Hello Community, this is the BitSwift Dev team!
We will be hosting REGULAR Monday evening / night Q&A - we want to involve the community in this project as much as possible.
Questions anyone?
When will you release a whitepaper with technical details?
You say "transfers take place almost instantly." Can quantify "almost instantly," i.e., how many milliseconds/seconds/whatever would typically be required for a transfer to be completed and confirmed?
A: If someone sends SWIFT to you they will appear as received within seconds. The time can vary depending on network connectivity speed and various other issues. The confirmation time is 30 seconds (on average).
Can you explain "Swift Exist Identity Binding"? The roadmap says:
swiftEXIST allows binding of documents to digital identities or digital objects on the bitswift network. In combination with swiftID and swiftREP this is a very powerful tool. One example: register a swiftID for your car, utilize swiftEXIST to insert the car ownership to the chain. Bind the ownership document to the Identity of the car, which is then bound to your registered swiftID. Your swiftID is bound to your physical self using proof of document. The bitswift network now validates your ownership.
So suppose I register a swiftID for my car, use swiftEXIST to do whatever the rest of those steps mean. The bitswift network now validates my ownership. Then (in the real world) I put an ad on craigslist, someone comes over and gives me a thousand bucks and I sign the title over to them. The bitswift network isn't modified by this real-world transaction, so the bitswift network is still validating my ownership, even though in the real world I no longer own the car.
A: SwiftEXIST is used to declare ownership and record that ownership in the history of events. The blockchain allows to record events and keep the history and proof of those events. If the car was sold later on in the future to a new owner the network would not know otherwise. The network would only know that on a specific date in the past, you owned the car. Unless of course, the network gave enough incentive for the new owner to join the network and transfer the ownership from you and bind it to their SwiftID. Or perhaps if the network gave enough incentive to use its internal SwiftSales, the car could be sold directly on the network. When the sale is final the ownership would be transferred internally to the new owner.
Can you explain how this is supposed to work?