With SmartCash - Cryptocurrency Future Is Bright and Smart

in #smartcash6 years ago

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Till date, I still try to remember the channel from where I first came across SmartCash but can't seem to, but I can clearly remember how optimistic I was when I navigated down their website and found a new kind of operation I haven't seen before in the crypto space that the project is built to function around. The beautiful web layouts and detailed explanation couldn't help less but encourage me to read on.
After further reading and grabbing some understanding, I immediately concluded with myself how massive the project will be if it happens to function to full potentials. Was I riding on my mind too fast? I am still in the process to figure that out. Right from that moment till very now all developments concerning the project have been positives, challenges have arose but the team and devs have always find quick solutions in an amazing way.

Would you love to know about this revolutionary project? If so, then, I'll suggest you don't stop reading just yet as i will be explaining about some fundamentals and vision of the project "SmartCash".
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SmartCash

A community governance, cooperation & growth focused blockchain based currency & a decentralized economy.

This definition was clearly stated on the official website. At first I got a little headache trying to understand the phrase "community governance". Does that mean the existence of a core team? What's the essence of decentralization if it is governed and directed by a core team? Nope, I was wrong, there are no core team but different segments that form a team which revolve around the community, it was even stated clearly on the website that the current team are just there to start things up and would be breakdown further once some targeted milestone has been achieved "seem the normal status quo is interfering with me here..' I said it, this project is kind of unusual!". It making some sense. Have there ever being a creation without its inventor?
A community? How is that intended to work out?

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Smart Hive and Hive structuring team

Imagine if each and every citizen of a country can genuinely vote for every action the government takes, how much easier would life have been? We are in for crypto here. Imagine if the general public could vote regarding bitcoin technical activities and decisions, I think the whole last year August fork wouldn't have been a struggle and the technology would have advances better.

SmartHive is actually created for this purpose and this area is considered the blood and life of the project. It comprises of the whole community which is charged with the responsibility of guiding the project along a successful path by suggesting new ideas and usage, encouraging project growth and managing a budget. It involves each and every individual who has invested in the project and are in possession of the coin (i.e me and potentially you). A really true democratic and decentralization.

The project adopt the new way of defining a balanced cryptocurrency or blockchain project "governance and decentralization" in the sense that despite the focus on decentralization there should be some people responsible to implement change in protocol as technology advances, in marketing to expand the project and some other needed activities while still putting in place some limiting gap. These sets of people are regarded as the Hive Structuring team in the case of SmartCash here and are also responsible for the allocation of fund to a generally approved proposal which decision was made base on an exercise called SmartVoting - a voting exercise carried out by individuals who are in possession of the coin to support or rebuke a proposal.

"You have got an idea how crypto could penetrate the market in your home country and want to fund the marketing and expenses? Look great, but you have to wait for the community to approve that".

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" looking to carry out an exercise that will educate a specific group of people about blockchain and it's related uses? Sound good. Let the community decide if they want that too!

SmartCash is operated base on the 'proof of work' algorithm using keccak, though majority prefer the 'proof of stake' concept, as it is more eco-friendly but smartcash mining can be easily done by using a personal computer while still rendering the computer for other use instead of dedicated sophisticated computer used by bitcoin which use the same algorithm concept (though this requirement arises due to mining difficulty). 70% of block reward goes to the SmartHive and the remaining 30% to the reward pool which include Mining(5%), SmartReward(15%) and SmartNode(10%).

_Have you ever wonder why you could upload a photo on Instagram with your laptop and still access that same picture through your friend's laptop? This is possible because there is an existing Instagram storehouse called server (dedicated computer(s)) which serve you your content whenever you request to access it.
The same goes with crypto and these servers are known as nodes. In the case of SmartCash, these are called SmartNodes.

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SmartNode

The whole essence of blockchain and decentralization are made possible by nodes. They are the backbone of the operating network. To achieve a true decentralization, nodes are spread throughout the world, maintained by individual(s) who are known or unknown by the public and are not easily traceable. This function bears a lot of advantage as it ensures backup of data through different points around the globe in case of natural disaster or theft of property in an area. The system is self-secure, therefore, individual running a node has no way to interfere with the network.

Currently, as we speak there are over 9,000 SmartNode spread through every possible continent of the world. It took bitcoin years to reach that total amount, but with the powerful SmartCash community and affordable staking and juicy reward this was achieved in just months as people found it more convenient to set up a node and majority even opted for a full node also regarded as MasterNode.

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SmartReward

In other for a cryptocurrency to be genuine, it should have a userbase of people who are a strong believer and have a reasonable amount of the coin in their possession. SmartCash addresses this aspect by incentivizing users who have at least 1,000smarts in their wallet 15% of block reward. The eligible addresses must have waited for a month after filling up their wallet before 24th of the previous month or two months for those who made their transfer after 25th. The snapshot for allocating the reward happens every 25th of each month.

SmartReward is a price stabilization and longtime hodling mechanism.

What makes SmartCash Unique and an exception

  • It is a community social driven vision.

  • So far as I know, only few project that didn't conduct an ICO have a website and smartcash is proudly on that list.

  • The traditional way of storing crypto is through a third-party wallet. SmartCash takes this one step further by creating its own web wallet that was recently tested by an established white-hat hacker team to be very secure. This is a strong point towards the decentralization we dearly crave for and also a true proof about the merchant focus as this will enable easy access and timely management.

  • The transaction fee is very tiny that I conclude to call it free, imagine paying $0.005 for a $1,000 transaction, the transaction fee is almost fixed at this tiny fraction no matter how big the transaction you are conducting is.

  • Fast confirmation time in the range of 55secs which is in the process of becoming Instant (more on this in my next post).

Conclusion

As much as I would have loved to concisely put down all my writings about this topic on a page, I neither have the skill required nor the language fluent to perfect it. But if you were able to read up to this length then am sure you are in a little bit of way interested in this project. So, therefore, I will be writing a continuation post (though will feature another heading) where I will explain about the merchant focus, Roadmap, privacy and of course the exciting InstantPay feature of SmartCash.

If you would like to learn more about smartcash please visit: https://smartcash.cc/

Follow @smartcash on steemit for a chance to win some smarties.
Join the conversation right now on discord

Feeling generous and want to tip some smarties? You are most appreciated.
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https://smartcash.cc/

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Indeed! In my own opinion SmartCash bring freedom to everyone. A true freedom, a world without border, where there is no hunger and tears.

Σ$$$ Tipped @paulo380 Σ15 SMART! Comment @smartbot help to claim. Currently the price of SmartCash in the market is $0.205 USD per SMART. Current value of the tip is $3.07 USD. To find out more about SmartCash, please visit https://smartcash.cc.

You can use the following commands:

  • balance - displays your current wallet balance
  • address- displays your deposit address
  • withdraw <amount> <address> - withdraws the amount of SMART to address
  • tip <username> <amount> - sends the amount of SMART to username
  • terms - displays terms and conditions for using @smartbot

You have Σ30 SMART (unconfirmed: Σ0 SMART).

@smartbot withdraw Σ30 SMART to SZ7AzBDYy43uF9thKVNrREgpxAStZqicmk

Usage: withdraw <amount> <address>

Thank you for this generosity

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