Hello to the SmartCash Community!
As you may recall recently, we introduced the new decentralized SmartHub platform allowing users to store private keys locally. Now, we are extremely pleased to announce that our Testnet ver1.3 Phoenix for core SmartCash wallet which is on track to be released next week will enable you to Test, Engage, Try and Experience some of the upcoming features. It is a great moment for all SmartCash holders as they get to test our new features and experience all the amazing changes firsthand. With these interesting upgrade SmartCash is putting more emphasis on community participation, improving & adding new features and opening the door to new integrations.
Testnet Ver1.3 Phoenix allows us to continue working with our great community towards the mass adoption of decentralized ecosystem. We feel proud to tell you that in the upcoming testnet, users will be able to Test TimeLocked payments, Engage with a new smart reward mechanism, Try new address format and Experience SAPI.
We are looking forward to testing together with our community on this Testnet Ver1.3 Phoenix which will bring in Fast Sync, Separation of SmartRewards and 8Mb block size among many other changes in the SmartCash ecosystem, but for now let us have a look at those features which will be available for users to test and what these interesting features are, in detail.
- SmartCash user can send a locked payment that can’t be spent until a specific time or block number. You can also setup a receive address that can only allow spending at a specific time or block number.
New SmartRewards Mechanism
- User will need to activate addresses to receive rewards. This is simply selecting the Activate Rewards button from the SmartRewards tab and accepting the transaction fee.
- SmartRewards will pay every 7 days for those that hold the entire 7 day cycle. A 2x bonus will be paid at 2 months, 4x for 4 months, and 6x, for holding over 6 months. If you spend at anytime the address is disqualified and will need another activation transaction to get rewards again.
- SmartNodes will not get SmartRewards. (They still get SmartNode payments)
- Collateral will change from a minimum of 1,000 to 10,000 SMART to qualify.
New SmartCash Address Format
- In the settings, there is a check box for the new address format. This format isn’t used on 3rd parties yet, but will make it easier to adopt.
- The Smart Application Programming Interface (SAPI) will allow litewallets and applications to get information from the blockchain without using an explorer. SmartNodes will enable SAPI by default on port 8080. Users can use any SAPI to check balance or broadcast transactions.
For SmartCash, community engagement and development come first.
SmartCash’s vision is to create a strong and secure foundation for community driven cryptocurrency with a decentralized governance system. We encourage all the SmartCash users to actively engage, try and test our new features in Testnet ver1.3 Phoenix.