New Horizons For Bitcoin Cash and smartBCH

The recent upgrade of the Bitcoin Cash network is infrastructure-oriented.

To the user, there is no noticeable difference. The upgrade will serve organizations operating on top of Bitcoin Cash, enhancing the blockchain smart contract, tokenization, and prediction markets capabilities.

The two changes with this upgrade are:

• Native Introspection Opcodes &

• Bigger Script Integers

General Protocols describes the technical benefits of these tools here:

"AnyHedge Case Study: The Positive Impact of Native Introspection and Better Math".

For builders on top of Bitcoin Cash, the upgrade produces practical solutions in the smart contract capabilities of the network. The modifications will also enable the smartBCH SHA-Gate bridge (a decentralized smartBCH bridge to Ethereum).

Bitcoin Cash is a robust decentralized blockchain delivering P2P Electronic Cash for payments, but money doesn't end just in payments.

Cash Is Not Just A Payments Instrument

(source)

Ethereum demonstrated that payments alone are not the only approach cryptocurrencies should maintain. Digital decentralized money can evolve into all sectors of the legacy financial system and expand them further in the modern age.

However, Ethereum scalability issues are comparable to the BTC blockchain. Ethereum doesn't scale up to satisfy increased demand. It carries limitations, with fees rising astronomically even when the network usage barely increases.

Ethereum is not a practical solution to compete with the financial establishment at this point and for the years to follow.

Decentralized Finance is a tool with a real-life application, although it hasn't expanded beyond the digital field yet. Smart contracts offer solutions beyond the financial spectrum, and even NFT protocols have a vast utility to deliver outside of the artistic interpretation that is currently prevalent.

In payment terms, Bitcoin Cash has a strategic advantage when compared to any other blockchain network. What remains is the mass adoption of Bitcoin Cash as means of exchange.

Still, the public has not embraced cryptocurrencies as a means of exchange.

For multiple reasons adoption of Bitcoin Cash as a payment mechanism is not proceeding rapidly.

The volatility of prices and the inability of Bitcoin Cash to achieve and sustain a higher valuation is a concern the public will always mention.

Fiat currencies are still dominant, and government decisions present threats to cryptocurrencies.

To secure advantages and counter threats a product explores opportunities analyzes threats, and identifies weaknesses. Smart contracts offer such an opportunity.

Money represents the transfer of value, yet it is not confined only to a physical interpretation of paying to buy a coffee or groceries.

The digital (online) economy will vastly differ. E-commerce is rising, and a virtual economy (the Metaverse) is under development. Certainly, it can take twenty years for cyberpunk literature to materialize and reach mass adoption, but the visionaries form its structure today.

Economies will transform and become more globalized, interconnected, and sustainable. The most versatile and robust networks will achieve recognition.

Bitcoin Cash innovates and sustains a state-of-the-art network ready to adapt to challenges and achieve global adoption.

The crypto industry discovered an opportunity to expand into a new field of finance. Nonetheless, greed overwhelmed the DeFi sector as questionable stablecoins inflated prices of multiple crypto-assets (predominantly ERC20 tokens) that probably would have been ignored outside of DeFi and DEXs.

Ethereum is the prevailing protocol, so multiple "Ethereum killer" apps emerged, and Venture Capital funds invested billions in some of them.

Besides the EVM compatible networks using Solidity or Python, some blockchains utilized smart contract capabilities with different code (Waves with Rust, EOS uses C++). Terra Luna was another VC-funded project with smart contracts built on Rust.

The most popular EVM compatible smart contract networks as BSC, Polygon, Solana, Tron, and Avalanche are losing ground lately, as the funds backing them are slowly taking profits reducing their exposure.

Moreover, most of these networks were proven to be over-hyped in their capabilities by the mainstream and crypto media, while in fact, their weaknesses were obvious in handling mass traffic and securing the networks from DDoS attacks.

As users were trying to use all the aforementioned networks, they found inoperable blockchains, transactions irrationally stuck, unreliability, and centralized interventions.

Solana was taken down multiple times in the last few months alone. Polygon, which presented a robust alternative to Ethereum, massively failed as transactions are often pending for hours, and fees increased similarly.

The billions of dollars of VCs funding in centralized networks was a highly speculative activity increasing the power of a stakeholder in dictating changes and procedures, something rather difficult to proceed with decentralized networks.

The recent Bitcoin Cash upgrade brings multiplying benefits to everyone building on top of the blockchain. PMv3 and Cashtokens are some interesting examples of what we should be expecting in the future from Bitcoin Cash developments.

For smartBCH, the upgrade secures a better approach to the deployment of the decentralized bridge SHA-Gate.

In Conclusion

Rectification of the Ethereum fees situation can take up to five years, maybe even more. Sharding is a scalability solution, but until Ethereum successfully integrates it, the landscape in crypto will probably be considerably different.

SmartBCH offers a practical solution, as an EVM-compatible network with high throughput and soon interoperable with Ethereum after the launch of the SHA-Gate bridge.

The smartBCH network had no issues other EVM compatible networks suffered from, was never shut down by attacks or taken down by the developers, and does not contain VCs dictating developments.

With the decentralized bridge, users of Ethereum and SmartBCH will be able to transfer funds and smart contracts and utilize the benefits of each network, without the requirement of trusted third parties.

Practically, with the smartBCH bridge, smartBCH becomes an immediate solution for developments on Ethereum that may even face viability challenges today with the Ethereum fees.

SmartBCH has a rather strong userbase that can support platforms that so far failed to meet the developers' expectations due to the lacklustre performance of the Ethereum blockchain.

• Cover Photo: by " JuergenPM" on  Pixabay

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