Smegma is a natural, normal, harmless, and healthy substance. It is a mixture of exfoliated skin and skin oils. Smegma does NOT cause cancer.
Smegma collects under the foreskin. It is normally white in color. Some people believe that smegma resembles cream cheese.
It can get irritating if it stays for a long time without being washed away, so it is good practice to wash under the foreskin periodically.
Accumulated smegma may get hardened and difficult to remove if it stays a long time such as under a foreskin that is not retracted. Olive oil has been recommended for softening and removing hardened smegma.
Since smegma is composed of exfoliated skin and skin exfoliation occurs continuously, smegma is continuously forming. You may expect to see more every day.
Smegma is not something to worry about.