Loyal community support is very important for a crypto coin. It is this support that ensures that a coin grows over time in value and when the cryptocurrency market is hit with hard times that the coin doesn’t take a nosedive in the price charts.
If a coin has community backing this will make the coin more stable because the community will be less inclined to dump the coin for a small profit or when the coin tanks.
SmartCash is one of those cryptocurrencies with a strong community focus.
SmartRewards
With SmartRewards the community is rewarded for investing in SmartCash on a monthly basis. If you have more than 1000 SMART in your wallet for 30 days then you are eligible for the SmartRewards which are paid out on the 25th of the month. During this 30 day period no withdrawals or spending is allowed. If you move any coins from your address you will not receive the reward.
So for example, I have 2 addresses with more than 1000 Smart. On February 25 those 2 addresses will be eligible for the reward. There is no staking involved, the way it works is that every 30 days (on the 25th) a snapshot is made of the SmartCash addresses. If I do not move any funds out of those addresses until the next round (when the the snapshot is taken) on March 25, I will receive my SmartRewards. But if I make a withdrawal from address no.1 I will not receive my rewards for that address (however I will receive my rewards for address no.2). After that the cycle will repeat itself for the next round. The takeaway is that is beneficial to leave your coins in your wallet as much as possible so that your investment can grow.
The SmartCash Wallet allows you to create multiple addresses that you can use for savings, spending or voting for example.
SmartRewards are intended to motivate leaving your funds as an investment in the platform. Not unlike the power down mechanism on Steemit.
The rewards come out of the 15% block reward allocation.
SmartHive
Aka an incentivized decentralized community. The SmartHive is meant to allow the community a say in the future of the coin, how the money is spend and increase community involvement. The Hive is of course a reference to a bee community, all working together for a common goal. The difference is that with SmartHive all the bees get a say in the community efforts.
This is done by….
Smart-voting
SmartCash is all about community projects. Members of the community can propose projects that are funded by the Hive Community. When a project is submitted the holders of the coin can vote one the Project. Those who have invested the mosts (in other words hold the most tokens, have the bigger vote).
It is this mechanism that allows for community based decisions on how the SmartCash funding is used.
70% of the SmartCash budget is used for the proposed community projects that you can submit and/or vote on.
SmartNodes
To keep a network running you will need a backbone..In this case the SmartNodes are used to keep things going. SmartNodes are servers that run a SmartCash Wallet and are used for transaction verification. Running a SmartNode will earn you 10% of the block reward on every Block distributed to the SmartNode. Running a SmartNode will earn you some nice SMARTS payouts and saving your funds will earn you SmartRewards on top of that. Yes, that’s right...community members can run their own Node and support the Hive. There are some requirements though, for starters you will need 10,000 SMART as collateral to run a Node.
Hive Teams
Every Hive needs worker bees and SmartCash has an interesting approach when it comes to the Team concept. There are core Hive teams to initially set things up but the idea is for the community to step in and take control. This is where the SmartHive comes back into play, submitting proposals and voting on ideas by the Community for the Community.
There are some qualities that are very important If a cryptocurrency wants to make an impact as a means of payment.
Instantpay
One of the biggest downsides of Bitcoin is the the transaction speed. Imagine standing in a store and paying with Bitcoins. How long are you going to have to wait before the transaction is confirmed...10 minutes?….20 minutes? When buying goods online or paying in a store with cryptocurrency you need the transaction speed to be fast, really fast. That is why SmartCash is introducing Instantpay in 2018. With InstantPay you will be able to have lightning fast (instant) transactions. This is a big must if you want to use SmartCash on a daily basis for buying goods or online payments. A lot of other cryptocurrency transaction speeds leave a lot to be desired and InstantPay is the solution to that problem.
SmartCash wants to be a viable means of payment with a community and merchant focus.
Focus on ease-of-use
Not everyone is a crypto, IT, financial wizard. If you want your coin to be adopted by the masses you will need a user friendly solution. SmartCash has a very powerful but user friendly wallet that gives you full control of your coins. Installing the wallet is very easy, just download the wallet from the SmartCash site and install it on your favorite operating system.
The site is also aimed at being as user friendly as possible. All the features are clearly explained and the site is easy to navigate. The forum is a great place for newbies to ask questions and tutorials/guides are easy to find.
The Roadmap
It is very important to know in which direction a project is headed. SmartCash has nicely laid out which features are coming to us in the near future and the development schedule. Knowing what features are being developed and insight in the current state of development is an added value for a crypto project. Transparency is key especially for a community focused project.
SmartCash is an undertaking aimed at the community and backed by a loyal following. By investing in SmartCash you get votes to be part of the decision making and influence in the funding of community projects.
Holding SMART coins will earn you rewards on a monthly basis and running a SmartNode will increase the amount of coins that you can earn even more.
Community focus is a great starting point for a cryptocurrency project but a crypto coin will also need other unique selling points to be successful. The fact that the SmartCash community has made everything about SmartCash user friendly and that they are developing InstantPay shows that they are invested in making this cryptocurrency a success and a viable option for day to day payments.
If you would like to learn more about SmartCash please visit https://smartcash.cc/
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These are posts by @tspink in the #xervanteschallenge. Go give my man some support in his efforts!
