With thousands of cryptocurrency projects in existence today, it is difficult to distinguish between individual concepts. We have seen an increase in the number of projects focusing on privacy and anonymity these days. SmartCash is one of the more recent cryptocurrencies to appear on people’s radars. Creating an incentivized, decentralized community capable of supporting SmartCash will not be an easy feat whatsoever. It is not impossible, though.
Other than having a catchy name, SmartCash needs some solid use cases in order to become a big name in the cryptocurrency world. The project mainly focuses on community governance, cooperation, and growth-focused blockchain-based development. As other cryptocurrencies aim to create a decentralized community as well, it will be interesting to see if SmartCash can make any sort of impact. It is also a currency which can be mined, yet it uses an ASIC-resistant algorithm to prevent mining centralization.
To create such a vibrant ecosystem, the SmartCash team will need to develop the necessary infrastructure. One of their projects is known as SmartHive, which lets the community decide the fate of the SmartCash cryptocurrency. Users will also take control of the governance of SmartCash, as well as budget allocations and further development. Not everyone can actively code, but there are plenty of roles to fill in this regard.
Additionally, the SmartCash ecosystem has a solution known as SmartRewards. This is touted as a price stabilization mechanism and is meant to incentivize long-term holding of coins. Given the nature of cryptocurrency, price stabilization and long-term holding are not necessarily concepts that one would associate with this form of money. By combining this feature with a strong focus on privacy, SmartCash may be on to something. Giving users access to untrackable money is certainly worth exploring.
It is also worth noting that SmartCash has an “InstantPay” feature, which merchants will certainly appreciate. Unlike Bitcoin transactions, SmartCash does provide real-time instant transactions. In this day and age of cryptocurrency, such a feature is an absolute must, for obvious reasons. InstantPay is only the first “major” feature this ecosystem will receive, though. Further improvements will be made in terms of privacy as well, and there is a proper roadmap in place.
As just mentioned, there are still plenty of improvements to be made when it comes to SmartCash. The InstantPay feature is still in development, as is the Electrum wallet, a smart card and merchant reader, as well as several core protocol updates. Other features being developed include a native mobile wallet, atomic swaps, and BIP47 support. The community has pledged 3.2 million SmartCash to these ventures so far, with 15 projects being funded in total. This further indicates that this ecosystem’s distributed governance model is working out quite well.
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