Today the SmartCash team has officially released an update for SmartCash Node Client and Electrum Wallet. Current versions are already available for download from the official website. This update will bring not only changes to the wallet, but also changes to the block reward distribution model.
The block reward distribution model will change as follows: SmartRewards 89% ( used to be 60%), SmartNodes 10% and mining 1%. Hive Teams & SmartHive block reward payments will stop. The increased percentage for SmartRewards will boost the yield & appeal and make the distribution of coins more decentralized. More details can be found here.
One of the big highlights of our next #SmartCash client release – Hive Teams & SmartHive block reward payments will stop.
Block rewards allocation will go to #SmartRewards, boosting yield & appeal, decentralizing coin distribution.
Expect other exciting announcements to follow.
— SmartCash (@scashofficial) September 9, 2021
This update is mandatory for SmartNodes, pools, exchanges, and users. You need to complete the update by October 4.
The minimum collateral amount for activating SuperRewards will be reduced to 100k SMART.
Mining update to maintain shortest blocktime of 10 seconds to help with SmartNode transaction syncing.
TermRewards and SmartRetire will be stopped due to regulatory uncertainty and these rewards types cannot be activated after October 4. Users who activated these types of rewards earlier will receive their rewards.
Users can still activate TermRewards and SmartRetire before October 4 if they use the earlier version of the client. Thus, users can activate their address and receive fixed yearly % if they make an activation transaction before October 4. After activation, you can see your activated adders in the “TermRewards” tab.
TermRewards 1 year term – 35%
2 year term – 40%
3 year term – 45%
SmartRetire – 50%
SmartNodes will require a restart from local wallet after updating. Electrum 5.0.2 or 2.1.0 Node client required for local starting.
Additional information can be found in the notes on the GitHub page.
If you have any questions, please join us at Discord.SmartCash.cc