SmartCash’s Remarkable Design Ensures Top Talent, Ongoing Innovation and International Growth

April 30, 2018 14:48:25

Those who are somewhat knowledgeable about blockchain technology know that its potential uses are endless. Going far beyond simply sending and receiving crypto, blockchain has introduced a whole new way to keep track of ownership of data. Now, with the progression of this technology, special organizations known as decentralized autonomous organizations (DAOs) have the foundation to offer major improvements in the way people work together.

SmartCash (Crypto: SMART) is a perfect example of the evolution occurring with blockchain technology and the new ways in which it can be utilized to improve the world. The clever design of SmartHive allows the SmartCash blockchain to operate similarly to a self-funded DAO. This is possible because a portion of the crypto-assets created through mining are added to a community “treasury” designed to expand the reach and capability of SmartCash through any and all of its members. It’s a revolutionary way to ensure continual growth and innovation.

The key distinguishing feature of SmartCash’s SmartHive is that there is no inherent need for traditional hierarchy. This type of organization uses the blockchain to simplify the complex parts of a typical corporation – thereby gaining major efficiencies and allowing everyone an opportunity to become a valuable leader.

SmartHive vs. Traditional Constructs

Running a SmartCash wallet with some SMART in it is the only pre-requisite for being able to vote for or against requests for community funds through the SmartHive governance portal. Essentially, every SMART is equivalent to a single vote in the governance portal, and each of these SMART (including fractional amounts) can be used to vote on any number of proposals. Determining the weight of an individual’s vote based on the size of overall holdings may be similar to the way shareholders of corporations are involved with making company decisions; however, there are a few very key differences – mainly in the scope, subject matter and motivation behind voting decisions, as well as other methods of engagement.

Typical shareholders make voting decisions in order to determine who will ultimately lead the corporation, and they are aiming to achieve a net profit through their decisions. Beyond this, the growth of corporations is really limited since all communication occurs through a series of reports and orders for further action through a rigid leadership structure. It takes time for lower-level employees and managers to compile their reports on current situations, which then get collated by higher-level management. This process continues to repeat throughout subsequent layers until eventually an overall picture emerges of what is happening in the company, and then only the highest-level executives have access to all the details. This information is then used to adjust strategy and attempt to tune the company as a whole to achieve more goals quicker.

SmartCash holders, by contrast, simply support or hinder funding for any particular action. This sort of vote is akin to a national government holding a public vote, but far more efficient. For example, it takes an agonizing amount of time for representatives to draft, discuss, revise and approve a full year’s spending bill. In contrast, SmartHive allows for voting on individual proposals. As a result, there is never a heavy mix of items that must be revised multiple times over a long period of time to finally achieve a majority vote. Instead, the valuable time that would be lost to many weeks of negotiations is now saved so community members can quickly execute their ideas.

New Voting Technology and Implications

The SmartCash blockchain makes voting for a virtually unlimited number of proposals possible. At the same time, it’s ensured that every holder has definitive proof of his/her ownership of a given amount of SMART. This proof can either be verified automatically through the governance portal or done manually by anyone wishing to do so (in case of potential hacking or system outage).

Also, since votes can be counted instantly, and because their authenticity can be verified by anyone, decision-making and execution is vastly accelerated without a single recount requested. As a result, SmartCash is a lot more like a living multi-cellular organism. It is able to adapt to changing conditions, and to explore and familiarize itself as a whole with what works and what doesn’t when it comes to increasing adoption. Each individual is fully autonomous — they will request resources in order to assist the community as a whole in the best way they see fit. Next, the other members are able to take their own individual actions, which can in turn either assist or counteract the suggested action.

Delivering Results

Proof of the effectiveness of this fully deployed system is best seen in the multitude of proposals which are either currently ongoing or have already been completed by various members of the community. It is important to note that all of these projects have been carried out by people who often had no initial ties to the developers of the SmartCash project, highlighting the fact that SmartHive is able to onboard outside help to accomplish its objectives. In fact, this very article is being sponsored by a proposal that was submitted by Blockchain Relations (which also brings up the point that any type of entity is able to function as a contributing member of a DAO, be it a person, or a company, or, likely someday, machines).

Efforts in Venezuela

A proposal that was completed a few months ago involved a weekly distribution of meals around the city of Puerto Ordaz in Bolivar, Venezuela. Due to the country’s massive inflation problem, it’s a key target for many crypto projects aiming to show the benefits of a system not dependent on a central authority. Due to excessive printing of new cash, the bolivar is dramatically losing value. People are essentially losing money by just having their paycheck sit in a bank account. The inflation has also led to a widespread cash shortage, where people don’t possess enough physical cash to pay for even the most basic necessities, such as food.

With the help of the SmartCash community fund, SmartHive was able to fund a month-long campaign which provided 500 free meals every Sunday to the people most in need. It was also able to introduce over a thousand people to SmartCash through a series of conferences about crypto and its advantages.

As mentioned above, the actions of some community members can augment those of others. A perfect example of this is an additional Venezuela-focused proposal that recently passed through the SmartHive voting process. It is a large-scale project aimed at establishing a far more pronounced presence in the city of Puerto Ordaz. This project, however, is the first aiming to truly incubate a small, stable local economy that will use SmartCash to circulate value. Given the ample opportunity present in Venezuela, it is no surprise that a city would be targeted twice.

