What is SmartCash 1.3 Phoenix update?
SmartCash 1.3 Phoenix release is a major update from the SmartCash team. This update includes many important features such as updated SmartRewards and the new SuperRewards, Time Locked Payments, SAPI, new address format and other important changes.
Do I need to update my wallet?
Yes, it’s a mandatory update.
Should I backup my wallet before updating?
Yes, we recommend you do a backup. See here how you can do that.
Where can I find the latest version of the wallet?
Latest version https://github.com/SmartCash/Core-Smart/releases/tag/v1.3.3 and on SmartCash.cc
I am a node owner, should I update my wallet and VPS server?
Yes, you need to update both.
Please note that in this release the nodes require more server space. Blocks take up 17GB (vs 8gb with 1.2.8). Ram minimum is 2GB, it will be difficult for 1GB even with 4GB of swap to get through the creating the SmartRewards index.
What are SmartRewards and SuperRewards?
SmartRewards is a way to earn passive income for all SmartCash holders. In release 1.3 we added a higher deposit level — SuperRewards. So now users can get SmartRewards or SuperRewards depending on how much coins they have at address.
Users can activate all addresses in the wallet that qualify for SmartRewards / SuperRewards or consolidate all funds in one address and activate it.
Will SmartNodes receive SmartRewards in the new release?
SmartNodes no longer qualify for SmartRewards. They still receive SmartNode rewards.
When are SmartRewards / SuperRewards coming into effect and by what date I need to update my wallet?
1.2.8 clients will stop syncing around August 22nd. The rewards will start to be paid from the end of cycle 39. Have funds activated at the beginning of cycle 39 (starting from August 22). Do not move them or you deactivate the address.
What does yearly yield mean?
With the new release, users will be able to get the maximum yearly yield if they hold funds for 4 weeks or more. If the user makes a transaction, this period starts from the beginning and the yearly yield is accordingly lower. On the GIF below you can see that you can get up to about 15 % of the yearly yield with SmartRewards and up to 25 % with SuperRewards.
The first 3 payouts will have a lower yield and max out on the 4th payment. Further payouts week 4, 5, 6 and onwards will give the maximum yield.
Thus, the approximate weekly yield would be: 25 (maximum yearly percentage in case of SuperRewards) divided by 52 (number of weeks a year) = 0.48% per week.
Read this article for more details: https://coinlance.com/2020/07/22/introducing-updated-smartrewards-and-the-new-superrewards/
Please note that the final yield percentage will depend on how many addresses are qualified for SmartRewards / SuperRewards.
What is the minimum amount on the address for SmartRewards and SuperRewards?
The minimum amount for SmartRewards at one address is 1000 SMART. For SuperRewards — 1 million SMART.
Where can I buy SmartCash?
You can easily buy SmartCash through Changelly on their website or from your mobile wallet using Changelly (via Coinomi, Edge and Ellipal wallets). SmartCash is also available on Exmo (trading pairs with BTC, USD, EUR and RUB), STEX (Smart / BTC), HitBTC (Smart / USD, Smart / ETH and Smart / BTC) and others. See the full list here.
Where can I store SmartCash?
You can store SmartCash on the Electrum wallet, Node client or mobile wallets. SmartCash is available on Coinomi, Edge, Atomic and Ellipal mobile wallets. SmartCash is also supported on Trezor One and Trezor T and Ellipal hardware wallets.
Where should I keep my funds to receive SmartRewards / SuperRewards? And what do I need to do to receive rewards?
You can store funds on any wallet that supports SmartCash.
If you are using a local wallet, you will need to activate the address using the “Send ActivateRewards” button.
Any mobile or 3rd party wallet can activate by simply sending a “send all” or “send available” transaction back to the same address used to deposit funds (at the end of the guide there are more detailed answer about this)
How often will I receive rewards?
Rewards will be paid every week.
When will I receive my first rewards after updating my wallet?
You need to activate the address by sending the transaction back to your address from 8/22 to 8/29 to get first possible rewards.
When I will be able to activate rewards by using the button in my local wallet?
Activate rewards button shows in round 38 (starting from August 22).
Can I spend my rewards / transfer coins from the address?
Yes, you can move your coins, BUT this will disqualify your address. After each outgoing transaction, you need to activate the address again.
What is a Time locked address / payments and what is it used for?
Time locked address is an address where funds cannot be spent before a specified period (week, month, certain number of blocks).
Time locked payments are a feature that allows to send transactions to the recipient, but the recipient will not be able to spend the funds earlier specified date / block number. It is a useful feature in work with third parties and business partners, which will stimulate long-term and efficient work with SmartCash.
Thus, there are two ways to use a time lock feature: one for the sender, which sets a lockout period for the recipient, and the other is to create a locked address through the “Receiving addresses” tab (funds received to such an address will be unavailable for a certain period that was specified when the address was created).
It is worth noting that the user can not send a Time locked payment to an address that already has a lock on time / blocks.
Can I receive SmartRewards / SuperRewards at a Time locked address?
How will change the block reward distribution percent?
My local wallet takes a long time to sync, what should I do?
Try to add sapi=0 to your smartcash.conf file (if you don’t have SmartNodes in your wallet)
I have a mobile wallet, do I need to update something?
No. You only need to activate the address to receive SmarRewards / SuperRewards by sending the transaction back to the same address used to deposit funds. (you need to do it after August 22)
See how to activate rewards with:
In the Coinomi wallet, I get a new receiving address every time, how can I activate rewards?
See the guide above. Since Coinomi wallet has a new receiving address every time, you need to make the activation transaction twice.
As for other wallets — if you make a deposit to the address for the first time (in the case of Edge wallet, for example), then you need to make one activation transaction. If you have had several transactions, then probably the receiving address was different and therefore you need to make the activation transaction twice.
I have an Electrum wallet, do I need to update something?
No. You only need to activate the address to receive SmarRewards / SuperRewards by sending the transaction back to the same address used to deposit funds (you need to do it after August 22)
See here how to activate rewards with Electrum wallet.
How can I find out if I have activated the address?
Сheck it here: SAPI Explorer