[Crypto projects](https://revain.org/projects/) › SmileyCoin

# SmileyCoin (SMLY): how it works, supply and reviews

## In short

- **Type**: Own public blockchain, originally derived from Litecoin source code.
- **Maximum supply**: 48 billion SMLY, as described in the white paper.
- **Risks and caveats**: SMLY may lose some or all of its value, may not always be transferable and may not be liquid.
- **Checked**: 1 November 2026

## Key facts

- **Ticker**: SMLY
- **Official site**: [smileyco.in](https://smileyco.in/)

Key facts checked on 1 November 2026 against official sources.

## What is SmileyCoin

SmileyCoin (SMLY) is the native coin of the SmileyCoin blockchain, introduced in 2014 at the University of Iceland to reward educational achievement in the SmileyTutor (formerly tutor-web) learning system. SmileyCharity uses SMLY to reward students in its education programmes.

## Network and consensus

| Parameter | Details |
|---|---|
| Type | Own public blockchain, originally derived from Litecoin source code. |
| Consensus | Multi-algorithm proof of work: SHA256d, Scrypt, Groestl, Skein and Qubit. |
| Block time | Target average of three minutes between blocks. |
| Launched | Genesis block mined on 13 November 2014. |
| Runs on | Also issued as BNB.SMLY, a token on BNB Smart Chain backed 1:1 by SMLY held in cold storage. |
| Who operates the chain | SmileyCharity says neither chain is operated by it; native SMLY is maintained by independent miners and node operators. |

## Supply and issuance

| Parameter | Details |
|---|---|
| Maximum supply | 48 billion SMLY, as described in the white paper. |
| Halving | Coinbase halves approximately every seven years. |
| Initial distribution | 24 billion SMLY were premined for educational purposes. |
| Block reward split | 5,000 SMLY per block (subject to halving): 10% to the miner, 45% to SmileyCharity, 45% to qualifying holder addresses. |
| BNB.SMLY supply | Fixed at 1,000,000,000 BNB.SMLY; no minting after deployment and no upgrade mechanism. |

## What SMLY is used for

- Rewards for educational achievement in SmileyTutor
- Spending at participating SmileyStores in SmileyCharity programmes
- Mining rewards and protocol payouts to qualifying holder addresses

## Who develops and governs SmileyCoin

- **Issuer**: SmileyCharity concludes that no person or undertaking can be identified as the issuer of native SMLY.
- **White paper preparer**: Styrktarfélagið Broskallar, using the registered foreign name SmileyCharity.
- **Legal entity record**: GLEIF lists LEI 636700LQMUJ4E4WR0417 for Styrktarfélagið Broskallar (Iceland), entity status active.
- **Origin**: Developed through research at the University of Iceland.
- **BNB.SMLY contract owner**: The owner role of the BNB.SMLY contract is held by the deployer address of Hybrix, the contractor that designed it.
- **Open source**: Source code on GitHub under the MIT licence; based on the Auroracoin source.

## History

| Date | Event |
|---|---|
| 13 November 2014 | Genesis block mined as part of academic research at the University of Iceland. |
| June 2024 | Research on SmileyCharity's work in Kenyan communities and refugee camps reported 5,000 students reached by June 2024. |
| 7 October 2026 | GLEIF record for Styrktarfélagið Broskallar first registered. |
| 28 October 2026 | SmileyCharity published version 1.2 of the SMLY white paper (structured like a MiCA white paper, not notified to any authority). |

## Security and audits

- Native SMLY uses multi-algorithm proof of work; the white paper says each of the five algorithms needs sufficient hash rate.
- The white paper says no documented audit exists for the blockchain implementation, the BNB.SMLY contract or the reserve arrangements.

## Security incidents

No security incident is recorded in the sources checked on 1 November 2026 (the company’s own channels and incident databases): [defillama.com/hacks](https://defillama.com/hacks), [hacked.slowmist.io/search](https://hacked.slowmist.io/search/), [rekt.news/leaderboard](https://rekt.news/leaderboard/), [smileyco.in/SMLY-description.html](https://smileyco.in/SMLY-description.html), [github.com/smileycoin/smileyCoin/releases](https://github.com/smileycoin/smileyCoin/releases)

## Official SMLY contracts

| Network | Contract address |
|---|---|
| BNB Smart Chain | [0xe015f8C012e932F13184061F3ffd956E9000A6CD](https://bscscan.com/token/0xe015f8C012e932F13184061F3ffd956E9000A6CD) |

Native SMLY runs on its own chain; BNB.SMLY is the BNB Smart Chain token. The official site warns of copycat tokens: check the contract address.

## Risks and caveats

- SMLY may lose some or all of its value, may not always be transferable and may not be liquid.
- The white paper is not notified to or approved by any EU competent authority.
- Fake SmileyCoin copycat tokens exist on BNB Chain; the official site says to check the token contract.
- No documented audit of the blockchain, the BNB.SMLY contract or the reserve arrangements.

## Official links

- Website: [smileyco.in](https://smileyco.in/)
- Whitepaper: [smileyco.in/SMLY-description.html](https://smileyco.in/SMLY-description.html)
- Source code: [github.com/smileycoin/smileyCoin](https://github.com/smileycoin/smileyCoin)
- Block explorer: [blocks.smileyco.in](https://blocks.smileyco.in/)
- Wallet: [wallet.smileyco.in](https://wallet.smileyco.in/)

## Questions and answers

**What is SmileyCoin?**

SmileyCoin (SMLY) is the native coin of the SmileyCoin blockchain, introduced in 2014 at the University of Iceland to reward educational achievement.

**What is the maximum supply of SMLY?**

The white paper describes a maximum supply of 48 billion SMLY, with halvings about every seven years; 24 billion were premined for education.

**How is SmileyCoin mined?**

By multi-algorithm proof of work (SHA256d, Scrypt, Groestl, Skein, Qubit) with a three-minute block target.

**Who is behind SmileyCoin?**

SmileyCharity (Styrktarfélagið Broskallar, Iceland) prepares the white paper and runs the education programmes; it says no issuer of native SMLY can be identified and that it does not operate the chain.

**What is BNB.SMLY?**

A BNB Smart Chain token (contract 0xe015f8C012e932F13184061F3ffd956E9000A6CD) with a fixed 1 billion supply, matched by 1 billion SMLY held in cold storage.

## Sources

- [SmileyCoin - Home](https://smileyco.in/)
- [SmileyCharity - Crypto-asset white paper for SmileyCoin (SMLY) v1.2](https://smileyco.in/SMLY-description.html)
- [GitHub - smileycoin/smileyCoin](https://github.com/smileycoin/smileyCoin)
- [GLEIF - LEI 636700LQMUJ4E4WR0417](https://search.gleif.org/#/record/636700LQMUJ4E4WR0417)
- [BscScan - BNB.SMLY token](https://bscscan.com/token/0xe015f8C012e932F13184061F3ffd956E9000A6CD)

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Page updated: 2026-11-01

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Source: https://revain.org/projects/smileycoin/