I'm totally new to actually owning cryptocurrency and I have to say the downloadable wallet was really easy to setup and use. It took a good while for the blockchain to fully update at the current/present date, which makes me worry that in the future, it's going to take a painfully long time for future installers. I think in the future anyone who creates a currency should think about this complicated issue, and come up with a way for the update to happen much quicker.
The SmartCash wallet is very intuitive overall and after asking a couple of questions about it to the folks on the support channel of the Smartcash slack group, I had a very solid grasp of how to use it. I haven't sent anyone smartcash yet, so that's one area I still need to get some hands-on practice. When I looked at the send currency section in the wallet, there were somethings that didn't make sense to me but I don't have any more to say on that topic yet until I successfully send someone cash, but something seemed unintuitive about it at first.
In the folder I normally keep the SmartCash wallet though, I accidentally clicked the re-install and almost had a meltdown worrying that I might have destroyed my laptop wallet and lost all my SmartCash. I think the smartcash developers should do something to make it clear about which item/icon you click on to open in the smartcash folder that people have on their desktops so they don't accidentally re-install it (I made that stupid mistake in my early first days using the wallet). That was a bit nerve-racking when that scary issue happened, but it turned out to be a false alarm, I stopped the installation and was OK. Thank goodness someone from the SmartCash slack group helped me with that issue.
Honestly, I think 5% set aside for Miners is a bit on the low side, I would have put it at closer to 10%, because even with my limited knowledge of cryptocurrency, I think in a pie-in-the-sky sense, you would want to attract a good population of miners, they are typically IT-oriented people who are willing to make long-term investments in hardware equipment and knowledge. I would think building a strong miner community would add a special element to the currency's outreach efforts.
80% for the community, I'm not sure how I feel about this one, I think I'm going to need to learn more before I make an educated statement on it. Having that large sum can be both good or bad, it has the possibility of being abused or used to the great benefit of the SmartCash community. I just hope there isn't a lot of pork barrel spending with those funds. I hope they are spent wisely, even with voting as partly shaping how some of those funds are used.
@smartbot tip @markrypto 100
Thanks for the long comment! Miners can earn more than 5%. If they hold for example, they get 15% in rewards and if they actively work for the community or participate in promotions such as the video and writing contests or giveaways, they can even earn a portion of the 80%. Not everyone is able to mine or can mine so by splitting the rewards this way, a wider range of people can benefit from the block rewards by getting involved in the project which results into what you see now. We've made it to top 100 cryptos in just 3 months! That's quite a big achievement and it's only been possible because of the way block rewards are being distributed. Also, the project aims towards automating the community budget so later on all payments will be automatic based on the votes cast by the community.
Tipped @markrypto
100 SMART! Comment@smartbot helpto claim. Currently the price of SmartCash in the market is$0.062 USDperSMART. To find out more about SmartCash, please visit https://smartcash.cc.Enjoy the tip and remember a succesful crypto project requires more than miners and the projects that give all the block rewards to miners are usually heavily pre-mined before the launch!
I guess the question that comes to mind is what percentage do you set aside for miners? In one sense, building a community of miners can help to grow interest in the cryptocurrency, on the other hand, as you said you get people who strip-mine. Couldn't one argue that having a healthy mining community will draw knowledgeable IT-oriented people to the currency? I don't know enough about the subject to make an educated argument on both sides, but my challenge to you is if you were asked to argue the other side, for more than 5% for miners what would your argument be?
Miners aren't the only IT-oriented guys needed for a crypto project to succeed. You need developers, programmers, testers, graphists, advertisers, marketers, writers, video makers, etc. I wouldn't really try to argue for the other side because miners don't do any actual work. It's all done by the computer and as long as there is profit in it, there will be people who would be happy to dedicate their computers for mining purposes.
So then what is the purpose of miners? What purpose do they serve for the good of the cryptocurrency if all they do is buy expensive equipment, kick back, burn up the electricity bill and then collect e-cashola in the process. If they serve no purpose, why even have them at all?
I don't remember saying they serve no purpose. If they served no purpose, that 5% would be 0%.
@smartbot withdraw SfR3QRfQpWH4zvrsyUx4UdxqbCtgVqcyT5
@markrypto:
99.99 SMARThas been withdrawn from your account toSfR3QRfQpWH4zvrsyUx4UdxqbCtgVqcyT5. You have been charged0.01 SMARTwithdrawal fee. Transaction010ce524a5b51122194610b3bc6977eeff58b43b35c94705ebe65ae5247d3705is now completed.We have splitforked under a new brand called swiftcash. If you haven't heard yet, come check us out on discord.swiftcash.cc and make sure you claim your coins before the deadline if you had any!