SMARTCASH - WHAT IS IT? AND WHY YOU SHOULD CARE!
EDIT: BEWARE of SMARTCASH - BEFORE investing, make sure you click here and do more research. A lot has changed and I no longer think it's a safe asset to buy or hold.
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!
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 $0.014 USD at cryptopia which makes it to be about 3.8 million US dollars as far as its market cap is concerned, given the fact that there are about 250 million coins in circulation. Other than cryptopia, there are two other exchanges that have already listed SmartCash on their exchanges. One is CoinExchange and the other one is Stocks.Exchange. 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.
CREATE A WALLET TODAY!
If you like everything about SmartCash like me, then how about you open a wallet right now and follow the steps required by clicking on - We’re giving away 200 SmartCash to EVERYONE who fills out their forum profile, and answers these questions! Ends Friday Sept. 15th! - and then receive 200 SMARTS for free in your wallet! Also, don't forget to join the slack community if you have any questions or need assistance and stay tuned as there will be more promotions and incentives through which everyone will be able to participate in and get paid in SMARTS! Hurry up as this offer is only valid until Friday, September the 15th! Click HERE to download SmartCash.
Please be advised that after you download the app and run it, the app will automatically create a wallet and address for you, and will then try to sync everything with the network by downloading all the blocks on your computer which can take a bit of time. Make sure you backup your wallet, especially if you have money in it and store the backup in a few places such as your hard drive, external drives and/or google drive, dropbox, etc. And if you choose to encrypt your wallet like I have, make sure you backup the passphrase as well.
SZcWh2PqV5SDWSz23GH69KTB1nfCmGmR8d
👆👆👆CLICK HERE TO ORDER YOURS TODAY!👆👆👆
You had me at Smart Rewards! Nice! Will go get my wallet now...
10 SMART REWARDS IF YOU SOLVE ANONs PUZZLE
https://steemit.com/steemit/@mfg/how-many-crypto-symbols-you-found-on-picture-guess-with-a-small-smartreward-let-the-upvotes-begin-no-sponsoring-allowed-who-do
Yeppp! You can thank me later :P
We have splitforked under a new brand called swiftcash. If you haven't heard yet, come check us out on discord.swiftcash.cc and make sure you claim your coins before the deadline if you had any!
I'm very excited about Smartcash!
I THINK THERE IS SO MUCH OF USE
We have splitforked under a new brand called swiftcash. If you haven't heard yet, come check us out on discord.swiftcash.cc and make sure you claim your coins before the deadline if you had any!
I finally got my first SmartRewards in November, it was a long wait and worth it. Thanks for sharing and caring your good information, most importantly making it easy to understand for the average person like me. Cheers.
love this!!! what an awesome post UPVOTED AND RESTEEMED :)
p.s. did you submit this post to the smartcash ambassador forum? if not you should :)
Thanks a lot @hannahlicious! Yes. I did and I'm still waiting for them to get back to me :]
somebody pls let me join discord again I m refused to join SMART discord...thx
Good job.
My AVG anti-virus software is blocking this download Markus - unfortunately I won't be able to join you in this Smartcash adventure. At least Steem is heading in the right direction. SirKnight.
That sucks @sirknight! Web and mobile wallets are on the roadmap as the size of blockchain is growing and downloading the whole blockchain like this will become harder and almost next to impossible just like bitcoin. Maybe you can join us then! Thanks for popping by :]
I tried installing the Smart Cash Wallet and Avast prevented me from running it. It's likely a false-positive, but it makes me wonder what it's doing that freaks out my anti-virus.
Some AVs flag the mining software built into the wallet. I believe I saw a post that future versions would have the mining with the wallet option removed to get rid of that flag.
I managed to install it by disabling Avast and windows firewall. When I reactivate Avast, it deletes my Smartcash Wallet executable. I'm looking for a whitelist or exclusion option in Avast. If they offer one, it's hidden pretty well. @ironshield
We are working on taking out the in-wallet miner which is causing this, same thing used to happen to Bitcoin.
