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BCH explosion Is about to happen after SmartBCH debut
Those who are not aware of the Bitcoin Cash ecosystem and only pay attention to the price, may well 'wrongly' come to early conclusion that there isn't much development taking place.
Most are only seeing Bitcoin Cash in price appreciation aspect, but looking at the marketcap the currency has been holding over $10 Billion and compared to other forks (Bitcoin Satoshi Vision, BSV, or even the BCHA rebranded XEC) continues to be the best in terms of performance over the years in the market, meaning that it has a lot of importance as digital money in the market.
Bitcoin Cash since it's upgrade from Bitcoin Core mainnet (in 2017, becoming the coin in the Bitcoin whitepaper) has been building projects and the ecosystem developed a lot:
with tokens in SLP (simple ledger protocol) format, non-fugible tokens, enhanced network security with cashfusion to allow more private transactions. in the range of the most visible, but there is much more to be done for the development of the currency.
Bitcoin Cash still has room for innovation well also developments on the blockchain and can house almost everything inherent that enables man to save money, issue fast transactions and right now usinh DeFi services with smartBCH.
The side-chain is the latest big and successful development in the Bitcoin Cash field, was launched on July 30th, as an early gift to the entire community which on August 1st, celebrated Independence Day (the day the coin forked away from Bitcoin Core chain), opening a new challenge in the history of Bitcoin Cash ecosystem.
The launch of SmartBCH complete another page in Bitcoin Cash history also start a whole new journey in decentralized economy, representing the beginning of the stabilization of smart contracts in the Bitcoin Cash ecosystem. Also invite people from Bitcoin Cash community well also the crypto community to appreciate what's going on into the SmartBCH.
SmartBCH is exactly the beginning of the use of applications that are developing projects on the Ethereum network, forking them and be used on the Bitcoin Cash Smart network, with with 300x lower fees.
Bitcoin Cash is the native currency in SmartBCH according to the whitepaper found on the SmartBCH.org website and also the currency that will pay all movements on the side-chain.
SmartBCH is Initially working on a bridge managed by Coinflex (which is also the public vault to deposit and withdraw the currency to the SmartBCH well also back to mainnet), right now act in a semi-centralized way, which means serve as a repository of all Bitcoin Cash that will work on SmartBCH.
The Bitcoin Cash is locked and issued in SEP-20 format to be used in smartBCH, in short, all Bitcoin Cash that is in CoinFLEX custody has the same equivalence in SmartBCH in 1:1, if for example we have 22,201 locked in the wallet in the custody of the CoinFLEX platform then the same number must be issued in SEP-20 format.
It will be much easier to understand when CoinFLEX team launches its transparency page on the SmartBCH network, and thus be able to observe in Loco all units of Bitcoin Cash locked and issued on the smartBCH [public view wallet].
SmartBCH, as I mention above allow projects on the Ethereum network to be issued in Bitcoin Cash smart chain (SmartBCH), it will also work in deflation mode, part of the fees will be burned leverage the price in the market. The team behind the SmartBCH project highlights in their whitepaper that part of the fees will be also used as incentive for network validators.
Projects in decentralized finance, Dapps such as Exchanges DEXs will present their work and products in the Smart Bitcoin Cash chain and thus allow a greater number of entities to participate and obtain benefits from the use of the smart network.
SmartBCH is a catalyst for Bitcoin Cash as all the transaction, fees costs, creation of projects to interact with smart contracts on the side-chain will be fueled by Bitcoin Cash.
The announcement from CoinFLEX, enlighten how things will work between the SmartBCH side-chain, implementation of FlexUSD as the Smart Bitcoin Cash main stablecoin and much more.
SmartBCH is already fully operational [in near future comes the SHA-GATE and upgrade to perform better, reduce the actual fees of transactions] and after almost four months, it's starting to attract projects to continue their work also allow more people to be included in the SmartBCH because the use of the side-chain is cheap and allows even the less fortunate to be able to start their adventure in the DeFi world.
On this path, the first DEX exchange has started with their activities where users can swap, farm and stake coins on SmartBCH. Overall, the DEX is the best in terms of performance which also show confidence from investors and is the best in Total Value locked, accordingly with Defillama DeFi aggregator.
Right now on the SmartBCH side-chain there are more than 6 Dex Exchanges, Dapps, and almost 47 tokens created.
There is an investiment of more than 70,000 BCH locked on the SmartBCH with already burned almost 100 Bitcoin Cash coins on the smart Bitcoin Cash chain.
The ability to fork projects built on Ethereum network to smart Bitcoin Cash chain is a catalyst for all Bitcoin Cash ecosystem as in fact fees matter. Using Bitcoin Cash investors can easy invest on projects and anytime cash out their profits, not referring that even small or medium investors can place orders under $5 and be able to earn money doing that, which in Ethereum for example,
The SmartBCH chain is evolving each day and more projects will come along, also investors are start noting the chain as they can easily invest and anytime take out their money without have to face huge fees in transactions on the sidechain.
The side-chain may still be in its four months of creation but it can be clearly seen that there is a lot of acceptance by the community that has already invested more than 70,000 BCH on the Bitcoin Cash smart grid, and since its launch activity is only increasing by registering a movement of burning fees on more than 99 BCH.
As can seen, the investment made in SmartBCH by users is around more than $44 million worth in Bitcoin Cash, this alone being a sign of a lot of good things that have been expected.
I'm absolutely positive that in the coming days or months more projects will deploy their products on SmartBCH and start expanding across the smart grid,
The use of Bitcoin Cash in 'intelligent mode' a lot can change, its utility value will increase, as well as it will no longer only be a peer-to-peer electronic cash payment currency but will add an additional one, being an investment currency also in decentralized finances, Stake, farm, lending services, decentralized games, NFTs etc.
Bitcoin Cash is just starting in the world of smart contracts, but a lot of people are already bullish, after all a new story starts in the currency ecosystem!