RENEW - Burning your old smartcash tokens for new "clean" ones!!
In my first post about smartcash i mentioned about the renew feature :
Privacy is a human right, and SmartCash embraces that idea completely. Renew will ensure your money is untrackable.
And I said I didn't understand this too well.
Well, now I think I have a slight idea!!
Take the normal fiat currency for example. Say you went to the bank to withdraw 100 bucks. The bank gave you a $100 bill. You will notice it has a serial number on it. Every bill will have it's unique serial number to it and thus has a traceability to a certain extent. Now, in the fiat world, it isn't really too easy to trace the $100 bill back to you because it's near impossible to trace back who you gave that note to, and to whom did that person pass it on to and so on....
But in the world of digital currencies, ALL transactions are recorded on the blockchain and if someone has your wallet address (we publicly post it all the time, for example when someone is announcing a litecoin or dash or bitcoin etc etc etc giveaway on youtube, we just post our wallet addresses for the entire world to take note of), they can actually track all your transactions....where you've been receiving money from, who you've been sending the money to, the coins you hold in your wallet and where the coins came from etc etc.
Now usually it isn't gonna cause you too much trouble. But say for example, some criminal activity or transaction went down via one of the cryptocurrencies and the government is investigating. Now, remember I said all fiat dollar bills have a serial number to it, all crypto coins have a similar number to it and is traceable. Yes, the coins in your bitcoin wallet for example, are traceable to where it came from. And not traced back to just the person who sent it to you, but in it's entire life, every wallet the coin has been to, it can be traced back.
Now, if a coin at some point in it's life got tainted by some criminal activity at some point, and after maybe a thousand transactions somehow ended up in your wallet, that one single coin now has a traceability via it's serial number from you to the criminal, or from the criminal to your wallet. In other words, this coin has now tainted you wallet and this might put you in situations you wouldn't wanna be in and also subjects you wallet holding to be potentially seized if the criminal activity the government was tracing was extreme.
The renew feature of smartcash solves this problem.
Our "renew and reclaim" feature uses some of the world's best privacy technology based on the zerocoin protocol to create a clean slate for the coins in your wallet.
Smart cash is allowing it coin holders the option to burn all the old coins you may have in your wallet and have no idea where they have been to, and exchange them for entirely new, clean coins, which are not traceable to anywhere else except your wallet, because these new coins have never been to anywhere else except your wallet yet. When you make a transaction with these new coins to some one else, now that someone else has the choice to burns the coins you just sent him and get a fresh set of coins so that the coins in his wallet are not traced back to you.
Make sure to check out the video SmartCash Privacy - Zerocoin-powered Financial Privacy - Complete Fungibility on the smartcash youtube channel to get a better understanding of this renew feature.
Thanks for reading.
This is @simplifylife, from Team SmartCash!!
Peace!!
@smartbot balance
You have
Σ31.99 SMART
(unconfirmed:Σ0 SMART
).Very good explanation of the renew feature!
Nice information dear keep it up
@smartbot help
You can use the following commands:
balance
- displays your current wallet balanceaddress
- displays your deposit addresswithdraw <amount> <address>
- withdraws the amount of SMART to addresstip <usernamegt; <amount>
- sends the amount of SMART to usernameterms
- displays terms and conditions for using @smartbotbalance
You have
Σ40 SMART
(unconfirmed:Σ0 SMART
).balance
You have
Σ121 SMART
(unconfirmed:Σ0 SMART
).@smartbot withdraw 11 SNwxmy69ik4Z9taxe68ZmXLKx3iqnyFnBi
@simplifylife:
Σ10.99 SMART
has been withdrawn from your account toSNwxmy69ik4Z9taxe68ZmXLKx3iqnyFnBi
. You have been chargedΣ0.01 SMART
withdrawal fee. Transaction80bb77f2e5009285efe5a92bba6a6553fd6a1d23d47764cfefb9307414b87441
is now completed. To monitor the transaction status click HERE.@smartbot tip @simplifylife 20
Σ$$$ Tipped @simplifylife
Σ20 SMART
! Comment@smartbot help
to claim. Currently the price of SmartCash in the market is$1.291 USD
perSMART
. Current value of the tip is$25.82 USD
. To find out more about SmartCash, please visit https://smartcash.cc.@smartbot help
You can use the following commands:
balance
- displays your current wallet balanceaddress
- displays your deposit addresswithdraw <amount> <address>
- withdraws the amount of SMART to addresstip <usernamegt; <amount>
- sends the amount of SMART to usernameterms
- displays terms and conditions for using @smartbot@smartbot balance
You have
Σ30 SMART
(unconfirmed:Σ0 SMART
).@smartbot balance
You have
Σ78 SMART
(unconfirmed:Σ0 SMART
).@smartbot balance
You have
Σ83 SMART
(unconfirmed:Σ0 SMART
).@smartbot withdraw 70.01 SSee8FWEtg9HGhUgx2bZEakFyeKVcnisNU
@simplifylife:
Σ70 SMART
has been withdrawn from your account toSSee8FWEtg9HGhUgx2bZEakFyeKVcnisNU
. You have been chargedΣ0.01 SMART
withdrawal fee. Transactionbc13da56fb840b34e10c41575798c4f77012b05f4b95d0eadafb1af4b85a124b
is now completed. To monitor the transaction status click HERE.Nice info...
@smartbot balance
You have
Σ191.99 SMART
(unconfirmed:Σ0 SMART
).