The SmartCash team is now focusing on increasing efficiency and reducing operating costs by changing the structure within the Hive teams. All Hive teams will significantly reduce their costs and will be focused on the development of the most important areas, such as Outreach, Support and Development.
SmartCash is a self-funding cryptocurrency. Part of the block reward (4% for each Hive) is allocated to fund the main directions of the project and support its functioning. About a year ago, SmartCash made an important announcement about the reduction of all operating costs by ⅔, where ⅓ was available for spending, and ⅔ were reserved for storage at a special address. This decision was made in order to reduce possible pressure on the exchange rate. This decision was agreed upon by all the teams and helped SmartCash to move forward at a more efficient pace, focusing more on work assignments, future plans and partnerships.
Decentralization of efforts
SmartCash has always been a cryptocurrency that is open to new ideas and voices. Any member of the SmartCash community takes an active part in the life of the project. Articles, videos, meetups, support on Discord and Telegram, tweets is all about participation in the life of the coin. SmartCash actively encourages such participation and is calling on more volunteers to join the global development and recognition.
This participation is not just a matter of supporting the project, it is a driving force in the direction of effectively allocating efforts among all members of the community. Organic and gradual growth of community involvement is one of the important directions and one of the thesists of SmartCash philosophy.
At the moment, all Hive teams have significantly reduced the costs. The main focus is on economic and efficient development of the project. The coordinators of the Outreach and Support teams have been working on a volunteer basis for several months without being paid for their work. All this reduces the pressure on the exchange rate.
The SmartCash team is international, which means that SmartCash is not tied to the hiring process of employees from any particular country, but instead can afford to hire workers from developing countries, which significantly reduces the cost of payment.
Another example of effectiveness is team member Lily, an American journalist who now lives in Mexico, and could pay more attention to working in SmartCash, while using less money to pay for daily needs. SmartCash is also open to new volunteers to the project, as well as employees from lower-cost countries on a more permanent basis.
Comparison: the expenses of the Web Hive Team in June were 2440 USD, in October they were reduced to 1870 USD. Other Hive teams, such as Support Hive Team, also reduced their expenses from 7000 USD in June to 2900 USD in October.
It is worth noting that these calculations include not only the salaries of employees, but also payment for servers and various infrastructure maintenance.
Note that all transactions are open and can be viewed in blockchain by the following addresses:
In addition, about 7000 USD have been paid to proposals on the SmartHive voting platform since March of this year.
Thus, the costs have been significantly reduced and SmartCash can continue to move confidently forward, thereby attracting new customers who can be confident that the project is responsibly approached to the question of financing and responds to any changes in the market in a timely manner.