Features¶

Specifications¶

First block mined at 11:24 PM, July 11, 2017
No premine
Keccak hashing algorithm, GPU mining available
55 seconds block time, 4MB blocks, ~232 transactions per second
BlockReward = 5000x(143,500/BlockHeight)(max.5000)
BRNDF difficulty adjustment algorithm
5 Billion total coin supply
Instant transactions using instantpay
Decentralized Governance By Blockchain allows SMART owners to vote on budget proposals and decisions that affect SmartCash

Smartreward¶

SmartRewards are a method of distributing block rewards among SmartCash addresses holding at least 1000 SmartCash and has no outgoing transaction over the period of 47500 Blocks in order to disperse voting power and coin production among the wider community. This allows for a more decentralized creation of block rewards. Payouts occur 200 Blocks after the cycle ends and every second block 1000 addresses receive rewards. SmartNodes will keep track on which addresses are eligible and which are not.

Smartnode¶

In addition to traditional Proof of Work (PoW) rewards for mining SmartCash, users are also rewarded for running and maintaining special servers called smartnodes. Thanks to this innovative two tier network, SmartCash can offer innovative features in a trustless and decentralized way. Smartnodes are used to power instantpay, smartreward, and the other features. Users are rewarded for running smartnodes; 10% of the block reward is allocated to pay the smartnodes network. You can view practical guides on all topics relating to smartnodes here.

Smartnodes enable the following services:

InstantPay Allows for SmartCash transactions to be locked in about a second. No risk of double spending a transaction, so the receiver can trust that transaction immediately.
Smartrewards are calculated by the SmartNodes to allow for distribution to be handled automatically by the block rewards.
Electrum Servers Servers used for Electrum wallets.
SmartCard SDK Build the SmartCash payment card that can handle world usage in replacement of card schemes.

SmartNodes are required to have

100000 SMART collateral
A computer for running a local wallet
A dedicated VPS server running 24/7 with the following specifications:

– 2 GB RAM – 20 GB drive – Static IPV4 Address per node

SmartNodes cost money and effort to host so they are paid a percentage of the block reward as an incentive. This tool shows a live calculation of smartnode earnings. These rewards decrease by time, but the rising value of Smart may offset these reductions.

InstantPay¶

Traditional decentralized cryptocurrencies must wait for certain period of time for enough blocks to pass to ensure that a transaction is both irreversible and not an attempt to double-spend money which has already been spent elsewhere. This process is time-consuming, and may take anywhere from 15 minutes to one hour for the widely accepted number of six blocks to accumulate. Other cryptocurrencies achieve faster transaction confirmation time by centralizing authority on the network to various degrees.

SmartCash suffers from neither of these limitations thanks to its second-layer network of smartnodes. Smartnodes can be called upon to form voting quorums to check whether or not a submitted transaction is valid. If it is valid, the smartnodes “lock” the inputs for the transaction and broadcast this information to the network, effectively promising that the transaction will be included in subsequently mined blocks and not allowing any other spending of these inputs during the confirmation time period.

InstantPay technology will allow for cryptocurrencies such as SmartCash to compete with nearly instantaneous transaction systems such as credit cards for point-of-sale situations while not relying on a centralized authority. Widespread vendor acceptance of SmartCash and InstantPay could revolutionize cryptocurrency by shortening the delay in confirmation of transactions from as long as an hour (with Bitcoin) to as little as a few seconds.

SmartCash InstantPay Faster Than Visa or Mastercard

Smartvote¶

All Smartcash users deserve a voice, from day #1. That is why Smartcash is pioneering in the crypto-governance space and was built around Smarthive, the platform that lets all users vote on the direction of the project. The one feature that sets SmartCash apart is the SmartHive governance model and how the community can vote to fund the best projects with block rewards stored in the SmartHive Project Treasury. The idea is that the SmartHive Governance Portal engages community members and other 3rd parties interested in growing SmartCash into a global currency. Everyone can create a proposal that helps SmartCash in some way. Then every SmartCash holder also can participate in the voting process and help decide if its worth getting funded or not by the SmartHive Project Treasury. All users have the ability to vote; 1 SMART equals 1 vote. Proposals are open to vote for 14 days, with one day extensions if the vote outcome changes at the end of that period and payments will be made in accordance with the delivered milestones. Proposals open to vote can be found at: vote.smartcash.cc Basically, each SmartCash coin is worth 1 vote, to keep it simple.

