The SmartCash update 1.2 is finally here. It brings new features and optimizations and requires us to update our wallets and our nodes. I have gathered some info in this post to help Smarties to stay up-to-date.
Here are the some of the most interesting updates with the new version:
- Instant Pay
- Three New Hive Teams
- Auto Wallet Backup
- Decentralized SmartRewards Distribution
- More Frequent SmartNode Payments
InstantPay enables an instant payment system for the new SmartCards. I have already tested the new cards Beta version and they work great. This will be an essential element for merchant adoption. It is good to see this finally in action because all SmartNodes are running only to enable that. And while the rewards might be nice it is even nicer to see the intended functionality to make SmartCash more attractive to investors and merchants.
The three new hives teams are part of the decentralization plans of the community governance. The more teams we have who work independently the less centralized SmartCash will become. I am very interested in that concept and even consider working closer with SmartCash in that way myself.
The auto wallet backup is a function that I couldn't test yet. I have installed the latest dektop client for Windows but didn't find that option. But it sounds generally like a useful thing.
The decentralized distribution for the SmartRewards is an important step away from the corruptible manual distribution and will be fair, fast and precise. The same goes for the automated and more frequent SmartNode payouts. This will reduce confusion and some errors that have been made before due to the manual nature.
New wallet clients
If you use the core desktop wallets (not the new Electrum wallet) then you can find the updated version on the official GitHub repository. You should backup your old wallet before the update. Afterwards your wallet will have to sync the entire blockchain anew.
Update SmartNode servers
If you are a SmartNode holder you will need to update the new code until July 6th. I haven't done that yet myself but this tutorial looks simple enough to me. You have to upgrade your desktop wallet first and then run a few commands on your SmartNode server.
For more information about SmartCash please watch the following videos: