Hi everyone! I have an idea and would like to see what everyone think of that.
Since SmartCash is aimed to be a financial asset, more features should increase its value. I propose to consider a code upgrade - adding the possibility to set SmartCash lock up period for certain addresses on-chain.
Let’s say you have an address in your wallet. The wallet SmartSaving functionality will allow you to set certain chosen date to lock up your funds until then. Till that date there should be no way to unlock the funds. Adding more funds to the address should be possible. Lock up date for any given address should be public and can be seen in explorer.
You may ask, what is the purpose for that?
Well, there could be different scenarios to employ such a feature. Let’s see few examples:
Obvious one - there is a person who is not good with saving money. The feature will help such people to put aside some money for the certain date or far future.
Long lock up period may benefit the community project creators - community may be more loyal to those willing to hold SmartCash for reasonable amount of time and not dumping it straight away.
Lock up feature would allow us to modify SmartRewards feature in favour of those who is willing to hold longer. Just as an example to explain it better: (not real numbers):
6 - 12 months hold period (+10% weight)
12 - 24 months hold period (+25% weight)
24 - 36 months hold period (+35% weight)
more than 36 months hold period (+50% weight)
In this example if at the time of SmartRewards payout date your address has eligible funds with lock up period more than 6 months, you would receive more rewards. Simply speaking, if at that date you have 1000 SMARTs with 7 months lock up period left, they are counted as 1100 SMARTs.
Since SmartRewards was designed to fight volatility with hold incentive, this would encourage to hold longer.
These are just few examples I could think of. I guess, there should be more use cases.
I wonder what you guys think, does the idea worth it?