SmartCash Implements Community Governance, Improving on Dash (plus MUCH more)

[decentralizd]

Full text below for you lazies:

Privacy-centered altcoin SmartCash has announced the implementation of a Community Governance System. The Smartcash team maintains the development will deepen decentralization in the ecosystem.

In an interview with the Cointelegraph, Jeremy Maus, aka Solarminer, narrated the significance of his community's initiative that has been nicknamed SmartHive. According to him, SmartHive’s budget brings a different dynamic to SmartCash. He also claimed it allows the community to submit proposals for projects and activities that support the network.

Maus says:

"We are focusing on allowing the community to participate in the advancement of SmartCash. The "hive" mentality works with a large group of individuals all focused on delivering the same goal. The end result is a community driving development with lasting results."

Community Governance in Cryptoshere
Dash was the first-ever cryptocurrency to implement a governance and treasury system. Dash self-funds its own development, to the tune of $23 mln per year, by segregating a percentage of the block rewards to spend on community-approved proposals.

Since the creation of Dash’s system, several other currencies have followed along, including PIVX, Decred and a few others.

When asked if Smartcash is a mere copycat, Maus vehemently denied it. He explained that unlike some other community governance mechanisms that require ownership of a hefty amount of the currency before you can vote, SmartHive allows every holder a voting right, now matter how little currency they possess. He said:

"SmartCash believes that everyone can have a say in the project, not users that need to know how to maintain a server or contribute large sums of funds. We make it easy, as simple as sending an email to cast a vote."

Maus further explained that SmartCash holders can vote for proposals and choose the most efficient projects for SmartCash. He thinks this changes the previous dynamic of paying machines and electricity (miners) in favor of paying for real activity and added value to the network. Maus points out another difference between his currency and other governance systems:

"There are other projects that devote a small portion of the budget to development or proposals, but SmartCash is the first to devote 80% of the block reward to development, support, outreach, and community-driven proposals."

Comparative Analysis
As altcoins keep evolving, it seems community governance is growing and some experts believe it is an antidote to rancorous debates such as the recent scalability crisis that Bitcoin faced. In the future, Cointelegraph will be conducting a comparative review of the various governance and budget systems in the sector, and will give a full report to our readers.



https://cointelegraph.com/news/smartcash-implements-community-governance-following-dash-others

https://smartcash.cc/

You are welcome :]

[Jovovich]

So does that mean that it became a cooperative rather than just a corporation? I mean if they would allow any users who are their member to intervene in their project, then that particular member can have his own income depending on how he contributes and how much was earned through his initiative for the company? Well i guess that is a good news for all of us who has what it takes to help on a project.

[tondalink]

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WHAT IS SMARTCASH?
SmartCash is a new cryptocurrency forked from the zcoin project and launched in about less than a month ago! While many are looking at the tremendous increase in the price of bitcoin and thinking of investing in bitcoin or other major cryptocurrencies like Ethereum, LiteCoin, etc, smart investors are looking for altcoins that have the potential to make it to the list of top 10 cryptocurrencies. Let's be honest here; I myself am very new to the world of cryptocurrencies. The same goes for most of my readers if not all! The truth is that we can't make as much profit with the top 20 cryptocurrencies as we can with the ones that will make it to the top 20 in the future. With the ones on the top of the list, most of us, if not all of us, have already missed the party!

WHAT MAKES SMARTCASH DIFFERENT?
I have been looking at SmartCash for a few days now and there are certain aspects of it that makes it not only an attractive asset to invest in, but also an attractive asset to get involved with in its community and help promote. Why? Simply because I see a massive potential in this coin. In my opinion, the price can easily go up 100 times from where it is now, once major investors start to buy in. Below, I will explain why I think that this is the case by pointing out to the reasons that make SmartCash stand out among all the other altcoins as well as bitcoin!

https://smartcash.cc/
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1 => SMART REWARDS
This is my favorite feature or aspect which I think is going to play a crucial role in pumping the price of SmartCash in the near future. So what is it you might ask? To put it simply, it's a plan to reward long-time investors or long-time holders. To be eligible, you need to have at least 1000 SMARTS in your address and hold it from the 25th of one month to the other. Your wallet will then be credited through the SmartRewards plan, proportion to what you are holding.

