If you haven't followed up on the recent public dramas of smartcash, make sure you click HERE first and then HERE. I have great news for the real smartcash community today and by real I mean the average people most of whose portfolios are down more than 90%. I have managed to find a developer who's going to help us split fork smartcash in order to give power back to the community. Following are the proposed changes in the new chain:
- Take a snapshot of the blockchain at block 635,000-647,500
- Burn the existing budgets - appx 1.14B coins!
- Burn the obvious whales and exchanges - appx 120M coins!
- Burn any address that is directly linked to smarthive - appx 220M coins!
- Start with a fresh blockchain and forkdrop the remaining of coins - appx 320M coins!
- Change from PoW to PoS for decentralized and secured mining
- Change the voting style and put it on chain with masternode voting like Dash
- Steepen the curve of the block rewards moving forward
Proposed formula for the block rewards in the new chain:
floor(0.5+((2000 * 647500)/(4*647500 + nHeight + 1)))
Based on this formula, block rewards would start with about 500 coins per block(plus another 500 which will be locked in the limbo for budgetting and if not used will eventually go to miners and masternodes) which will be split between masternodes and miners and will eventually go down to 250 coins within 4 years. This would make the inflation much fairer and steeper for future adopters as opposed to smartcash which went from 5000 to almost 1000 within appx. 14 months. The budget coins will be mined from future inflation in the same way it's done in Dash and each proposal will only be allowed to ask for 2% of the monthly inflation. These numbers are all proposed after much thinking but we're open to suggestions and feedback from the community.
Proposed block time: 50 seconds
Proposed masternode collateral: Keep it at 10,000 coins
Proposed minimum yeas voting percentage: 20% of available masternodes
Proposed proposal & budget fees: 100 coins
Proposed block rewards allocation: 50% budget - 25% PoS - 25% Masternodes
Proposed maximum supply: Keep it at 5B coins
No centralized hive, hives or core team! Everything will be based on proposals voted by the community! If you want to get involved, join us on Discord. Estimated time for releasing the wallet is in appx. one month from today. Once we release the wallet, we can submit proposals for literally everything - from the design of the website + the domain and server costs to exchange listing, etc. The developer who is going to help us make this happen is only asking for 1M coins in the new chain or 5 bitcoins. I would ideally prefer if we didn't premine anything and raised 5 bitcoins in donations but if that doesn't happen, we're going to have to premine 1M coins to pay for the initial development of the new chain.
If you have any ideas or questions, make sure you leave a comment below or join us on discord. Nothing is finalized yet including the branding of the new chain so if you want to have a say in any of this, now is the time!
