If you were brought here by the article's attractive title then keep on reading, it is indeed not just a click bait. As you may have guessed, this story is about a cryptocurrency. I may remind everyone that cryptocurrency tech is still in its young phase so it is not too late to bet on the right horse. But should we take one step at a time?
Let's start with the appealing name. The dark horse is called SmartCash - a cryptocurrency where simple yet ingenious concept changes were introduced in a working blockchain. Тhe name reflects project aspects and features quite accurately.
To justify the high-profile title for this post, I'll be referring to known bitcoin issues and advantages. This will allow you to grasp the main idea behind the article sufficiently.
I assume most of you know the basics of bitcoin concept. There are miners who keep the bitcoin blockchain up and going. For their vital role, they are being rewarded with mining block rewards consisting of freshly minted coins along with user transactions fees. What did SmartCash do? They decided to cut the pie differently, so mining block rewards would be distributed in a different manner.
Community oriented
SmartCash system allocates 80% of block rewards to fund own community. Well-motivated community members work hard towards SmartCash promotion, mass adoption, inner improvements and good deeds. Imagine now how fast coin value can grow when boosted with help of like-minded community? Do you believe in the power of people with the same idea? I guess there is no need to give historical examples of what such community may be able to achieve. But that's not it yet. Wait for more.
Any member of SmartCash community can participate on the voting portal where all the current projects, ideas, and major changes are being decided on. Also, any community member can create own proposal and submit it for voting. Can this be more simple and efficient? I doubt it.
Blockchain essentials and added value
We have been watching bitcoins natural growth for a long time. At least before corporate miners stepped in, manipulating news and market. Many of us witnessed the drama of Bitcoin Cash trying to take over the market by any means. Bitcoin Cash was initially born due to the fact the large miners couldn't achieve consensus during the process of bitcoin code upgrade. Well, here SmartCash has another advantage utilizing Keccak (SHA-3) hashing algorithm for mining. Keccak is currently resistant to industrial mining. More to that, SmartCash community is ready to vote for switching to another algorithm should Keccak ASICs (powerful miners) appear. Shall we continue reading?
As the time passes by, bitcoin value preservation quality is appreciated more and more. In fact, a great part of capital inflow into bitcoin comes from new investors. The team behind SmartCash creation spotted this phenomenon and came up with the idea of how to attract investors even more. SmartReward program was implemented, where another 15% of mining block rewards stimulate SmartCash long-term holders. SmartRewards distributes mining block shares among SmartCash holders according to their stake size on a monthly basis. In order to benefit from SmartRewards, a user has to keep the coins in one of his wallets untouched for at least a month. This feature also serves as SmartCash coin price stabilization mechanism.
And all we have left for actual miners is 5% from block rewards. Total disaster, isn't it? Wrong! It is indeed a good thing and here is why.
If we have a look at bitcoin infographics we may spot a nice platеаu period in July-August 2016 where network hash rate stayed within 1.4 - 1.7 EH/s. During that period transaction confirmation time was 20-21 minutes on average. (blockchain.info/charts/avg-confirmation-time) Later on, exponential bitcoin price growth, balanced with an exponential hash rate increase, actually haven't improved transactions speed at all. It is important to point out here that while both the price and hash rate jumped up 6-8 times, average daily transaction volume wasn't even twice as much as before. All being said basically means that there is a certain hash rate, that is capable of providing secure and efficient blockchain operation while further growth may result in huge energy consumption. If you didn't know, the value of cryptocurrency like bitcoin with PoW protocol is directly balanced with corresponding mining hashing power and costs.
Environmentally concerned and fair
Recently, energy consumption of bitcoin mining was compared to the electricity being used by a whole country like Ireland, Slovak Republic or Serbia. (digiconomist.net/bitcoin-energy-consumption) While to some it may appear as a reasonable sacrifice for the overall value of bitcoin concept implementation, for others it may be a valid reason to counteract in favor of environmental protection, should bitcoin significantly grow in value pushing energy consumption further.
SmartCash incentivizes miners with only 5% of block rewards what creates a huge gap between SmartCash value and mining costs and energy consumption. This allows SmartCash to scale huge before the problem with significant energy consumption arises. We may assume years here. By that time, SmartCash community will have more than enough time to discuss and implement improvements on current mining algorithm, applying the best technology for that time.
History taught us that miners should not become a leading power determining the fate of cryptocurrency. They do play an important role allowing the blockchain to function well and this job done efficiently should become their priority. All the community members should have the right to participate in decision-making process. SmartCash mining block rewards distribution concept eliminates the threat of miners becoming the dominant party in the community while easy to use voting portal allows all users to take part in transparent consensus procedure.
The icing on the cake
Now let's talk about how SmartCash appeared on the scene. There was no ICO conducted, just a bunch of clever people implemented the whole concept from scratch. Well, utilizing some open source codes, of course. Does it look familiar to you? Right, the bitcoin blockchain was born the similar way, out of nowhere. Should we have a doubt about initial pre-mine that happened when Dash cryptocurrency was created? No, we have a fair situation here.
So, what is the current phase of SmartCash development process and what can we expect in the future? At present, the community is very active on forum, wallets are working, miners are digging, traders are playing, projects are being voted for and funded. P2P SmartCash fiat exchange platform conceptually resembling Localbitcoins is being approved for development. Various projects are being discussed including social promotions and improvements on multilingual translations. Mobile wallets are under development along with InstantPay functionality on the roadmap. Check it up what's going on at SmartCash as I could accidently overlook something awesome.
Conclusion
No way! Your money can be smarter than you, can you imagine? (that was my humble attempt to make you smile) Am I missing something? Please feel free to comment and ask questions. Thank you for reading, the show is over...
Really, at this point, I think that I have said enough. I suggest you conduct your own research on SmartCash before hopping on this accelerating train. Just because I'm on it doesn't necessarily mean that you should follow. Though we would definitely have plenty of things to discuss during our long and exciting journey!
If you would like to learn more about SmartCash please visit https://www.SmartCash.cc