SmartBCH: Unlocking The True Potential Of Bitcoin Cash
Bitcoin, as branding term, is still engraved in the mind of everyone as a "digital currency".
It did approach mass adoption as a method of exchange until about 2015. Wikileaks was the first popular website to adopt Bitcoin as payments, and later on, even Microsoft did the same.
Bitcoin stopped being a currency, though, with the blocksize debate marking the end of Bitcoin's currency features. Today, BTC relies upon hopes of complex mechanisms with centralization elements to succeed as a method of exchange. These are the Lightning and Liquid Networks.
LN probably will never be used on a massive scale, since it is not focused on serving the needs of the public, but just the needs and privileges of the BTC whales instead.
Bitcoin Cash is the solution for scaling Bitcoin and follows the concept of becoming P2P electronic cash for the world.
Not an elite of BTC whales, but a currency anyone with access to the Internet can use to transact and exit the legacy financial system that is based on trust.
The concept of sidechain networks is distorted today, and instead of heralding a new age of developments, we watch layer-2 networks being incapable of solving the issues of their main chains.
SmartBCH is the exception, being a sidechain that produces additional value, without aiming to fix layer-1 issues but to enhance the current possibilities instead and broaden the current horizons for Bitcoin Cash.
Layer-2 Network Differences
The Lightning Network is often resurfacing with renewed hype since 2014. This was when the LN development started, eight years ago.
LN has not reached wide adoption as many expected all these years. And Bitcoin-BTC in El Salvador already looks like yet another failure.
Second layers can’t be used to boost the scalability of a blockchain. Yet a sidechain can enhance the potential and expand into new horizons for the main chain.
Perhaps there are other use cases the LN and Liquid development teams are exploring since they probably figured out already the fallacy of using a sidechain to support scaling of the main one.
Bitcoin Core devs seem to be scared not to break Bitcoin by implementing new changes. Although, the decision to hinder scaling was detrimental to the core features of Bitcoin, to be used at a method for payments. Bitcoin Cash is the response of the community with the 2017 fork. BTC and BCH share both the same history and today express different views since BCH followed the whitepaper and the will of the early community. BTC on the other hand became a tool of speculation and a vague store of value for a small elite.
The Bitcoin Cash sidechain, SmartBCH, wasn't created to scale the main chain, since Bitcoin Cash is already a robust blockchain, offering cheap and instant transactions under a decentralized environment, with a high hash rate securing the network.
The smartBCH sidechain expands into the field of Ethereum smart contracts and brings a solution to the Ethereum scalability issues. ETH 2.0 may take a long time, perhaps 5 or even 10 years before sharding is finalized and implemented, yet the results are not guaranteed.
SmartBCH is a ready network today, offering high throughput and cost efficient approach that can attract multiple developers and investors.
In Conclusion
Bitcoin Cash scales and can advance to meet the demand for mass adoption as a digital currency.
SmartBCH unlocks new possibilities and expands into decentralized finance, with Ethereum bridges, compatibility, and support for smart contracts.
SmartBCH is the platform that brings more options available for Bitcoin Cash. The platform is maturing organically, with a growing total value locked in its protocol, developments, and increasing userbase.
Bitcoin Cash can now compete not just with the cryptocurrencies of the previous era (LTC, XRP, XLM, ZCash, etc.) but also with the modern smart contract platforms (Cardano, Polkadot, Solana, Luna, etc.).
It is technologically superior to most of the above networks, which either have not fully developed yet, or have core centralization and security issues (i.e. Solana).
Ethereum is similar to BTC lately, expensive to transact, does not address scalability issues, infested with high fees and congestion. Ethereum has plans to upgrade, yet as we have seen with prior developments, they may be delayed for years. Thus, many today consider that Ethereum 2.0 won’t be completed in just three years as the plan suggests, but may take a lot longer.
Polygon, another sidechain offering a scalability solution for Ethereum, seems to be also failing lately.
The requirement for a second layer to succeed is having a robust layer-1, thus smartBCH is already enriching the Bitcoin Cash ecosystem, with fresh developments and further potential.
Images:
DISCLAIMER: All material published in this content, is used for entertainment and educational purposes and falls within the guidelines of fair use. No copyright infringement intended. If you are, or represent, the copyright owner of material used in this article, and have an issue with the use of said material, please send an email. No financial advice intended.
Don't forget to Subscribe and Like if you enjoyed this article!
You are right about that. Very nyc message to se. Keep it up the good work. Best of luck