If you've ever asked the question what is SmartCash, then to get a proper answer, you'll need to also ask what are SmartNodes? In this blog, we're going to go into more detail around what SmartCash SmartNodes are and talk about why they're so integral to the overall viability of SmartCash as a secure means of everyday cryptocurrency payment.
A SmartCash SmartNode is a computer that runs a SmartCash wallet and verifies transactions on the network. To be able to run a SmartCash SmartNode, the wallet must have 10,000 SmartCash coins to essentially act as collateral, a dedicated VPS (with the specifications of an IPv4 address, 1GB RAM and a 20GB HD) and must be able to stay running 24/7 without interuption.
SmartCash SmartNodes
If you have a computer and run the blockchain, then you're running a SmartCash SmartNode. The SmartCash network's strength comes from its decentralised nature and by having a number of nodes serving as a connection point to the next computer, the SmartCash network remains strong. The more SmartNodes that are on the network, the more decentralised and as a result, secure, the SmartCash network remains.
While both are cryptocurrencies, SmartCash runs a consensus model that is completely different to that of Bitcoin. While Bitcoin verifies transactions through miners, SmartCash completely separates network functions like transaction verification from the process of mining. SmartCash SmartNodes process transactions without having them join queues that create backlogs on the Bitcoin network.
As a result, SmartNodes make SmartCash transactions process at a much faster rate and most importantly, keeps control over the project out of the hands of a select pool of miners. SmartCash is a community focused cryptocurrency and separating these two functions is a key aspect of this. With 70% of the block rewards allocated to community projects, the 30% of remaining block rewards are allocated with 15% going to SmartRewards, 10% going to SmartNodes and miners taking just 5%.
SmartCash SmartNode Rewards
Running your own SmartCash Smartnode can be a lucrative venture, thanks to the reward structure. A SmartCash SmartNode is known as an incentivised node because all operators of nodes are rewarded with 10% of the entire block reward for staying committed to keeping the SmartCash network up and running twenty four hours a day, seven days a week.
There is of course a small grace period of one hour in which your node can go down, but still remain eligable for SmartNode rewards. This means that SmartNode operators are able to safely run maintenance on their machines that include launching and rebooting. There is no point in penalising them for running a responsible network and SmartCash doesn't do this.
If you combine your SmartNode rewards with the SmartRewards payed out for holding 1000 SmartCash in a wallet for the month, then SmartNode operators can make quite a lot of money. SmartRewards are payed out on the 25th of each month and by checking the official website, you can find a handy calculator that will allow you to work out how much you can earn by running your own SmartCash SmartNodes.
SmartCash SmartNode Setup and Hosting
We're not going to go into a step by step guide of how to set up a SmartCash SmartNode but there is a basic checklist of things that are required if you're going to get started.
First of all, you're going to need 10,000 SmartCash. You can buy SmartCash from an exchange or earn them from contributing to the SmartCash community here on Steemit. You then need a dedicated computer to run a loal SmartCash wallet to hold your Smart and start the node. This can be obtained and is probably best to be run via a VPS. You can find a full SmartNode Setup and Hosting guide including all the required computer specifications on the official website.
Just remember that when you're running a SmartCash SmartNode hosted via a VPS, you're doing so at completely your own risk. Don't be dumb and trust your private keys or funds with anyone else but yourself. This is common sense throughout the entire crypto-sphere and shouldn't be anything new to you here.
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SmartCash is a community governance, privacy & growth focused blockchain based currency and a decentralised economy.
