Good radiance for smartBCH chain

The SmartBCH chain is about to see some ray of sunshine after a long period of uncertainty over the locked bridge by Coinflex.

This morning Coinflex reported that it had reached an agreement with the smartBCH representative and stakeholders on a workable solution to reopen the smartBCH chain bridge. This is good radiance for the smartBCH chain and community which will see the revival of the chain soon.

This agreement contains a structure that would allow for the smooth running of the smartBCH project and offers the community tangible benefits for cooperation on a path to move the chain forward in an integrated way.

After a difficult period that included a lot of disagreements and worries, the Coinflex partnership with smartBCH reached a milestone that is favorable to both sides. The agreement when in effect would allow the smartBCH alliance to take over the responsibility of the smartBCH bridge. Although this agreement is subject to the approval of the Coinflex reorganization in Seychelles, it does show a positive path forward for the smartBCH project.

What this means is that Coinflex will be giving the bridge key to the smartBCH alliance for custody. This will enable them to use their own BCH to provide liquidity for the bridge to return the peg of sBCH to BCH at 1:1.

In that sense, the smartBCH alliance have full control of the bridge and act as a creditor for all sBCH exchange of the smartBCH chain. In this way, they will take responsibility for the amount of BCH expended in the discharge of the bridge activities.

The alliance also represents the bail-out plan put together by the smartBCH team leader, a plan to bail out the smartBCH chain with individual combined funding called the BODAO. Members of the BODAO, therefore, take responsibility for the funding of the smartBCH bridge operations. The amount of the contribution depends on the amount of their assets and risk. This was a part of what the smartBCH team published some time ago.

It is expected that the BODAO will get back their contribution when Coinflex returns the bridge funds in her custody. Although this is not started in the new Coinflex announcement, the agreement to allow the smartBCH alliance to take over responsibility for the funding of the smartBCH chain bridge provides an enabling environment for the BODAO to start collecting assets and participating.

With the BODAO in place, smartBCH chain activities should continue in their path to establishing itself as a different, open, self-sufficient, and self-sustaining market infrastructure on top of the BCH chain.

This is a great sign of relief for the smartBCH chain and good news to the community at large. It is good to see that the community can cooperate in maintaining and improving the SmartBCH chain. The community should now take advantage of this shared responsibility to work together and press ahead with the development and operation of the SmartBCH chain.

The next steps will be up to the community to solve them and lay the groundwork for the SmartBCH Alliance to press ahead with more permanent solutions for the smartBCH bridge services and improved smartBCH chain infrastructure.

The smartBCH community is now only waiting for the bridge to be transferred from coinflex subject to her reorganization proposal approval.

And after that, both the smartBCH alliance and the smartBCH team will decide the next steps of the smartBCH development and the future of the chain's bridge.

This is a good radiance for the smartBCH chain and the community as a whole and we hope to see more in the coming months.