The most remarkable aspect to all of this is that everything was accomplished without having to rely on expensive executives and supervisors to direct the expansion into Venezuela. Instead, a group of people around the world simply used an instant and secure voting system to approve the best initiatives.

Other Methods of Community Engagement

Interacting within the SmartCash community is about far more than simply submitting and voting on proposals, though. There are also the forums and the Discord chat, both of which see a lot of discussion about proposals, technology, and the future of the community — as well as crypto in general. Participation in these discussions is totally independent of SMART ownership, which means anyone can become part of the community and influence future direction; plus, community members can even receive small tips for their input.

As an example of how effective ongoing conversations among community members can be, the two proposals above wouldn’t have had nearly as much of an impact alone as they do together. That was only possible due to people coordinating their efforts through discussion, and then working on top of the groundwork previously laid down. Many submitted proposals now base their efforts off of work that was previously completed by others. People pay attention to the efforts of others within the network, and then use them as starting points to continue building a presence for SmartCash.

The chat is also a fantastic resource if a user requires help with submitting their own proposal, whether it be the submission process overall or even the submission fee itself (submitting a proposal has a fee of approximately $20 at current market rates to avoid spam, but this can easily be overcome by convincing a SmartCash holder to donate some of their SMART to cover the fee). There are also many tasks that can be done in exchange for SMART, such as writing articles and posting to social media. Mining is another example, where a user chooses to contribute to the SmartCash blockchain by lending processing power rather than skills.

A Crypto Payment Solution Everyone Can Love

As crucial as the SmartHive is to accelerate SmartCash’s success, the team of developers behind it all have also been pursuing a range of other features which aim to augment the efforts of the SmartCash community. In a few months, a new technology called the SmartCard will be released, along with accompanying merchant software. Upon release, it will be the only known pure-crypto, peer-to-peer payment solution that uses a simple debit-type card with a scannable QR code to authorize payments.

Unlike most crypto cards today that still require the backing of some third party, the SmartCard will operate purely through the SmartCash blockchain. This will allow it to completely bypass all of the fees and bulky processing that payment providers inevitably come with. The result is a payment system that has no fees aside from the blockchain processing fee (which is currently less than 1/10th of a penny), and that can confirm transactions on the spot rather than having to wait days for processing and final deposit.

Relying solely on the SmartCash blockchain also means that users of the SmartCard do not require any other resources to set up their cards aside from browser and internet connection for initial setup. Once the card is set up with a pin and optional geographic limits for security, the scannable QR code can be used to pay to any merchant running the SmartCard phone app – allowing for a simple user experience that is similar to how debit and credit cards are used today.

Easy-to-Use Merchant Software with Record-Breaking Setup Time  

The SmartCard app will be the first of its kind, enabling anyone to open a store in a matter of minutes and then immediately start accepting payments – all by using just a single smartphone. This incredibly short timeline compares very well to the weeks it can take to gain approval for accepting credit cards. Plus, the entire Point of Sale (POS) needs of a business can be satisfied by a mobile device, allowing people to take their businesses on the move.

A Bank-Free Platform with Revolutionary Features

Unlike other mobile solutions, such as Square (NYSE: SQ), the merchant does not require any bank account to accept SmartCash payments. Again, SmartCard is being designed to reduce barriers to entry as much as possible. A SmartCash wallet fulfills all the fundamental functions of a bank, and everyone has access to one either through the webwallet or through a desktop client. This is huge to locations around the world that do not have access to banking services or simply can’t trust their local establishments due to abuse in the past.

Additionally, the webwallet has a number of features that have been developed to make it more accessible to people unfamiliar with crypto. For one, it allows users to send their SMART using other community members’ usernames, rather than the 26-35 alphanumeric characters required by Bitcoin (Crypto: BTC). It is a lot easier to remember a username like “johnsmith85” than try to accurately record a long line of text and then have to share it with others.

As far as upcoming features, SmartCash will very shortly launch a website that allows holders to send SMART to any email address, making it similar to using a service such as Zelle, but with no setup. Also, the Electrum wallet release is close as well.

Working Together and Future Possibilities

The features being implemented in SmartCash all follow a general pattern of taking the convenient attributes of traditional payment systems being used by people every day, and then improving upon them through the power of blockchain technology. These new features can be considered as steps taken towards achieving the goal of making SmartCash the most convenient crypto for making transactions.

The SmartHive, meanwhile, can mobilize people a lot more efficiently since every person in the community impacts the future direction, as opposed to relying on time-consuming and expensive chains of command. That, combined with its large community fund (currently exceeding $120 million in USD equivalent value) means that the SmartCash community can outcompete large companies like Apple Inc. (NASDAQ: AAPL), Microsoft Corp. (NASDAQ: MSFT), and Alphabet Inc. (NASDAQ: GOOG) for the best developers, marketers, entrepreneurs, and other top talent.

To sum everything up, SmartCash works so well because the community is always put front and center. And, because they are well aware of this fact, the people powering SmartCash are constantly striving to make SmartCash the best it can possibly be. To the people using it, this isn’t just a crypto developed by some team of developers. It’s a community project that grows and evolves naturally as individuals around the world with various talents work together to expand its reach and functionality.

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/M6MSe

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