What Is The SmartHive? - The Animated SmartBee EP04 For SmartCash
In the fourth episode of the SmartCash overview series with the SmartBee you are learning about the decentralized SmartHive government system and its community enabling project treasury.
Welcome to SmartCash, a young merchant oriented blockchain technology that offers great features. In this video we have a closer look at one of them: the SmartHive!
SmartCash is financing its unique features with a reallocation of the mining rewards. In the previous videos you have learned that 15% go towards SmartRewards and 10% to SmartNodes. Currently, 70% of the block rewards are dedicated to fund community development: The SmartHive Project Proposals receive 46% and the Hive Teams 24%.
The intrinsic value of SmartCash is the SmartHive governance model and how the community can vote to fund the best projects. The funding comes from the block rewards stored in the SmartHive Project Treasury and administered by the SmartHive.
The idea is that the SmartHive Governance Portal engages community members and other 3rd parties interested in growing SmartCash into a global worldwide currency. Everyone can create a proposal that helps SmartCash in some way or another with a fee of 100 SMART. Then every SmartCash holder also can participate in the voting process and help decide if its worth getting funded or not by the SmartHive Project Treasury.
All users have the ability to vote; 1 SMART equals 1 vote. Proposals are open to vote for 14 days and payments will be made in accordance with the delivered milestones.
A major difference compared to other cryptocurrencies is that we believe core teams can ultimately lead to inefficiency and centralization. In order to create and maintain a decentralized governance structure SmartCash has Hive Structuring Teams. These teams are in charge of vital project areas, such as development, outreach and support and consist of people directly involved in the project. Every Hive Team runs independently, but cooperatively resulting in organic growth.
So, this is the SmartHive. If you would like to learn more about SmartRewards and SmartNodes please watch our previous videos. In the next episode we will have a closer look at SmartCards. And I – bee you next time.