This SmartCash overview blog post will help answer the question what is SmartCash? It's a question that gets asked a lot and we will go over the key factors of SmartCash and talk about the features that set it apart from other cryptocurrencies.
SmartCash Overview
"SmartCash is a community governance, cooperation and growth focused blockchain based currency and a dectralised economy."
The SmartCash project was formed with the view that under a decentralised governance system, a cryptocurrency can have a viable, fungible, fast, merchant oriented, user friendly and community driven purpose. SmartCash aims to achieve this purpose by prioritising block rewards toward growing the community and gaining real world merchant acceptance. The block reward split is as follows:
30%
MINERS/SMARTREWARDS/SMARTNODES
70%
SMARTHIVE/HIVETEAMS
The key to SmartCash is that the community around the coin, has control over strategic direction. There isn't just a small development team making decisions like we see in other, more centralised coins. Within SmartCash, the community controls direction, governance and how the budget is spent through the SmartHive. This all leads to a massive grass roots development explosion from within the community and encourages real action as a result.
Furthermore, SmartCash is built around the base concept of community adoption, growth and inclusion. As a result, everyone who owns SmartCash is a member of the team. They not only have control over strategic direction, but they are also rewarded for helping to stabilise price through holding their coins. Longer term holders of SmartCash are therefore paid monthly SmartRewards directly into their wallet.
We've broken up this SmartCash overview into four major sections which we'll give an overview of below. The potential of SmartCash is staggering and if you want to be a part of a cryptocurrency coin that could be the next big thing, then you're going to want to keep reading.
SmartCash SmartHive
Remember how we've spoken about how integral to the coin's success that the SmartCash community is? Well the SmartCash SmartHive is where the community magic all happens.
No matter who you are, what your background is or what skills you posses, the SmarHive has a place for everyone. As long as you can offer something toward improving the coin, then the SmartHive has a place for you to get involved. As they say, just make sure you come hungry!
The SmartCash SmartHive model runs on the belief that having a core team, isn't the best way to get things done. They ultimately will lead to inefficiency and worst of all, corruption. Human being are human beings and if someone has the ability to cheat to get ahead, then more often than not, we've seen that they will. This is why SmartCash has avoided this model and created a decentralised organisational model that is similar to how ant and bee colonies are run. This is where the SmartHive name is derived from and why SmartCash uses the hexagonal logo and yellow colour scheme in their branding. A really interesting concept, right?
The SmartHive decentralised governance structure is maintained by two overriding concepts. These being, the SmartHive and Hive Structuring Teams:
Anyone that holds SmartCash coins can vote on community proposals via the SmartHive. It's purpose is central to the coin's success and will be the lifeblood of SmartCash by allowing anyone to get involved with and even submit proposals of their own. The SmartHive is intended to create a swell of grassroots marketing support and a bottom up management structure.
On the other hand, Hive Structuring Teams are the groups formed to lay the groundwork for development, outreach and support. These initial Hive Structuring Teams are initially looking after the vital project areas, but as teams and the projects they are managing get naturally larger, there will be many more people employed and many more teams created. Each Hive Structuring Team has its own budget and operates autonomously and in a decentralised manner as per the SmartCash vision.
To summarise the decentralised governance structure of the SmartCash SmartHive, the SmartHive itself will enroll and engage community members and anyone else interested in contributing to the growth and development of SmartCash. Then you have Hive Structring Teams that consist of people directly involved in SmartCash's core operations on a day to day basis.
With every one SmartCash coin held, it gives their holder one vote. This means that via the SmartCash SmartHive, everyone has a voice from the first day that they invest.
SmartCash SmartNodes
A SmartCash SmartNode is a server that runs a SmartCash wallet and verifies transactions on the network. SmartCash SmartNodes are required to have 10,000 SmartCash in a wallet as collateral, a dedicated VPS (IPv4 address, 1GB RAM, 20GB HD) and must run for twenty four hours a day, seven days a week, without any more than a single hour of lost connection. For providing this service to the SmartCash network, SmartNodes are paid 10% of the block rewards on every single block.
Each user's computer running the SmartCash blockchain is a SmartCash SmartNode. As we've spoken about before, the strength of the SmartCash network comes from its decentralised nature. Essentially what this means is that it's a wide ranging group of people running the SmartCash blockchain, serving as a connection point to the next user and creating a secure network. Remember that the more SmartNodes that are being run on the network, the more decentralised, secure and trustworthy it becomes.
A SmartCash SmartNode is what's called an incentivised node and as a resut, SmartNode operators are rewarded for committing to keep it up and running 24/7, with 10% of the block rewards. There is of course a one hour grace period that means your node is able to go down for updates, rebooting, launching etc, while still remaining eligible for the block rewards.
SmartCash SmartNodes are needed to ensure a secure connection throughout the network, meaning that all SmartCash payments and transfers are verified as quickly and securely as possible. This is ensured by having a large number of SmartNodes online 24/7, incentivised through the payment of block reward.
Unlike the Bitcoin cryptocurrency model, SmartCash mining and SmartCash network functions are completely separate. SmartNodes process point of sale transactions without having to join the queues that form backlogs on the Bitcoin network, meaning transactions are processed at a much faster rate and keeps control in the hands of the community, rather than a small pool of miners. Remember that of the 30% remaining block rewards not allocated to community projects, SmartRewards take 15%, SmartNodes take 10% and Miners take just 5%.
