Learn more about SmartBCH

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2 years ago

Smart Bitcoin Cash (SmartBCH) has emerged as a new community playground for Bitcoin cash’s ecosystem. It is a sidechain for Bitcoin cash, and compatible with Ethereum's EVM and Web3 API thereby providing high throughput for DApps in a fast, secure, and decentralized manner. This is achieved by its short block interval to support Defi applications.

Bitcoin cash supporters are happy about this sidechain that will connect with Ethereum and web3 in a very inexpensive manner because it leverages on the Bitcoin Cash (BCH) blockchain. SmartBCH does not directly interoperate with Ethereum, it functions independently as a sidechain, but in time a gateway may bridge assets between them.

Bitcoin Cash (BCH) in recent times is a bullish digital asset, processing more transactions per day than BTC, but the challenge is the high cost of transaction fees by ETH. SmartBCH’s objective is to tackle these issues directly by optimizing the implementation of EVM and Web3 at a low level in order to fully leverage on the potential of hardware, especially its inherent parallelism. Hence Defi applications can easily migrate into the Bitcoin cash ecosystem and run fluently at a very low cost.

Advantages of SmartBCH over Ethereum Network

As we know, Ethereum has low throughput, what this means is that only a low number of transactions will pass through on-chain. This effect allows miners to specifically choose the other blocks and if users are willing to complete their transaction, they simply have to pay high gas fees, or preferably they just have to wait for a long period of time. The effect is that this brings significant delays for the transaction to process.

With this front-running cost, only wealthy individuals can participate in Defi activity, which gives rise to only the “whale” dominating the Ethereum network ecosystem. Whereas Ethereum miners, on the other hand, earn extra profit due to the high cost of gas fees. Transaction on the Ethereum network becomes only reserved for the rich folks.

SmartBCH attempts to solve this problem by utilizing an extremely high throughput on the SmartBCH blockchain, so a huge amount of data can be processed within a short time frame. Invariably, SmartBCH reduces transaction fees and thereby making Defi accessible to users in a more understandably and friendly  way. 

Reasons, why BCH supporters, are interested in SmartBCH:

1.       SmartBCH allows users to practice Defi at Low-Cost fees

Since the throughput is as large as one billion gas every 15 seconds, users are happy to practice Defi at a very low cost unlike Ethereum blockchain with high transaction fees. SmartBCh has been developed from scratch to solve high transaction fees. For comparison, Ethereum consumes 12.5 million gas while SmartBCH throughput will be as large as one billion gas every 15 seconds to allow users to enjoy very low-cost gas fees.

This is one of the hottest innovations in the cryptocurrency space to date. Individuals can leverage on SmartBCh to grow their crypto portfolio. This is simply Ethereum recreated as a sidechain with Bitcoin cash, its purpose is to increase or triple its web 3 applications and reduce the cost of the transaction to a fraction of its Ethereum counterpart. By doing so it allows more users to participate in Defi while simultaneously enjoying a great experience.

Until now, many people have been excluded from Defi due to network congestion and high fees. One needs to pay hundreds of dollars to simply broadcast a transaction. And this is unusual, not everyone can afford this. This advantage simply attracts new users to Defi and existing users who are using Ethereum or Binance smart chain, seeking to increase their margins.

2.  SmartBCH will overtake Ethereum and Binance Smart Chain

Given that SmartBCH is Web3 compatible, most of the infrastructure that has been taking years on Ethereum to develop has been worked over. SmartcBCH has much greater room for future growth than Ethereum and Binance smart Chain. Supporters of BCH can comfortably configure SmartBCH to a popular MetaMast wallet, and deposit BCH through the bridge. Most Bitcoin Cash supporters see a great potential bridging with SmartBCH.

3. BCH can be traded directionally between Bitcoin Cash’s mainnet:

Because of how BCH can be transferred directionally between Bitcoin Cash’s mainnet, users can lock certain coins on the mainnet and move on to unlock the same amount of coin on Smart Bitcoin Cash. This formation can be reversible. Bitcoin cash users can take advantage of this sidechain which bridges the mainnet to transfer Smart Bitcoin Cash to Bitcoin cash and Bitcoin Cash, back to Smart Bitcoin Cash.

4. SmartBCH is a Decentralized Cross-Chain Bridge of the future

Without much argument, the future of Bitcoin cash is bright, now SmarchBCH is coming to play to allow users all over the world to interact with Ethereum Network. As a sidechain that makes smart contracts possible within a decentralized and secured environment. It also gives access to Defi and NFT with reasonable low fees, when compared to Ethereum.

Its fees are about $0.03 for the token transaction, even though it uses gas and contract interactions depending on the gas limit set by each contract. But in all, no matter the type of transaction, the fees are relatively low. Depending on the congestion, Ethereum Defi fees can fall between the range of $50 -$500, and this can weary investors. SmartBCH in this regard maintains a low fee even when there is a surge in the user base.

It is important to note that Bitcoin Cash is the native token of SmartBCH. Key investors and developers can invest in this smart project. Prospective investors can invest in the SmartBCH sidechain by investing in Bitcoin Cash - a top cryptocurrencies in many exchanges and in most crypto trading apps.

Interestingly, come May 2022 in London, UK, CoinRiot is organizing a hackathon called Hacksmart! It’ll be a 3-day event that will accelerate the growth in usage and understanding of the SmartBCH network. This is an important forum for blockchain developers to get introduced more to the power of SmartBCH. An opportunity for developers to learn, connect and hang out with like-minded people. Please visit our website to LEARN MORE.

Would you consider donating to our Hacksmart event and helping us reach our project goal? YES! Donate to support this awesome project. Your support can make a huge difference in realizing this dream project. Please make a Donation Today.



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