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Smartcash is not only a cryptocurrency but an entire decentralized community. The main principles of Smartcash network are transactions’ speed, privacy, and democracy. The unique feature of this network is the absolute absence of any central authority.
To a large extent, Smartcash is similar to Dash. Both these currencies work on gaining mass appreciation with private and fast operations. The main difference between these coins is that Dash uses masternodes and has some level of centralization. While Smartcash avoids any centralized mining or core teams.
Smartcash has an open-source code and strives for a community-driven development. Due to this principle, Smartcash has a lot of dedicated fans and their number continues to grow constantly. Of course, such anonymous currencies as Monero, Zcash, and Dash have a bigger audience, however, Smartcash has unique tools and nice perspectives as an untraceable, usable and anonymous financial service.
To give you a full picture of the way Smartcash functions, we are going to describe the central instruments and functions of this platform.
The developers renounce any forms of centralization because they believe that a centralized system is associated with various risks. For instance, there is a possibility that a core team is easy to corrupt, since a group of founders may prioritize income over making an open and cheap service. To avoid conflicts with bureaucracy, Smartcash proposes a democratic model of functioning. This model functions like a self-organized team under a principle of a beehouse. The main idea is to support the participation of every team member and allow them to contribute to the projects.
To put this into action, Smartcash uses a voting technology SmartHive. Every holder of Smartcash tokens has voting rights (1 token is 1 vote). Projects receive money from the SmartHive fund and active users with efficient ideas get their rewards for completing their plans.
When a certain project receives enough votes from the community, a team starts their work. Every member of the team has his own part of the project to work on. The main directions are outreach, development, and support. All teams have maximum 8 members, working as a group. Every team operates autonomously and has a budget and a coordinator.
This technology aims to stabilize the tokens’ price and encourage users to hold their coins. Every wallet that has more than 1000 tokens gets a reward for holding them. These rewards are paid every month. So holding coins for over a month, you will get additional coins for not spending them.
One of the main features Smartcash has to offer is fast transactions. InstantPay allows users to transfer their money immediately.
This technology allows users to pay in stores and online services fast. The main idea of InstantPay is encouraging people to pay for their everyday needs with cryptocurrency. The team behind Smartcash believes that InstantPay can put competitive pressure on MasterCard and Visa in the future. Thus, this financial revolution still has a long way forward.
Smartcash has appeared in 2017 as Zcoin’s fork. As we have already mentioned, this platform has a decentralized system of governance and aims to create the most user-friendly and open cryptocurrency. Developers claim that they work on a fast-growing cryptocurrency by hiring talented developers, aggressively prioritizing block rewards, growing the community, making outreach efforts and establishing advanced marketing methods.
Smartcash takes a brand new approach to cryptocurrency and aims to evolve not only as a financial resource, but also as a democratic community with large ambitions and high ethical principles.
Read more about: how to mine Smartcash
Smartcash is an interesting project that completely serves the needs of those users who strive toward privacy, decentralization, fast operations and transparency. Their community-driven principles might become a new paradigm for decentralized systems that use small teams. However, despite all the positive aspects of this libertarian approach, some experts say that there is a disorganization risk as well as an unclear vision of projects’ general objects.
However, the results speak for themselves and Smartcash has already implemented some successful proposals. We are looking forward to see Smartcash’s future development.