propriatory alternative to Bitcoin using similar blockchain technology. It uses SHA elliptical encryption. 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. The price of SwiftCoin is set by supply and demand in the open market.
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Join the SwiftCoin Club to buy and sell any currency and set up your own franchise to help your community convert crypto to fiat and fiat to crypto. Set your own fees and terms. Instantly send any amount of money directly from the app to anyone in the world.
Banking giant Wells Fargo says its blockchain for internal cross-border money transfers is faster and more efficient than SWIFT, the global messaging system used by over 11, financial institutions. Using the digital cash would allow the bank to move funds 20 hours a day, up from only six to nine hours, five days a week when it relies on wire transfers and systems like SWIFT, Frazier said. Today, for internal book transfers between branches in different countries, the bank needs to use SWIFT. This is not the case for domestic internal book transfers. However, the bank has also been busy pursuing internal use cases for distributed ledger technology DLT , she said. By doing this we are streamlining the book transfer process and are reducing the use of intermediaries that can cause a delay in settlement. The results of this PoC will be revealed at Sibos However, Wells Fargo scotched any suggestion the bank would be connecting its digital coins to anything outside its own internal payments systems. So, a coin can help. Although initially intended for payments between clients, the coin will eventually be used to digitally fund enterprise blockchain projects such as on-chain debt issuances, JPMorgan executives have said.