Smartcard¶

Smartcard (Getting Started) Debit and credit card payments have become the dominant way for many to carry out most, if not all, of their daily transactions. Adoption of card payments became increasingly simple for small businesses and now quick and affordable smartphone-powered solutions have widespread adoption. SmartCard emerged offering to solve many of the problems traditional payment systems are facing such as long settlement times, chargebacks, and high fees. SmartCard is a blockchain-based solution that aims to improve on the digital payment card model. Our main goals are to streamline crypto transactions and make them practical for use in real-life payment scenarios. At the same time we aim to drastically reduce fees and confirmation time frames over those found in current solutions. The SmartCard makes it possible to pay with SmartCash using a physical card where no mobile wallet or phone internet access is required. Since the SmartCard doesn’t use a bank or a credit card processor, transactions are not subject to any restrictions. Merchants will have a point of sale (POS) app, so they transmit transactions for you but can’t initiate the payment without your permission. For further information about how the system works and how both merchants and customers will benefit from using the SmartCard and SmartCash POS App please visit: smartcash.cc/smartcard/

Advantages¶

No 3rd Party. Instant SmartCash payments to merchants anywhere in the world with 0% fees.
Pay only with your SmartCard QR. You don’t need to carry your phone or have internet connection.
Have all the SmartCards you need under your account and they don’t expire.
Print anywhere you love the most. Tattoos included.
Purchase online or offline from your favorite SmartMerchants.
Convenience that all family understands.
Open Source code with world wide contributors.

Security¶

Protections such as card on/off toggle, country whitelisting, daily spend limit and PIN reset.
Zero knowledge of SmartCard private keys.
Never exposes private keys to the internet.
Private keys are generated and encrypted in the browser and printed by you.
Payment authorisation and signing is done in the browser and SmartPay merchant application.
A decentralised payment system that gives you full control of your funds.

SmartBand¶

The SmartBand is a partnership between Stratum, ATAR, and SmartCash. ATAR launched a wristband which is linked to an account where people in Brazil can deposit fiat and pay with it for their daily needs using NFC technology built in the band at over 2.5 million merchants. The partnership with Stratum, an international exchange, makes it possible to link your exchange SmartCash wallet with your SmartBand to load the ATAR account with SmartCash. Stratum automatically converts SmartCash to the local currency required for purchases. Once a payment is done, you will receive a notification on your phone for each transaction. With over 85% of all point of sale terminals in Brazil accepting the ATAR Band, this pioneering cooperation allows SmartCash to be accepted broadly by merchants with no additional steps, technology, or training required.

Hive Structuring Teams¶

The Hive Structuring Teams (HST) will lay the groundwork for the project and set the framework for the project’s evolution. Initially, the Hive Structuring Teams will operate three separate departments in charge of vital project areas, such as development, outreach and support. Each of these three departments will end up employing people. As teams grow larger, bigger than eight members, more teams will be created, each with its own budget and team coordinator, operating autonomously without a central command and control structure in place.

The Hive Structuring Teams will consist of people directly involved in the project on a day to day basis, while the overall SmartHive will aim to enrol and engage community members and other 3rd parties interested in growing SmartCash into a global worldwide currency..

Keccak Hash Algorithm¶

Keccak (pronounced as “ketchak”) also known as SHA-3 (Secure Hash Algorithm 3). It is the latest generation secure hashing algorithm released by NIST (National Institutes of Standards and Technology) in 2012. Keccak is a family of cryptographic sponge functions and is designed as an alternative to SHA-256 – An algorithm used by Bitcoin and various other crypto currencies. Compared to SHA-256, Keccak (SHA-3) is much faster and is more secure. If you are looking for Keccak Whitepaper then head to this link. If you are looking for specifications and more in-depth information on Keccak encryption algorithm then check this and this. Information on mining with Keccak can be found in the Mining section of this documentation.

