“ANOTHER ONE” - DJ Khaled.
This is often what comes to mind when we learn that another privacy coin is gaining traction.
WELP! Here’s ANOTHER ONE.
SmartCrash..I MEAN SmartCash.
Credit ‘SmartCrash’ to Lucca, a fellow shithead in our Telegram who coined that.
Also, if you are not in our Telegram, get the heck in there. We can chat live….we’re basically always on...
Anyways, let’s dig in…
SmartCash (ticker: SMART)
Wtf is this shit?
SmartCash is another privacy oriented coin, starting as a fork of Zcoin using the Zerocoin protocol (zero-knowledge proofs...go read our Bitcoin Private review to learn more about that).
While being privacy oriented, they have a strong focus on being decentralized. SmartCash and their community feel Dash, Monero, and other major offerings are currently too centralized from a mining perspective, or due to existing foundations that get paid out from block rewards.
The SmartCash community structure is what makes them more unique.
To start, they have the SmartHive (inspired by how bees operate?...lol). They believe that different proposals by teams can be submitted to the Hive and users holding Hive tokens can vote (1 token = 1 vote). The SmartHive is where people can submit proposals and users can vote on if it should be accepted. (Pretty cult like…). It's what really fosters development and keeps proposals in a pipeline.
Once a project is accepted to the Hive, users can then vote on teams to take on the project. A portion of each block is used to fund Hive projects.
SmartCash uses an ASIC resistant consensus algorithm and allows for SmartNodes (masternode) functionality. 10k coins required for 1 SmartNode. The node logic is said to be forked from Dash...as compared to the general protocol code fork of Zcoin.
Another of our community members (Frank) is a SmartNode holder and has actually voted on a proposal. It was a project to distribute $60,000 worth of SmartCash to new students at a University in Ghana to spread awareness. He said it was easy to vote...just send your vote to an address and you’re good! It's awesome to see ease of use in crypto projects.
The SmartNode pays out a little less than 2% a month and pays out the same regardless of how much SmartCash you own. So, if you have 20,000 SMART, then you may as well create a second masternode and get rewarded twice.
Another cool feature is that you can print out your own SmartCash card, with QR codes to send and receive payments. Super awesome for merchant adoption...especially since they are merchant focused, with speed and privacy as a backbone.
They plan to release an InstantPay type of feature, similar to Dash, to further promote the throughput of payments for merchants.
Lastly...their consensus. They use a Keccak (PoW) algo, primarily because it is ASIC resistant. Keep it decentralized as much as possible. 55 second blocktimes, 5 billion max supply, and a 4 MB blocksize, with the intent to change it to adaptive blocks in the future. The block reward is split 30% miners/smartnoders and 70% to the SmartHive and teams.
Anyways, that’s a summary of SmartCash. Aiming to be a high throughput, private, decentralized platform for both merchants and users.
Who tf is behind this shit?
Ultimately, SmartCash is made up of different teams taking on projects from the SmartHive. If you go on their website, you will see different types of teams...and you can even join them (just don’t be a f***n noob).
So...mid-tier shitcoin, they’ve gained momentum, despite a massive dump after a massive pump in Jan of 2018. HODL? Or don’t...we don’t care.
Hope you learned some shit.
- Mike and Aaron