As someone who is always bullish on BCH and its ecosystem, I'm pretty excited about SmartBCH (even wrote about it in the past).
Having said that, I see that even though there's a lot of people engaged with the project and even funding it through flipstarter, some people don't know what it is about or why it matters.
This is why I am posting about it today, in this "The Most Boring Article About SmartBCH You'll Ever Read!"
Sounds great?
Then read up!
What Is SmartBCH?
SmartBCH can be defined as a BCH sidechain, but more than its definition, we should look out for its impact.
It brings a lot of new possibilities to the table and brings in something BCH does wonderfully well and DeFi projects everywhere fail to deliver – fast, cheap transactions.
Note that this is just one of the many possibilities though, as not only can other projects be tackled thanks to the BCH and SmartBCH symbiosis, it also runs all of this at a very low cost.
The SmartBCH project will bring in libraries for enhanced compatibilities for users and developers to have an easier experience.
I’m talking about:
- MoeingEVM: Execution Engine to allow the mixing and reordering of transactions to maximize throughput;
- MoeingADS: To provide existence and non-existence proof, replacing Ethereum’s MPT (faster than LevelDB too);
- MoeingDB: Database for Blockchain History Storage;
- MoeingKV: To speed up write and read operations and store Bitcoin Cash’s UTXO;
- MoeingAOT: EVM ahead-of-time compiler – bytecode interpretation isn’t needed this way.
…among other libraries that are still being tested out but will support Smart Bitcoin Cash’s scalability.
Finally, know that it doesn’t interoperate with Ethereum, although devs claim some gateway may close that gap and bridge assets between the two chains.
How Does Bitcoin Cash Synchronize with SmartBCH and Vice-Versa?
SmartBCH adopts tendermint as its consensus engine, and validators are elected by BCH owners and hash power, also taking up duties in epochs.
BCH owners prove their ownership of UTXOs (SmartBCH is PoS) during the epoch, and the values of the UTXOs are used to vote for validators.
So, basically, what we’re seeing is a mix of proof-of-stake and proof-of-hash.
The voting is done in Bitcoin Cash’s mainnet and is permissionless.
Validators will also have to offer up some BCH as collateral to make sure they don’t start any ruckus on their watch – or else their BCH is gone.
SmartBCH Token: Are You Buying It?
No!
There is no SmartBCH token… it’s our beloved Bitcoin Cash – yes, even to pay the gas fees, which makes the project even greater than I once anticipated.
Honestly, this is partially why I think the Bitcoin Cash ecosystem will benefit from this project so much.
Not only does it improve the BCH Ecosystem, but it also adds up more use cases for the token and will add some buying pressure from users who shift their DeFI investments from ETH to SmartBCH.
It will be legendary!
Why is Smart Bitcoin Cash so Useful?
Well, if you have been sleeping under a rock this is a project that may have evaded your grasp, but there are a lot of people waking up to it, hence why I also decided to give it some focus as I am always saying I’m bullish on BCH.
Yes, this is another project that just shows BCH’s success is inevitable.
We go over how BTC people will shift to BCH once the FOMO and price hunts are gone, but now we will even get ETH’s activity first as the DeFi guys leave the high fees they have there and bank their assets with us, the superior chain!
SmartBCH aims to build new stuff, enlarge the BCH userbase, allow more people to earn Bitcoin Cash through mining, investments, by holding, and so on… and get users worldwide to start to enjoy DeFi at low costs.
They even stated the Throughput will be as large as 1.000.000.000 gas every 15 seconds! How sweet is that?
Can you see the potential?
I’m really excited and eager for all of this to blow up!
The fact that SmartBCH works the way it does will also encourage more side chains to be created, and the BCH universe will start growing exponentially.
Bitcoin Cash Demonstrated Superiority Once Again: ETH’s Sharding, Layer 2
Wang Kui, mentioned during his recent interview in the Big Blocks Lifestream, that he opted for BCH for one simple reason – it’s big blocks.
BCH’s big blocks bring all the boys to the yard… ok, I’m going to shut up now with the singing.
Well, Kui even went further as to state something I am always saying as well – BCH aims to serve as many people as possible. This is something Roger Ver always brings up during debates as well because it represents Satoshi’s vision for Bitcoin.
I can see Wang Kui wasn’t a fan of BCH initially and he looked for some other ways to make this project happen, which is even better than if he was a BCH supporter to begin with.
Why?
Because he didn’t choose this community because he was engaged with it.
He chose this community because it was the one who made his work, well, work!
We won the project due to our solid fundamentals and the fact that our blockchain gets the work DONE!
I’m First in Line for SmartBCH: NFT and DeFis
I have an NFT project brewing up that I want to implement pretty soon.
I am a small-fry and a newbie...but I have high ambitions and plan to become a big player in this community, and as such, I need to invest in creating more projects.
I’ve been expecting Juungle to add minting but I also want to see how SmartBCH will handle their NFT’s side of things.
Not only that, I plan to jump on their DeFi projects pretty soon – I’m a patriot and I live in the BCH blockchain now, so I’m going to go full-on with these projects.
What about you? Are you as excited as I am with SmartBCH and the new developments the BCH Ecosystem is having?
Are you planning on participating in the project or did you help fund it?
This is all for today, make sure to subscribe to my blog here for more daily content (felt like plugging this line as all pros do).
Cheers!
New Signature as Requested:
Here are the signatures for the Bitcoin Cash Hub(0cd1) community as people requested - Or just one, because I forgot the other person who requested.
If you were the one I forgot about, please let me know and I'm sorry in advance, can't find your comment asking me for it anymore:
Finally, if you want to sub the Bitcoin Cash Hub account, it is @BitcoinCashHub
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