The uses and features of crypto-assets, commonly referred to as cryptocurrencies, have only just begun. Since the creation of Bitcoin (Crypto: BTC), a multitude of new cryptos have been created. SmartCash (Crypto: SMART) is a next-generation crypto that has improved or solved many of the issues that have limited first-generation cryptos like Bitcoin. The following will detail the ways in which SmartCash has managed to completely stand out among the flood of new cryptos.
Self-Governed by Community Wishes
One of SmartCash’s main appeals is that they are self-governed — the community makes the decisions, resulting in decisions that are favorable to the community. The SmartHive Governance Portal allows SmartCash holders to choose and vote on which projects they’d like to fund. There is currently over $80 million in the community hive budget, which means the SmartCash community can make a serious impact around the world, particularly with philanthropic projects.
To give an example, SmartCash funded the Venezuelan Food Project, providing over 2,500 meals, while also offering Venezuela the opportunity to adapt a much-needed stable money system. The SmartCash community also voted to pitch SmartCash to students of Ghana. Many students in Ghana are involved in small import businesses, but because their native currency is often not accepted online, they have opted to use Bitcoin to do their shopping. However, Bitcoin’s long confirmation times and high fees have many students seeking a better alternative, which is where SmartCash can help.
Community “Treasury” Enables Real-World Action
You may be wondering how the community chooses which projects to vote on. People are encouraged to get feedback on their potential proposals by posting in the SmartCash Community Forum. From there, you can see how the community reacts to the proposal, seek advice on the proposal, and possibly adjust the proposal before officially putting it out there on the SmartHive Governance Portal for voting. All in all, SmartCash is designed to maintain a tight-knit, self-sustainable community that does not reward selfish motives (such as large-scale miners willing to do whatever it takes to get the most profit).
Adding to the fact that the SmartCash community has stewardship over what they will fund, the community itself is also self-funded. The majority of the block rewards go back to the community, and they are used to pay for services that benefit the community, such as SmartCash developers. On the same note, this self-funding enables advocates to get compensated and reimbursed for making SmartCash better, whether it’s increasing merchant adoption, introducing new features, or a myriad of other ways. With this innovative model, there is more of an incentive for people to join in and help the community, since they don’t need to rely on donations or pay out of pocket. Rather than simply “using” the crypto, you could say that the SmartCash community “is” the crypto.
Crypto Made Easy for Everyone – and Fast!
Anyone who has made a transaction with Bitcoin, Litecoin, and other first-generation cryptos knows that the transaction time can be far from instant. Well, SmartCash has a solution to this as well. Using their decentralized SmartNode network, SmartCash will be offering confirmation times that are even faster than credit cards via InstantPay. In comparison, Bitcoin transactions can take hours or even days to be confirmed.
Another popular feature that SmartCash has implemented allows people to send funds to Web Wallet usernames, rather than lengthy and complicated wallet addresses. Most people who have sent crypto to other people’s addresses understand the stress of the matter; long addresses must be closely reviewed to make sure there are no mistakes. The ability to send funds to usernames instead helps eliminate the paranoia of sending funds to the wrong address, and it makes the process far more user-friendly.
Two Major Cost Issues Eliminated
Mining Bitcoin and several other cryptos can require a great deal of electricity as well as pricey hardware, which makes mining these crypto-assets out of reach for the everyman. Nonetheless, companies like MGT Capital Investments (OTCQB: MGTI), Riot Blockchain (NASDAQ: RIOT), and Marathon Patent Group, Inc. (NASDAQ: MARA) have invested a great deal of money into bitcoin mining hardware, such as the Antminer S9, which costs a few thousand dollars to buy new. Meanwhile, anyone with a simple PC has the ability to mine SmartCash.
The other cost issue is far more significant, though, and it effects every single person each time they make a transition. The cost of just a single Bitcoin transaction exceeded $50 just a few months ago during peak times and the average transaction fee often hovers over $5, which makes Bitcoin far too costly to use in millions of everyday transactions. In comparison, SmartCash transaction fees are less than 1/10 of a cent – making transactions virtually free! Not only does this enable use with vending machines and purchase of low-priced items in stores, but new use cases can be created for SmartCash as well. Even pay-per-minute phone or video can now be realized without a tracking and credit system.
Foundation Laid for Ongoing Innovations
SmartCash continues a strong pace of fast development and inclusion of new features. Since they began in 2017, they have successfully added features like SmartRewards, SmartHive voting, Smart Webwallet, SmartNodes, and InstantPay. On top of that, they have funded 15 different community-driven projects.
For more information via the SmartCash website, visit https://smartcash.cc/
To view an interactive flipbook and learn how to engage with the community, visit http://nnw.fm/ZqB4k
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