I'm just gonna put it out there : The confirmation time is insanely quick and transaction fees are super cheap in the Smartcash blockchain!!
Everyone has been extremely focused recently on writing about smart nodes, smartcard, merchant focus, the roadmap 2018 etc. all of which I intend to write about as well, but I think there is something more important that deserves a lot of attention!!
The transaction fees, the transaction speed and the confirmations times, these are going to determine whether merchants will be willing to accept smartcash in the future, whether people will be willing to pay using smartcash to buy stuff. These factors are going to be key factors in determining the usability of smartcash as a future currency!!
Let's face it guys!! You don't wanna pay $1 as transaction fees for that $3.5 coffee!! That retailer is not gonna be willing to wait for 15 minutes to receve payments after he has sold that gorgeous bottle of Bleu de Chanel!!
Sure, I could just tell you this is the fee you pay...this is how long a confirmation takes....blah blah blah!! But I decided to do some transactions myself and show you guys in real time how quick the transactions are, how cheap the fees are and how quick the confirmation time is!! After all, Seeing is Believing!!
What I did was, I withdrew 50 SMARTs from my Discord tipbot to my Smartcash Web Wallet. Most of you guys probably already know the transaction fees on withdrawing from the tipbot is 0.01 SMART. Transaction fees are similar when you withdraw from the steemit smartbot, or from the exchanges like cryptopia (Don't hate me for bringing this up guys, but I bought my first smartcash on cryptopia when they still had the DOGE/SMART pair) and coinexchange.io (I just recently bought some on coinexchange, pretty smooth experience).
At the current rate, 0.01 SMART is $0.002 (In the video I said $0.0002 LOL, my bad!!). That's how cheap the fees are. But things get even more exciting when you make a transaction from the smarcash web wallet!! The transaction fees if you're making a transaction from the web wallet, is 0.002 smart (for one of my rewards address it's 0.003, I don't know why there's this difference though). Now that's $0.0005 in transaction fees!!
Let me speak in numbers we humans use!! A transaction fee of 0.002 smart or $0.0005 means, you will pay a fee of $5 for Ten Thousand transactions, regardless of the amount of smart you are transferring in every transaction!! 10,000 TRANSACTIONS for $5!! If that's not considered free transaction, I don't know what is!!
In the video you must have seen the funds reached my wallet in 1 minutes 47 seconds, but this in fact must have been somewhere around 1 minute 30 seconds, because i was talking too much at that point and re loaded the page a little later than when I should have!! In less than 2 minutes the funds reached my wallet!! Usain Bolt enough maybe!!?? And this is only going to become faster!! The devs are still working on improving the blockchain and transactions within a minute is absolutely possible!!
The explorer is still under development, so the number of confirmations doesn't show up immediately even after the transaction is completed. I was aware of this and made a transaction a few hours before recording the video. At the time I was checking the number of confirmations, that transaction was roughly 3 hours 40 minutes old and had 179 confirmations. There was still 20 minutes left for a full 4 hours. So a fair estimation at this time would be between 55-65 confirmations every hour, but to make the math easy, let's assume it to be 60 confirmations per hour. That's 1 confirmation every minute guys!! To understand the significance of this, let's briefly look at what confirmations are.
When a block is mined or the miner solves the puzzle, it is said the block is confirmed. This is one confirmation. Then when the next block is confirmed, ALL the previous block also get confirmed again and this keeps happening for every future block that is confirmed. For example, let's say, Block 1 is confirmed first. Then block 2 is confirmed. Now, block 2 will have 1 confirmation, but block 1 will have 2 confirmations. Then when the third block is confirmed, Block 3 will have 1, block 2 will have 2 and block 1 will have 3 confirmations!! The more the number of confirmations a block has, the more secure the transactions in that block are and thus are more difficult to be under a security attack, aka hack!! And the faster these confirmations are, the lesser time is available for a successful hacker attack. And the blocks in the smartcash blockchain is getting confirmations roughly once every minute, making the blockchain extremely secure from hacker attacks!! As a matter of fact, I just read this post that the Smartcash Web Wallet has passed the security audit.
The SmartCash dev team have hired Linux Force Security white hat hacking team to conduct security audit on SmartCash web wallet. And Linux Force Security pentester concluded that SmartCash web wallet is indeed secure.
With fast transaction speed, ridiculously cheap transaction fees and lightning fast confirmation times increasing the security of the blockchain, the Smartcash team has developed a very realistic Roadmap for the year 2018!!
Follow @smartcash to stay updated. Join Team Smartcash on Steemit and start earning smartcash for your posts.
If you would like to learn more about SmartCash please visit https://smartcash.cc/
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