Why smartBCH is the best DEFI chain
Most people have heard of Ethereum as the major Defi go-to chain due to several Decentralized protocols and platforms built on top of the chain. Most are very familiar with the Binance smart chain, a second-layer Defi chain on the Ethereum network that is actively being used by a ton of users all over the world, and assumed there is no other Defi chain to compare it with. This is where they are wrong, there is another Defi chain out there that is far better and superior to any Defi chain existing.
Today I'd want to introduce you to the greatest Defi chain, which combines the best features of both Bitcoin and Ethereum. The Defi chain I want to talk about is smartBCH, a decentralized network chain built on top of the Bitcoin Cash chain. smartBCH is a Defi chain built to be smarter and more flexible than both Bitcoin and Ethereum in terms of implementation of smart contracts, proof of stake protocols, and a multitude of other applications that could take advantage of the fork-free design of smartBCH.
The problem with both Bitcoin and Ethereum chains is that of self-injury, a problem emanating from their own success. Both Bitcoin chain and Ethereum are today suffering from the effects of their own success. Both chains, especially Ethereum, have grown so huge and have such a vast user base that transaction costs have become unaffordable, the same problem that made Ethereum start its own blockchain in the first place.
In case you do not know, Ethereum was Original proposed to be built and run on top of the Bitcoin blockchain, but the limit block size of the Bitcoin chain which is a 1 MB limit made this unviable and non-feasible. Ethereum took the opportunity to start its own blockchain, a fork that has slowly evolved to what is now known as the ETH chain. However, to solve the block size limit problem and enhance transaction speed and cost, the Bitcoin Cash chain was created in a hard fork from the Bitcoin chain in August 2017.
From then on, the Bitcoin Cash chain has implemented several more and more sophisticated features. And in August 2021 a decentralized chain called smartBCH was born. A chain that combined the characteristics and properties of both Bitcoin and Ethereum. This, therefore, shows that the original idea of Ethereum to be built on top of the Bitcoin blockchain was not flawed after all. smartBCH is a combination of the best properties of Bitcoin which is found in Bitcoin Cash with the best of Ethereum as a side chain built on top of the Bitcoin Cash blockchain.
This technology that runs smartBCH is regarded as Ethereum Virtual Machine, EVM, a software that operates with the same programing language as Ethereum, though with minor changes. The major difference between Ethereum and SmartBCH is that smartBCH was born and implemented independently. The foundation for smartBCH has been laid down during the development of the EVM. That is the ability to create an entirely new blockchain by writing a new program and then linking it to another blockchain, without creating a new version of its blockchain.
Combining the scalability of Bitcoin Cash and the technology of the Ethereum software, smartBCH, therefore, solves the problem of higher gas fees, and transaction congestion associated with the use of Ethereum Defi protocols. With smartBCH, users have the opportunity to access the decentralized finance platforms with little cost and convenience, while the technology supporting it has made it secure and more advanced than the Ethereum blockchain. The SmartBCH developers have taken precautions to ensure the network's reliability, as it has no structural defects or weaknesses.
Furthermore, The network has been functioning well and without problems for about a year, so there is no downtime or centralized intervention by a third party, therefore the network is considered to be secured, safe, and beneficial for investors.
Some key features to know about the functionalities of smartBCH
Transaction on smartBCH only takes a few seconds, while the block time takes about 6 seconds.
Transaction fees are almost insignificant since they are very low and only cost between $0.02 to $0.10 at the highest depending on the requirements of the smart contract.
smartBCH is building a decentralized bridge called SHA-Gate to connect with Ethereum. This will allow users to interact with the two blockchains with ease as they intend to move funds from one blockchain to the other. This development will be the turning point for smartBCH and allows smartBCH to kick up speedily since the decentralized bridge network allows people from any blockchain to join and start investing and profiting on the projects of their choice.
At the time of writing, over, the total value locked TVL on the smartBCH network protocol exceeds more than 100,000 BCH already. Interestingly, smartBCH does not have its own native coin, Bitcoin Cash BCH is the main coin used for fees and interactions with smart contracts. Furthermore, half of all fees collected are destroyed, i.e. transferred to an address to which no one has access, reducing the number of coins in circulation and so aiding price stability. The validators/miners receive the other half of the fees for securing the network.
Here are a few more SmartBCH-based projects to look into:
Decentralized exchanges Dex
https://www.emberswap.com/index.html
https://tangoswap.cash/smart-swap
NFT projects
NFT marketplace
Coin's chart
Here you can find all projects on the smartBCH chain and their SEP20 tokens. Note, SEP20 tokens are the equivalent of ERC20 tokens on the Ethereum chain.
Article Contributor
smartBCH chain is combination of both chains ETH and BCH chain no doubt. I am waiting for SHA-Gate that will provide me an opportunity to overlap between two different projects.