July 11, 2017
DescriptionSmartCash is a community-driven cryptocurrency built on the zerocash protocol. It prioritizes privacy and fast transaction times, with the goal of achieving merchant adoption. The project’s defining feature is its distrust of central authority, even forgoing a Foundation or core team. The currency’s characteristics are similar to Dash in that it seeks to gain mass adoption with a fast, private currency. The major difference is that Dash is seen as a somewhat centralized currency with its use of masternodes and reliance on the Dash Foundation. SmartCash hopes to avoid to avoid the idea of Foundations, core teams, or centralized mining. SmartCash proposes a governance model inspired by the ways ants and bees self-organize. The idea is to create a hive, where individuals can contribute to clear projects on small teams. There’s an argument to be made that this uncoordinated model might end up becoming more inefficient than the Foundation/core team model it seeks to replace. However, the community believes self-governing teams can be more nimble and efficient than guided development. Every holder of SMART tokens will be entitled to voting rights. 1 token = 1 vote. This so-called SmartVoting will allow anyone to submit proposals to the hive for consideration and voting. The goal is a bottom-up management structure where projects receive funding from the SmartHive fund and hive members receive payment for completing those proposals. SmartHive is the lifeblood of the project, and it’s intended to govern the project indefinitely. SmartRewards encourage long term holding of SMART tokens. As such, it’s a price stabilizing mechanism, decreasing the trading volume and therefore the volatility of SMART. Each wallet that holds more than 1000 SMART will get paid a reward for holding that SMART over a 30 day period. The SmartRewards pay on the 25th of every month. If you’ve held 1000 SMART for over a month, you’ll receive a reward for not spending those tokens. The reward comes from the block reward allocation. To be counted, you’ll need to move 1000 SMART to a single address before the 25th of the current month. If you do, then you’ll receive your reward on the 25th of the following month. The SmartCash source code began as a fork of Zcoin, using the zerocash protocol. Zerocash is the foundation for the privacy coin Zcash. It depends on zero-knowledge proofs to confirm transactions without sharing the sender, recipient, or amount of the transaction. SmartCash uses a Keccak mining algorithm. It’s known to be ASIC-resistant, therefore promoting decentralization of mining capacity. On average, the block reward is around 101.8 SMART, and the block time is 54 seconds. As of March 2018, the mining network had over 17TH/s of mining capacity. Currently, SmartCash has 15 projects funded through its SmartHive governance model. Another 6 projects have already completed successfully. In total, they account for $3.2 million in funded development projects (equivalent in SMART). The top development priorities are InstantPay, cards and readers for payment in stores, an electrum wallet, faster syncing, and an upgraded block explorer. Mobile wallets, atomic swaps, and BIP47 privacy features are also under development. The network applies Keccak mining algorithm, which supports decentralized mining as it is ASIC-resistant. It is also very fast, doing 101.8 SMART in a mere 54 seconds. Additionally, miners get an aggregate of 5% of the rewards. 15% is secluded for funding SmartRewards and the remaining 80% is the budget for the SmartHive. As with many other new cryptos, one ought to have BTC or ETH to be able to buy SmartCash. SmartCash can be exchanged on sites such as CryptoBridge, CoinExchange and HitBTC. SmartCash has provided a wallets page, though it can be stored in any other personal wallet. The GUI SmartCash wallet is recommendable as it gives one voting rights and also ability to put up ones SMART for SmartRewards. One is advised to back up their wallet in several places such as google drive or an external hard disk.