The Smart Rewards feature of the SmartCash network, rewards HODLers who have at least 1000 SMART in their wallet.
Each month, on the 25th, a snapshot is taken of the network. One calendar month later, any address with 1000 or more SMART, that still contains the SMART, gets a reward from the network.
To ensure you get your smart rewards, you must* “consolidate” your SMART into one address within the wallet.
* Even if your wallet has multiple addresses with a sum of over 1000 Smart, you must still consolidate your SMART into one address, presumably because a wallet is private, but addresses are public, and cannot be linked to a single wallet during the snapshot.
There are some resources on the SmartCash support site, but I found the guide for consolidating SMART to be unclear. So after some discussion on the official Discord Server (thanks @RUDEMUDCRAB#4561) — I worked it out.
From the Smartcash menu, select preferences, then wallet. Then enable the coin control features.
This gives you an extra option on the Send tab for selecting the addresses to send funds from .
From the file menu, select receiving addresses… add a new address, and optionally give it a memorable name (e.g. Consolidate or Smart Rewards).
Go to the Send tab, and press the Inputs... button. Select all of the addresses you wish to send (consolidate) from, and press ok.
Then, enter the address you created in Step 2. and the amount. Bear in mind there is a 0.01 fee per transaction. and press Send.
After some time the SmartRewards (beta) tab will update, and show what addresses are eligible for rewards. It is unclear at the moment what drives this process, but additional snapshots are taken during the month, which might affect this.
Once your transaction has been accepted and confirmed by the network, you will have to wait until the next Snapshot happens at 0700 UTC on the 25th of every month before you become eligible for SmartRewards.
The longer you keep your SMART, the more rewards you get. This is designed to make the SmartCash network stable, because people are incentivised to hold onto their investment which in turn reduces the volatility of the price of SMART.
