Smartcash coin is yet another crypto currency gaining popularity in the recent time. Developing a decentralized and incentivized community capable of supporting SmartCash will not be an easy feat whatsoever. However, it is not practically an impossible task. With hundreds of crypto currencies launched currently, it is quite impossible to understand individual concepts. Now a day, you can observe that majority of projects are focusing on the anonymity and privacy.
Smartcash coin main concept
It is a community-driven crypto currency. Smartcash coin is built on the zerocash protocol. The main aim is to enhance the privacy and speed up transaction times. The project’s defining feature is its distrust of central authority, even forgoing a Foundation or core team. It is quite similar to Dash.
SmartCash implements a number of decentralized developments and governance features. Due to this fact, Smartcash coin is gaining enormous popularity. While it’s nowhere near as Dash and other private payment platforms like Monero and Zcash, SmartCash offers an interesting perspective on untraceable, anonymous and usable crypto currency.
Getting Started With SmartCash
The Smart Cash hive
As a matter of fact, core teams are not a good idea and it always leads to corruption and inefficiency. A decentralized organizational model inspired by the bee and ant colonies is far better as compared to the core teams’ concept. To build and maintain a decentralized government structure, smartcash coin has introduced two major concepts:
SmartHive offers the facility to anyone holding the coin to vote for the proposals submitted by the community
Hive Structuring Teams (HST)
It will set the framework for the project’s evolution and will lay the groundwork for the project. At the first stage, it will work in three different departments of the projects including support, outreach and the development. The entire three department =s will involve the hiring of new people. If a team would reach up to eight members, more teams would be created. Each team will operate autonomously without a central command and it will have its own coordinator and separate budget.
SmartHive offers the facility to anyone holding the coin to vote for the proposals submitted by the community. Further it will allow anyone to show his involvement and he coin holder can also submit the proposals. In this way, it will act as the life blood of the project. As a result, organic growth at a grassroots level will be observed. It will also help to develop a bottom-up management structure.
The overall SmartHive will aim to engage and enroll community members and other 3rd parties interested in growing SmartCash coin into a global worldwide currency while the Hive Structuring Teams will involve individuals who are directly involve in the project.
Each smartcash voter will have a voice from the very first day. This is why the smartcash coin is developed around the concept of Smarthive. Besides, smartcash coin is pioneering in the crypto-governance space. In simple words, the platform will allow all the users to vote for a project. Basically, each SmartCash Token is worth 1 vote, to keep it simple.
It is a method to encourage long term holding and a mechanism to stabilize the price. The Smarthive treasury requires the SmartCash coin to finance the 3rd party project proposals. It also helps to grow the Smartcash coin as an internationally acceptable crypto currency. All these things are only possible with the long term holdings which are the key to the success of any project.
Let me clarify it with a small example:
If you buy smartcash on the 24th of the month, you’ll have to wait for a month to get paid. It is almost 30 days. But on the other hand, if you buy smartcash on 26th of the month, after the snapshot date, you’ll have to wait almost 60 days to get paid. You’ll be pain on the 25th of each month.
Fungibility is a key stone of the SmartCash platform. In order to achieve our end goal as a fungible and widely adopted currency, the Zerocoin implementation is the foundation best suited for reaching these goals. In this way, the coin holders can generate new coins in exchange of old coins with the feature of ‘Renew coins’. These new coins have no history but these are displayed and everybody can see them. These are viewable on a public ledger. This solution disables tracking from services like Coinfirm, and is faster than Coinjoin based mixing.
Fast transaction is another important feature of Smartcash. It is yet under the process but it will be launched soon. The main function of the InstantPay will be point-of-sale transactions for online purchases and in-stores. The main emphasis of SmartCash coin team is that it must allow the people to use the crypto coin to pay for their daily needs. They have created SmartNodes similar to Dash masternodes. Such feature allows instant verification.
It is a great project for those individuals who want transparency, privacy and decentralization and they are willing to pay for it. If it becomes successful, it will become the first community driven movement working on the basis of small teams. On the other hand, people argue that it will into disorganization. Let’s see what happens in the future.