This weeks episode is short but information packed. Lily Forester reads a written interview she did with the productive Solarminer, who has been with SmartCash since before day one. Learn about the new Time Locked Payments feature, TermRewards and get a bit of a recap of recent SmartCash News
Links referenced in the podcast:
Good morning everyone. Today’s episode is a bit different in format. The first half will feature me reading a written interview from Solarminer, someone who’s been involved with SmartCash from literally the beginning. Today we intend to feature the new Time Lock Feature that came with the Pheonix release for the full node wallet that is incredible for all sorts of reasons. As usual with SmartCash the big problem we face is that there really just isn’t enough information out there about amazing features like this.
The second half of the podcast will be little news updates from the last week or so. All things referenced in this video will have links in the show notes for you to check into.
I want to start by saying thanks to Solarminer. We did have to wait just a little bit for these answers but it was worth it and definitely understandable considering all Solar does for SmartCash.
So on to the interview.
First question. Who are you, how did you become involved with SmartCash and what do you do for the project?
I (Solarminer) am the Development Hive Coordinator and manage the development and node(core) wallet code and releases. I have been involved with SmartCash before the launch on 7/11/17. Yes, that date was picked because it was a palindrome.
What is the time locked payment feature and how does it work?
The TimeLock feature is a way to send a transaction with a way to delay the spending of it. The receiver of the funds can see the transaction come in, but can’t actually spend it.
We have two ways to do TimeLock transactions. You can send a transactions and select LockTime and chose the time or block number that a transaction can be spent. You can also create a receive address that is spendable at a future time.
Why is it important?
The key is that you can send an amount and the receiver can verify it but needs to wait to spend it. This is similar to how a stock option can be provided but doesn’t have value until a vesting period is over. We are working on mutual partnerships where another party will accept locked payments and also push to benefit SmartCash until funds are spendable.
We also have a new feature that will use this called TermRewards. It is a way of locking funds until a certain date and in return are rewarded a higher rate than SmartRewards.
Which wallets have the feature?
The feature is only available on the node wallet.
Who should use this? What are current use cases for this feature?
This is targeted to business partners and those that contribute to SmartCash as a way to push people to think about longer term value for the project. And we also have other uses coming like the TermRewards I mentioned before which is available to anyone soon.
Do you collect SmartRewards on these time locked funds?
After the next release SmartRewards will not be paid to locked addresses. Instead specific lock times will be paid base on the TermRewards structure if the transaction qualifies.
What is something everyone should know about this feature and about Smartcash?
I would encourage users to come up with ideas to use this TimeLock feature. This opens up the idea for future value tokens or something that depends on the future value from a transaction sent today. A kickstarter like system could also be setup with ability for anyone to send funds to an address, but with the receiver able to spend at a certain date.
That’s the end of the interview but I have my own personal thoughts on this feature. First I think it’s perfect for people who want to save but have a hard time actually committing to do so. So if you commit to sending yourself time locked payments it’s a way to make yourself save even if you don’t want to. It’s an executive dysfunction hack in that way.
Beyond that I wanna point out that I get paid for the things I do for SmartCash in this way. I can’t touch what I am making right now for a certain amount of time and I like that because it allows me to save without feeling like I am saving.
The wallet it’s held in was a bit confusing to install for me on a Linux system. First I tried on LinuxMX and failed. Then I installed Ubuntu and after some failures finally had success with the help of one tutorial I will share in the links. That tutorial turned the installation from a frustrating process into a one step thing. So easy it was almost a little frustrating after all I went through for it.
The wallet itself is beautiful, simple. It’s got what you need for SmartNodes, SmartRewards and also this time locked payment feature in there, easy to find and understand. You can pick one of the preset times or even pick your own custom time. One possible use case for this is for trust funds, instead of doing them within banks you can lock up a certain amount of SmartCash while the kid grows up and when they reach the right age, they can start to spend what you saved for them.
Now on to the news…
The first bit of news is actually about TermRewards, a feature not yet out but scheduled to be released December 1st. There’s also a Coinlance post out that is an interview with the lead developer on this if you want more information on how those work!!
I do want to mention I had the question of “What do you need to get in on TermRewards from my interview with Solarminer but thankfully, he did this interview about TermRewards specifically to answer my question. Anyway, for those curious it will start with 2 years requirement so the money will need to be locked for two years to reap these really high benefits. For more information check that link in the description.
Smart Income released a video explaining the new changes of SmartRewards, of course the link will be in the description.
Did you know that SmartCash outpreformed Dash, Bitcoin Cash and Ripple over this last year? Smart Income shared about it in this tweet linked in the description, follow it for an interesting graphic which shows more information.
Opolo Hardware Wallet integrated SmartCash. You can now store smartcash on their hardware wallet!
OPOLO + SmartCash = Secure SmartCash Storeage https://t.co/Y5v7El1IEe
— OPOLO Hardware Wallet (www.OPOLO.io) (@OpoloWallet) October 31, 2020
And finally here’s your reminder that you can start repeating weekly SmartRewards benefits now on any amount over 1000 SmartCash which is currently less than 5 USD.
Stay tuned for more episodes of Smart Talk Radio. For the last episode, follow this link.