Subscribe for our daily recaps of the ever-changing Crypto-currency market.

Following Dash, SmartCash implements Community Governance system

Following Dash, SmartCash implements Community Governance system

SmartCash is also known as privacy-centered altcoin. Recently, it has announced the implementation of a community Governance system. The SmartCash team approaches the development which will deepen decentralization in the ecosystem.

In an interview, Jeremy Maus, also known as Solarmminer, describes the importance of his community’s inventiveness that has been named SmartHive.

According to Solarminer, the budget of SmartHive brings a different dynamic to SmartCash. Moreover, he claims that it allows the community to submit proposals for projects and activities that support the network.

Maus says:

“We are focusing on allowing the community to participate in the advancement of SmartCash. The “hive” mentality works with a large group of individuals all focused on delivering the same goal. The end result is a community driving development with lasting results”.

Community Governance in Cryptoshere

The first cryptocurrency to implement a governance and treasury system was Dash. It self-funds its own development of $23 mln per year. However, by segregating a percentage of the block rewards to spend on community-approved proposals.

Also Read: London CEX.IO Cryptocurrency exchange now listed Dash

Viciously Maus denies it, when asked if SmartCash is mere copycat. he explains, the several community governance mechanisms which requires hefty amount of the currency before you can vote.

SmartHive allows each and every holder a right to vote and now its matter how little currency they possess. He said:

“SmartCash believes that everyone can have a say in the project, not users that need to know how to maintain a server or contribute large sums of funds. We make it easy, as simple as sending an email to cast a vote”.

Further, Maus explains that SmartCash holders can vote for proposals and choose the most efficient projects for SmartCash. Therefore, he points out another difference between his currency and other governance systems:

“There are other projects that devote a small portion of the budget to development or proposals, but SmartCash is the first to devote 80% of the block reward to development, support, outreach, and community-driven proposals”.

Comparative Analysis

The evolution of altcoins, it tends to grow community governance and some experts believe it is a solution to malicious debates. Likely, as the recent scalability crisis that Bitcoin faced.

Read Next: Free Dash Cryptocurrency Conference Schedules in Venezuela

Author

Sara Noah

Sara Noah is steadily working on cryptocurrency evaluations, news, and fluctuations in digital currency prices. She is guest author associated with many cryptocurrencies admin and contributes as an active guide to readers about recent updates on virtual currencies.