The amount will depend on how many new coins are mined in the blockchain during that month. Generally speaking, 15% of the new coins generated in the blockchain will go to long-term holder through SmartRewards! And all you have to do is to BUY SmartCash and HOLD! The distribution occurs on the 25th of every month. Right now as I'm writing this article, there's about 40 millions of SMARTS in the SmartRewards wallet/address which is going to get distributed among the eligible investors/holders in almost five days!


2 => SMART HIVES
This one is a genius and really smart route to take in my opinion. Smart Hive is an incentive program which allows the community or anyone who holds smarts to have a say about the fate of the blockchain. This can be from how the budget for Smart Hives is managed, to what features and apps are developed by the head developers as well as how promotions occur or how the coin is advertised to the masses as well as investors.

Generally speaking, 80% of the new coins are allocated to Smart Hives which becomes the budget and everyone who holds smarts will get to submit a proposal and/or vote on already submitted proposals. Once a proposal is accepted by the community, the amount of cash requested by the proposal is then removed from the budget and spent on implementing the proposal, whether it's development, support, or promotion and advertisement! I know! How cool is that, huh?


3 => SMART PRIVACY
Okay so this one isn't really called smart privacy but I'd like to call it smart privacy! This is actually called renewing and reclaiming coins. It's a fantastic feature which allows you to basically destroy your coins and get new ones for a small fee within a couple of minutes. Why would you want to do that, you may ask? The answer is quite simple as you may have guessed it already. It's for privacy reasons. This process makes it impossible for anyone to track your coins through the blockchain. Your coins will be moved to an anonymous address where they are consumed and then you get new coins a few minutes later in your wallet, the same way miners get new coins! If you do that, then no one will be able to track your coins via the blockchain!

Having said that, I'm not quite sure myself how this feature exactly works and whether it's possible to look at someone's wallet in the blockchain and guess whether they've used this feature or not, especially if they're not a miner but it still sounds like a very nifty and neat feature I believe. Also, please keep in mind that you can wait a lot more than a couple of minutes to reclaim your coins so that will make the guessing that I'm talking about quite impossible, especially if you're a miner!


4 => MINERS ONLY GET 5% OF THE REWARDS
With traditional cryptocurrencies like bitcoin, miners get all the rewards in the blockchain. The community will then have to do fundraising for development, support, promotion, etc and will often get third-parties involved who may or may not have any interest in working towards a better future for the coin. With SmartCash however, things are totally different. Miners only get 5% of the rewards and the rest as I explained above are set aside for Smart Rewards(15%) and Smart Hives(80%). With a maximum supply of 5 billion coins, so far only about 250 million coins have been mined which is only about 5%!

So as you can see, there's plenty of time ahead, with plenty of new coins and budget to make sure that SmartCash remains greatly funded until(hopefully) it's become big enough that it won't need as much budget and funding as it does now. How will the project manage after that you might ask? The answer is simple. The same way traditional cryptocurrencies like bitcoin are managing now!


5 => 0% FEE MINING POOLS
This is good news for miners I guess. They can join the official pools in Europe or USA and pay 0% in fees while helping the community by mining new coins and receiving 5% of the new coins directly in their wallet. Some might argue that this is still not good enough to compensate the fact that miners only get 5% of the new coins and it would slow mining down or might even put a stop to mining at some stage, but the truth is that with the current hashrate or difficulty level, many miners find SmartCash to be an attractive asset and have been doing a tremendous job in the first month of SmartCash's inception. Hopefully, once the hashrate or difficulty level rises, so will the market cap and the price of SmartCash which will help the mining process to continue on and move forward.


CURRENT PRICE & MARKET CAP
As I'm writing this post, SmartCash is being traded about $0.057303 USD at cryptopia which makes it to be about 50 million US dollars as far as its market cap is concerned, given the fact that there are about 829,081,399 million coins in circulation. Other than cryptopia, there are three other exchanges that have already listed SmartCash on their exchanges. One is CoinExchange and the other one is Stocks.Exchange and HitBTC. Bittrex is also going to add SmartCash in a very near future which I think will be very good for the price and it will most likely cause the price to rise in my opinion.