Advantages of Keccak¶

Keccak is a SHA-3 hashing algorithm and as it is a member of SHA family it isn’t 100% ASIC resistant. In fact it is ASIC friendly but as far as we know there isn’t an ASIC currently for this algorithm.

Emission Rate¶

Cryptocurrencies such as SmartCash and Bitcoin are created through a cryptographically difficult process known as mining. Mining involves repeatedly solving hash algorithms. Once discovered, the miner is permitted to create new units of the currency. This is known as the block reward. To ensure that the currency is not subject to endless inflation, the block reward is reduced at regular intervals, as shown in this calculation. Graphing this data results in a curve showing total coins in circulation, known as the coin emission rate.

While SmartCash is based on Bitcoin, it significantly modifies the coin emission rate to offer a smoother reduction in coin emission over time. While Bitcoin reduces the coin emission rate by 50% every 4 years.

SmartCash first year is approximately then

717,565,000+998,173,000=1,715,738,000 or 34.31% of the maximum supply.

Year 2 generates an additional 500 Million SmartCash, bringing the total supply to about 2.2 Billion out of the total 5 Billion, or 44%.

Year 3 generates even less about 291.7 Million more SmartCash, for a total supply of about 50%, or 2.5Billion out of 5 Billion. The remainder is spread over the next 121 years.

SmartCahs coin emission rate 125 Years

Total coin emission¶

Bitcoin’s total coin emission can be calculated as the sum of a geometric series, with the total emission approaching (but never reaching) 21,000,000 BTC. This will continue until 2140, but the mining reward reduces so quickly that 99% of all bitcoin will be in circulation by 2036, and 99.9% by 2048.

SmartCash’s total coin emission. SmartCash will emit coins for approximately 124.3 years before a full year of mining creates less than 1 SMART. After 2141 no more SMART will be created.

Block reward allocation¶

Unlike Bitcoin, which allocates 100% of the block reward to miners, SmartCash allocates:

5% \| Mining Reward
10%	Smartnodes
15%	SmartRewards
4%	x6 Hive Structuring Teams
46%	SmartHive Project Treasury

Fees¶

Transactions on the SmartCash network are recorded in blocks on the blockchain. The size of each transaction is measured in bytes, but there is not necessarily a correlation between high value transactions and the number of bytes required to process the transaction. Instead, transaction size is affected by how many input and output addresses are involved, since more data must be written in the block to store this information. Each new block is generated by a miner, who is paid for completing the work to generate the block with a block reward. In order to prevent the network from being filled with spam transactions, the size of each block is artificially limited. As transaction volume increases, the space in each block becomes a scarce commodity. Because miners are not obliged to include any transaction in the blocks they produce, once blocks are full, a voluntary transaction fee can be included as an incentive to the miner to process the transaction. Most wallets include a small fee by default, although some miners will process transactions even if no fee is included.

instantpay fee¶

InstantPay transactions, which operate on a different and mandatory fee schedule. SmartCash introduced InstantPay autolocks, which causes smartnodes to automatically attempt to lock any transaction with 4 or fewer inputs — which are referred to as “simple” transactions — and removes the additional fee for InstantPay. The fee schedule for SmartCash as of December 2018 is as follows:

Transaction type	Recommended fee	Per unit
Standard transaction	.00001 SMART	Per kB of transaction data
InstantPay autolock	.00001 SMART	Per kB of transaction data
InstantPay	.0001 SMART	Per transaction input

As an example, a standard and relatively simple transaction on the SmartCash network with one input, one output and a possible change address typically fits in the range of 200 - 400 bytes. Assuming a price of US$1 per SMART, the fee falls in the range of $0.000002 - $0.000004, or 1/5000th of a cent. Processing a simple transaction using InstantPay at the same price is free of charge, while more complex InstantPay transactions may cost around 0.01-0.02 cents per transaction, depending on the number of inputs. These fees apply regardless of the SmartCash or dollar value of the transaction itself.