What Is SmartCash?
Launched in 2017, SmartCash (SMART) is a cryptocurrency that focuses on community governance through its native blockchain. SmartCash aims to create a self-funded and community driven environment for its cryptocurrency in order for it to thrive through community initiatives while also allowing its users to perform transactions with added benefits of anonymity.
The company focuses on increasing the usage of SmartCash by working towards merchant adoption and ease of use. According to the company, the currency understands the need of performing instant transactions and thus offers them through its blockchain network.
Two of the prime objectives of the SmartCash project are self-sustainability and fair governance of the platform. This comes in the form of a community-centric approach towards its future funding. The end goal for SmartCash is to create an easy to use economy so people from all over the world
could use their SmartCash to make day to day transactions while having the added benefits of having a decentralized network. A system, which does not only add security to the protocol, but also provides a variety of added features for its users.
How does SmartCash work?
SmartCash works as a regular cryptocurrency and is currently being traded on multiple exchanges. The added benefits of using SmartCash are community centric. For instance, where other cryptocurrencies largely reward the miners without attending to the other stakeholders, SmartCash has 70 percent of its block reward go towards SmartHive, its community fueled development team. Through SmartHive, SmartCash users can propose suggestions and new features which can then be voted on by all users of SmartCash. As for the remaining blockchain rewards, 5 percent are allocated towards mining while the project’s
other initiatives, SmartRewards and SmartNodes each get 15 percent. In SmartRewards, 15 percent of block rewards are distributed among users that have at least 1000 SmartCash and have held the coins for more than a month.
SmartCash is built around the ZeroCoin codebase and also derives some features from the Bitcoin codebase. It uses proof-of- stake and the SHA-3 algorithm. Its native Renew protocol is built using the ZeroCoin codebase which allows users to burn their old coins in exchange for new coins, removing any history. This feature can be used through the SmartCash Wallet.
The History of the Team
The project’s lead developer is Solarminer, who previously contributed on projects such as the Dash N Drink Soda Machine. The project currently holds a team of developers in its SmartHive and plans to expand it by adding more members from the community.
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