SmartBCH: Exploring an exciting, more decentralized alternative to the Ethereum blockchain
Smart contracts are a fundamental part of crypto, especially in the world of decentralized money (DeFi). They fit perfectly with crypto puzzles because they are untrustworthy, autonomous, decentralized, temperproof and transparent. For those unfamiliar, a smart contract is a piece of code that automatically executes instructions. These instructions are verified in the blockchain where they are permanently located.
Smart contracts were first introduced long before crypto by computer scientist Nick Sajabor in 1994; However, their real-world use was mainly popularized by Ethereum. In a side note, Szabo was also responsible for theorizing a digital asset known as Bit Gold in 1998, the predecessor of Bitcoin. Since then, other popular smart deals such as Solana, EOS, Polkadot, and Binance have emerged as competitors to the smart chain Ethereum, all with distinctive features.
However, after a few years of development, a new Smart Deal scene has emerged: Smart #Bitcoin Cash.
Smart Bitcoin Cash, or #SmartBCH, has recently gone live to provide "a decentralized, high-throughput, low-cost and easy-to-use infrastructure for cryptocurrency," according to the SmartBCH White Paper. In short, the developers believe that SmartBCH will offer the same benefits as ETH 2.0 in a very short time.
To understand the cause of SmartBCH, let us first understand some of the issues related to Ethereum network components and blockchain.
A major problem among users of the Etherium blockchain experience is the high gas fees, which discourages the average user from participating in various decentralized applications (dApps).
Problems running forward
Etherium has low throughput, which means that a small number of transactions can go through the on-chain. This allows miners to choose block orders in the blockchain and users have to wait a long time if they do not want to pay higher gas fees. Users have reported that they have experienced significant delays that require them to wait a few hours to process transactions.
The process by which miners prioritize blocks with maximum gas fees for extra profits is called front-running. With such high fees, it only makes sense for wealthy individuals or organizations to participate in the defiance activity, which shifts the dynamics of the Etherium network to a more "whale" dominated ecosystem. When you use a decentralized exchange (DEX), it is common to see gas fees between -3 200-300. This process goes against the ideological basis of crypto, which was designed to decentralize with less barriers to entry.
SmartBCH tries to solve this problem of high transaction cost in two ways. The first is that SmartBCH is using a very high throughput in the blockchain to reduce transaction time and allow large amounts of data to pass through the transaction quickly.
SmartBCH aims to reduce transaction fees by rearranging transactions in a "pseudorandom" way to further complicate the priority process. The goal here is to prevent verifiers from moving forward-facing blocks.