The Bailout plan for SmartBCH is a significant relief for users

It is no news that the smartBCH community has been in an odd situation that requires urgent intervention. The centralized bridge in the custody of CoinFLEX has been locked for some days now. As a result, the smartBCH native token on the side chain "sBCH", is no longer 1:1 rate to BCH on the main chain as a result of low liquidity.

Coinflex has been the custodian of the decentralized bridge between the main chain and side chain from the very launch of smartBCH. This was done pending the time smartBCH developers will develop, a centralized bridge usually referred to as SHA-GATE. The custodian of the cross-chain BCH/sBCH bridge was in the care of CoinFLEX. When users of smartBCH bridges sBCH through the bridge, they reclaim their main chain BCH from CoinFLEX. This has been the mechanism until the present mess by CoinFLEX which led to the locking of the bridge.

Before the bridge lock, there was 101,382.3 BCH in the smartBCH treasury wallet address on the Bitcoin Cash main chain which enables the smooth running of the smartBCH economy. For smartBCH to get back running as usual and for users to be able to exit and back into smartBCH, this BCH value in the smartBCH treasury wallet presently held by ConFLEX as a result of its financial issues will need to be raised to provide a backing for sBCH and serves the users on the main chain and the side chain while doing business.

While the community is waiting for CoinFLEX to resolve its financial crisis, an emergency Bailout bridge for SmartBCH is been discussed by a developers' team of smartBCH to establish a mechanism to allow the exiting of sBCH from the side chain to the main chain on a 1:1 ratio. The Bailout plan is in line with the desire of the smartBCH community to not deprive the BCH holders of the full value of their assets.

To do this, a group of BCH enthusiasts known as BODAO is planning on launching "The Bail-Out DAO" (BODAO) governance token to give smartBCH users a 1:1 escape option to the main chain, BODAO will boost BCH. BODAO will own a claim to all 101,382.3 BCH on the treasury address once it has successfully acquired 101,382.3 sBCH in total. The BODAO will take all necessary steps to recover these BCH, including raising an additional 101,382.3 sBCH to utilize as financial backing in a lawsuit against Coinflex, its founders, and directors.

Several BCH whales have expressed interest in helping to make the BODAO bailout a success, and developers and BCH enthusiasts, led by Kui Wang, the head lead developer of smartBCH, are working assiduously on the details. This indicates that smartBCH will soon have a temporary centralized bridge connecting the main chain and the side chain, allowing users to leave the side chain and access the main chain using BODAO's liquidity.

This is a great relief to all smartBCH users who are stranded in the current mess by CoinFLEX, and many feel that this is a silver lining in an otherwise dark cloud. While it is difficult to see how this will turn out in the end, the current mess has provided an opportunity for the smartBCH community to rapidly accelerate its development, especially that of the SHA-GATE.

BODAO invites everyone to join the movement to revive smartBCH and to defend BCH in the process. Anyone who can contribute to the development and successful implementation of the BODOA idea is encouraged to join the initiative. In whatever capacity you can, be a developer, a blockchain crypto lawyer, or a BCH whale, you are invited to join the team. If you know the smartBCH network and blockchain ecosystem, you are very welcome to contribute ideas and opinions. If you are currently a stakeholder of Coinflex, you may like to apply to join the group for their legal assistance in their legal challenge against CoinFLEX.

Although the BCH price is currently going down, users of smartBCH projects and investors can now have rest of mind that if the COINFLEX circumstances do not improve soonest, BODAO will be able to support the smartBCH chain and ensure its smooth running.

For more details about the "Bailout plan" BODOA, please check the article written by smartBCH team from the link