When combined with SmartRewards which are payed out on the 25th of each month, SmartCash SmartNode operators are rewarded handsomely for their services to the network. If you're interested, then there is a handy calculator on the official SmartCash website that allows you figure out exactly how much you could potentially earn from hosting a SmartCash Smartnode.
SmartCash SmartRewards
The feature that entices many new investors to SmartCash, is that simply for holding your coins in a wallet, you are rewarded SmartCash SmartRewards. No trading, no sending them anywhere, just plain hodling!
By encouraging long term holding, SmartCash SmartRewards act as a price stabilisation mechanism. As the SmartHive treasury needs a healthy SmartCash market price to fund the various projects that the community proposes and votes on, long term holders are seen as a key element of SmartCash's success. By holding and essentially locking away their SmartCash coins for the month in order to receive SmartRewards, the market is shifted from supply to demand and the price will appreciate as a result.
As mentioned above, from the 30% remaining block rewards that aren't allocated to community projects, SmartRewards take 15% of these. A significant number when you see that SmartNodes take 10% and Miners just 5%. This shows just how much importance is placed on rewarding the community for holding and therefore stabilising the price of SmartCash.
To get paid SmartCash SmartRewards on the 25th of each month, a single wallet address just needs to have at least 1000 SmartCash held within it. At the same time, a snapshot of the wallet will be taken, to ensure that SmartCash is being held for the required period, before the next payment a month later.
Take the following as an example: If you were to buy SmartCash and put it in your wallet on the 24th of the month, then the monthly snapshot is done on the 25th and then you'll be paid SmartRewards for holding on the 25th of the following month. But if you were to buy SmartCash and put it in your wallet on say the 26th of the month, then you'll have to wait a month until the monthly snapshot is done on the 25th of the following month, before waiting another month to receive your SmartRewards for holding.
Just don't forget that if you spend or transfer out any amount of SmartCash from your wallet, then it will be ineligible for SmartRewards for that month. It's for this reason that within each SmartCash wallet login, there are multiple wallet addresses to separate your spending and SmartReward elgible, savings SmartCash.
SmartCash Spending
As spoken about in the mission statement for SmartCash, the project was formed with the view that under a decentralised governance system, a cryptocurrency can have a viable, fungible, fast, merchant oriented, user friendly and community driven purpose. One of the biggest goals of SmartCash is for it to be a cryptocurrency that is actually used in day to day spending and being fungible, fast and merchant oriented is a huge part of SmartCash achieving that goal.
There are numerous ways to spend your SmartCash but quickest and easiest way is via a wallet address, just like any other cryptocurrency. One big advantage that SmartCash has when it comes to spending by transferring to an address is that you can simply send to someone elses web wallet username. You no longer need to worry about remembering or correctly copy/pasting the long string of characters that make up a standard address. Simply type in the username of the person you want to send SmartCash to and send it.
Furthermore, SmartCash also gives users the ability to send their SmartCash to people who currently don't have an email address. You are able to send or spend SmartCash by sending to an email address or even just sending a direct link. The receiver then has the ability to claim it to their own wallet, or even open a brand new wallet if they don't yet have one. If the SmartCash is unclaimed after seven days, it's simply returned to the sender.
But while those methods are all well and good in the cryptosphere, the real spending ability will come after true merchant adoption. This is where InstantPay will come in and play a key role in allowing instant point-of-sale purchases both in store and online. Unlike the current Visa/Mastercard system, or even Bitcoin with it's slow speeds and high transaction costs, SmartCash InstantPay allows for transactions to happen instantly. SmartCash InstantPay will make using SmartCash to buy coffees or fill your car with petrol, the easier, faster, cheaper payment option for both customer and merchant.
SmartCash has also developed the SmartCard. This is not a pre-loaded card which uses the classic Visa/Mastercard fiat system, but it is a real crypto to crypto system. This however means that you need a merchant to have a terminal and internet connection to accept payments on the card, but the customer needs only the card. If you've ever had poor phone reception while trying to make a payment, then you'll understand why this could be ideal.
But when it comes to immediately having the ability to spend SmartCash in the real world, it's actually in developing countries with current economic problems that SmartCash can really make a massive impact. By developing a parallel economy through SmartCash, both consumers and merchants no longer have to worry about rampant inflation of their native fiat currency.
This was a huge part of Satoshi Nakamoto's original vision for cryptocurrency and is being seamlessly executed within SmartCash.
SmartCash Trading
If you want to trade SmartCash, then you'd be advised to do your trading on the biggest exchange to list the coin. This is of course, HitBTC.
HitBTC are on of the top 5 cryptocurrency exchanges globally and are known for being a high volume exchange. By listing the coin, they've opened SmartCash trading to a wider audience.
The trading pairs available to SmartCash traders on HitBTC are: SMART/BTC, SMART/ETH and SMART/USDT.
Keep in mind that you don't have to be a trader to buy SmartCash on HitBTC. Once you've bought your SmartCash, you are of course then free to transfer them to your SmartCash wallet in order to go toward your SmartReward tally.
SmartCash Australia | smartcashau
SmartCash is a community governance, privacy & growth focused blockchain based currency and a decentralised economy.