The SWRM Coin is a utility token that drives the Hive CDN. Tokens are earned when content is sent to another node in the CDN or to an end user.
To answer this, it’s best to simply give a sense of the ‘moving parts’ and how coins flow between them:
- Hosts, called "Hivers," offer their idle computer resources in return for payment in SWRM Coins
- This compute power forms the Hive network, which is used by SWRM Labs customers across a variety of applications
- Publishers establish accounts with SWRM Labs and use SWRM Coins to pay for all content streamed across the Hive network.
- Publishers and application service providers on the Hive network may buy coins from exchanges or directly from SWRM Labs. SWRM Labs maintains a fixed US $1.00 price for each SWRM Coin sold to customers. SWRM Coin prices on exchanges may vary and are not controlled by SWRM Labs.
- Hivers are initially granted 10 SWRM Coins, good for 500 GB of content upload to their server devices. Hivers pay 0.02 SWRM for every gigabyte of content that is loaded onto their devices.
- Hivers get paid 0.02 SWRM for every gigabyte of content they distribute to another HIVE host or to an end user that obtains content from their server. Content shared only once therefore provides no financial benefit for the Hivers, but content shared with many other hosts or with many end users can be quite profitable.
- SWRM Labs oversees all transactions and file exchanges, and settles all wallet accounts every 30 days.
- During the Beta period, the Hivers cannot withdraw coins from their wallets. Once we transition to the commercial release, Hivers may withdraw coins from their SWRM wallets at any time, and either store them on private wallets or send them to an exchange and redeem the coins for other convertible currencies, such as BTC, ETH, USDT, or any other currency supported by their preferred exchange. SWRM wallet balances may be zero or slightly negative for up to 30 days before SWRM Labs will cancel the Hiver's account and remove the Hiver from the network.