This is a long thread about #SmartCash in 2020 and the future.

In 2020 our prime focus was to make $smart a better store of value.

I will try to explain in this thread what we have achieved this year & where things are heading next.

@coinkit_ com 1 300 $smart #DeFi #crypto

Mid 2019 and early 2020 major cost cutting and team restructuring efforts took place, to be able to cope with a crypto bear market.

As such we lowered expenses by A LOT across the board and we changed the way we dealt with 3rd parties.

Results started showing early 2020, with a price recovery. Then a Covid crisis hit that took the crypto markets much lower.

In 2020 our focus was on improving SmartCash as store of value. During previous years our focus was more on the Cash part of SmartCash.

Both are needed.

This year we refined our innovative SmartRewards that we pioneered back in 2017.

We added Rewards activation which increased yield & removed potential legal liability for exchanges. We put out several tutorials showing how Rewards activation. Partners like @ellipalwallet helped.

Several of our services like the web wallet, the payment processor were using expensive Azure, that not only that increased our cash burn by A LOT but were also a central point of failure.

Our solution was SmartHub, a decentralized solution that uses our #SmartNodes network.

SmartHub is an Electrum based decentralized all-in-one solution coming this month.

It bundles an explorer, a wallet with easy click of a button Rewards activation, and many additions to come like payment processing.

We have already released the decentralized explorer component few months ago that can be accessed separately at http://explorer.smartcash.org 

It also enables easy SmartRewards verification, so you can easily check your 3rd party wallet address is SmartRewards enabled.

Furthermore we have added a new type of Rewards, SuperRewards that reward those willing to offer us extra support by holding 1 million $smart.

Current SmartRewards holders can now get little extra by holding it up to 4 months. https://smartcash.cc/what-are-smartrewards

Additionally we created a whole new type of Rewards called TermRewards that pay those willing to lock term $smart for certain periods of time. This feature is the final development stage, very close to release.

When it comes to wallets, SmartCash matured past the point where dedicated smart wallets are needed.

We partnered with @ellipalwallet @EdgeWallet @CoinomiWallet @AtomicWallet @Pungoio to offer our users solid mobile & desktop solutions.

The market also wants multicoin wallets.

In 2017 we pioneered the one coin-1-vote concept to help us better direct budget funds. While this way of spending funds has certain advantages it also presents many drawbacks. Our budget voting took a back seat this year in favor of the newly launched http://busybee.auction 

The voting while energizing community efforts at times has also very often created a toxic atmosphere in the community, it often lead to a lot of drama and bickering among competing projects, something that's not really conducive to growth getting many to sabotage each other.

Another aspect was the quality of proposals; when you have many players stepping in to offer their services, chances are the project doesn't really need those services specifically and it's simply a solution in search of a problem.

Offers are often coming from 3rd parties the market overall rejected, since often the ones offering something of value don't come to you. You have to go to them.

http://BusyBee.Auction  which is a Dutch auction aims to help us solve a cash burn problem & our projects in search of a problem problem that the voting site created.

The team members identity areas where the project is lacking and post tasks on which 3rd parties can bid on.

Best offer in terms of price, delivery & competency wins. Users will also level up, collect points for successful tasks = extra cash bonuses in the future.

BusyBee works in conjunction with another feature we launched this year, part of our cost cutting & store of value push.

Locked Payments is another feature we launched this year in order to strengthen the long term hodler mindset.

It ensures 3rd parties, community members and team members have more skin in the game. Lowers our cash burn, increases quality of work & allows us to do more with less.

It also helps create more commitment and stronger support from out partners as longer term Smart hodlers.

In closing I believe the store of value 2020 push worked & is already showing results. Our price is 40% up year-over-year.

In order for people to spend the money, they need a good reason to hold it in the first place.

Money has to be a good store of value, 1st and foremost.

This will lay the groundwork for a refocus on the cash part of SmartCash, once people have a stronger incentive to hold, they will be in a position to spend. Can't spend what you do not hold, which results in less merchant adoption & the last thing we want.

We want people in a position to spend, which can only by achieved by providing enough incentive for them to want to hold in the first place. Once this has been achieved a refocus on SmartCASH & merchants can resume. We are ready to pick up the CASH tools we created & refine them.

The Cash part of SmartCash hasn't been neglected this year.

We have launched a better and improved version of our SMS & email portal over at http://sendsmartcash.cc 

It's a great way to introduce people to SmartCash.

We hope all these efforts will be conducive to growth in the years to come.

Our team is now more focused than ever, more motivated going into next year, more antifragile. It solidified & grew stronger in the face of adversity.

We have learned A LOT since 2017.