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!!