Privacy-centered altcoin SmartCash
has announced the implementation of a Community Governance System. The
Smartcash team maintains the development will deepen decentralization in
the ecosystem.
In an interview with the Cointelegraph, Jeremy Maus, aka
Solarminer, narrated the significance of his community's initiative that
has been nicknamed SmartHive. According to him, SmartHive’s budget
brings a different dynamic to SmartCash. He also claimed 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
Dash was the first-ever cryptocurrency to implement a governance and treasury system.
Dash self-funds its own development, to the tune of $23 mln per year,
by segregating a percentage of the block rewards to spend on
community-approved proposals.
Since the creation of Dash’s system, several other currencies have followed along, including PIVX, Decred and a few others.
When asked if Smartcash is a mere copycat, Maus vehemently
denied it. He explained that unlike some other community governance
mechanisms that require ownership of a hefty amount of the currency
before you can vote, SmartHive allows every holder a voting right, now
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."
Maus further explained that SmartCash holders can vote for
proposals and choose the most efficient projects for SmartCash. He
thinks this changes the previous dynamic of paying machines and
electricity (miners) in favor of paying for real activity and added
value to the network. Maus 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."