Sounds very cool Markus! I will download it now :)
Taking donations to bring me to from 40 SC to 1000 SC :)
SQ5YKy7nPKhAzWcjPreC9CX7RP8xVoR5ZX
We have splitforked under a new brand called swiftcash. If you haven't heard yet, come check us out on discord.swiftcash.cc and make sure you claim your coins before the deadline if you had any!
Really good article, sounds like a very promising project!
Thank you sir :]
We have splitforked under a new brand called swiftcash. If you haven't heard yet, come check us out on discord.swiftcash.cc and make sure you claim your coins before the deadline if you had any!
So you're saying forked Zcash (a privacy-centric coin that fails quite miserably at being privacy-centric in my opinion), and plan to add concepts (copy/pasted source code too, I'm willing to bet) borrowed from Dash? At least Dash's mechanism of creating scarcity via the MasterNode system adds utility - whereas SmartRewards looks like nothing more than a blatant way to pump the price more easily.
I'm skeptical of the privacy feature, and will continue to be until it's passed peer review. I suppose it could use something like zeroknowledge proofs in the issuance of new coins when old ones are destroyed to break the link between old an new?
Their website has no whitepaper or any technical documentation - alarm bells are going off now. Their website doesn't link their Github or the source fode. For that matter, scanning through the recent commits on their Github does not significantly improve my impression of this coin.
I'm doing my best to find evidence of innovation (as opposed to marketing) on their part, but to be honest it looks and smells like a Pump n Dump shitcoin. Unfortunately, that doesn't mean it won't see astronomical gains (if anything makes it that much more likely), but attempting to profit from such gains carries the risk of becoming a bagholder.
I urge people to tread with caution. If it looks like a shitcoin and you notice a foul smell you can't quite pinpoint the origin of....
Disclaimer: I have never heard of this coin prior to today. I am sharing my impressions after researching it for about 10 minutes (my findings failed to justify a greater expenditure of my time). If anyone think I am wrong in my assessment, I hope we can debate any points of contention.
Do you think 10 minutes of research is enough? Can you even read my article with enough attention in 10 minutes, let alone read everything on their website and check all their links? It's hard to take anything you say serious when you say things like, "there is no link to their github page" when in fact there is a link on their website that goes directly to their github repository.
I agree with you that 10 minutes of research is not enough, hence the disclaimer that I had only just heard of it, looked at it briefly, and was sharing my first impressions. I must be blind because I just did a doubletake, and I can still only find the github repo link in the page source. I do find the the apparent lack of any technical information about how they implement/intend to implement various features very offputting, but I suppose all the technical information is hidden away somewhere separate from the marketing materials. Do you know where such information might be found?
You may be on to something with this, and I am definitely going to look into it in depth, especially considering it's not yet listed on any major exchanges. If it is legitimate, then my first impressions amount to a list of things they didn't right with their website (I'm sure their marketing person will disagree with me on that point).
I am particularly curious about the mechanics of the privacy features. As of today, only one pivacy-centric coin is truly private - Monero, but maybe that's about to change? That's not an assessment that can be made based on marketing materials though.
All good points... but to be fair, unrelated to the "being or not a shit coin" (in my view and considering your arguments for decision making). Some of top 50 coins (market cap) never had white papers, websites, nor any kind of social media sharing, when they have been announced and nevertheless people had believed in them (some not)... and now they are at the top.
I am not saying it is or not a good investment because I understand how hard is to decide on +500 new stuff every year... all I am saying is that it all depends!
Always do your own research... but I would also say, never stay sceptic to something just because it doesn't look that good. Be positive instead and try to find new information in it, that sometimes can work well to your advantage and help the community. I know there are lot's of scams and people trying to fake identities, but there are also lot's of people that are around these things just to win their buck, and those people sometimes will do whatever necessary to make things appear a certain way. Although... they might not...
Sometimes apparencies, elude!
Wise words, my friend. I could not have said it better myself.
No need to upvote your own comment to stroke your ego sir, it wasn't very valuable, but good on your for doing research. Sadly your research is pretty much incomplete and you already came to conclusions, big red flags there.
Anyways, maybe spend 15 minutes next time? Or maybe if you can spare, 17? Might find the answers to your questions there.
I would write an essay explaining them, but you've seem to have made up your mind.