Just recently Smartcash developers released a new version of the Smartcash protocol. This version is packed with new and exciting features, and improvements to Smartnodes and Smartrewards.
The Smartcash community has been going agog with excitement over this new version, so lets go into it in details, and understand what all the excitement is really about. Here we go:
1. Whats new in this Smartcash version?
a. Hierarchical deterministic wallet (HD): This is a seeded wallet, that can predict newly created wallet
addresses, old wallet addresses wont have this feature, but to enjoy this feature you will need to create
new addresses and transfer funds or import old wallet address to the new address
b. Automatic wallet backup: Wallet.dat will be backed up automatically everytime the wallet starts up,
and is located in backups folder of the smartcash directory of your system
c. Improved sync times and sync status display: Synchronization times is much faster with this version,
and it shows estimated time to complete synchronization
d. Instantpay activated: Instantpay will start working with this version from July 7th, 2018, it will be
initially limited to 1000 SMART transactions, this will be reviewed upwards after a trial period
e. 4MB Block size increase: the increase in blocksize gives the Smartcash network capacity to handle
300+ transactions per second
f. 256 bytes "OP_Return" increase: This allows smartcash to support advanced features like smart
contracts, smartmining, and 3rd party developments
g. Bitcoin core 0.14 upgrade: The smartcash core client now uses the bitcoin core 0.14.0 source code
h. Smartmining system: Smartmining system added to mitigate against 51% hashing attacks and
potential timewarps
i. New Smartnode payment model: With this new version release, smartnodes will get paid more
frequently, at the rate of 10 nodes every even block. Share of block rewards paid out does not change,
but each node payment will be 2% of block reward
j. Decentralized smartrewards distribution: As from block 574100, smartrewards model will implement
decentralized distribution. This means smartrewards will henceforth be distributed to all eligible
addresses after every 47500 blocks
k. Three new hive teams added: i-Quality assurance hive ii-Web hive iii-2nd Outreach hive. These new hives will start fully working as from block 574100.
With the advent of the new Smartcash version 1.2.2, some important deadlines and mandatory updates are in force to ensure smooth and seamless transition to the new version
a. Wallet update: desktop wallets must be updated by block 545005, web wallets, electrum wallets and
other 3rd party wallets will be updated automatically
b. Smartnode update: The new version updates the smartnodes protocol from 90025 to 90026, after July 1st old nodes will stop receiving payments. Only upgraded Smartnodes with version 90026 continue to receive block rewards
c. Decentralized smartrewards distribution: the first automated smartrewards distribution will start by August 25th.
