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BCH Growth will be massive with smartBCH side-chain
Those who are not aware of the Bitcoin Cash ecosystem and only pay attention exclusively to the price of the currency in the market may well 'wrongly' come to the conclusion that there is not much development taking place. But, those people are only seeing Bitcoin Cash in the unit asset price appreciation aspect, because if you look at the market cap the asset has been holding over $10B and compared to its 'direct' forks (Bitcoin Satoshi Vision, BSV, or even the BCHA rebranded XEC) continues to be the best in terms of performance in the market.
Bitcoin Cash has been on the market for just four years and during this period many projects were developed in the ecosystem, 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.
While the 'elder brother' currency has stopped in time, Bitcoin Cash still has room for innovation on the web and can house almost everything inherent that enables man to save money, issue quick transactions and now use decentralized finance services using smartBCH. The side-chain is the latest big thing in the field of Bitcoin Cash and was officially launched on July 30th, as an early gift to the entire community that on August 1st celebrated Independence Day, event which means the split between Bitcoin Cash (BCH) and BTC.
With this launch another page in Bitcoin Cash history was opened, representing the beginning of the stabilization of smart contracts in the Bitcoin Cash ecosystem and also inviting the curious eyes of many people in the crypto community. SmartBCH is exactly the beginning of the use of many applications that are developing projects on the Ethereum network, forking them and be used on the Bitcoin Cash Smart network.
Here the Bitcoin Cash currency will be 'native' according to the whitepaper found on the SmartBCH.org website and also the one that will pay all fees in it.
It will initially work on a bridge managed by Coinflex and in a semi-centralized way, which will serve as a repository of all Bitcoin Cash that will work on SmartBCH. The same Bitcoin Cash will be locked and issued in SEP-20 format to be used in smartBCH, in short, all Bitcoin Cash that is in CoinFLEX Custody will have 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 easier to understand when the CoinFLEX team launches its transparency page on the SmartBCH network, and thus be able to observe in Loco all units that must be issued on the smartBCH for being in custody [public view wallet].
SmartBCH, in addition to allowing many projects on the Ethereum network to be issued in Bitcoin Cash blockchain, it will also work in deflation mode, that is, part of your fees will be burned and with that leverage the price of the currency in the market. The team behind the SmartBCH project highlights in their whitepaper that part of the fees will be used as incentives 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.
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 and after almost a month, it is starting to attract projects to continue their work and also allow more people to be included in them 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 already started with its activities and users can swap, farm and stake coins launched on SmartBCH, the example of $CATS, which is already moving the side-chain just a few days after the its release.
In addition to $CATS, the platform also has the exchange currency $EBEN which will allow users to benefit from using the platform, such as voting on proposals to further develop the exchange ecosystem, it also has other currencies such as $Honk, $Spice , $WBCH etc, which can be traded on the benswap platform.
The side-chain may still be in its testing phase but it can be clearly seen that there is a lot of acceptance by the community that has already deposited more than 22,201 BCH on the Bitcoin Cash smart grid, and since its launch activity is only increasing by registering a burning fees on more than 1 BCH. As we can see, the investment made in SmartBCH by users is around more than $15 million, this alone being a sign of a lot of good things that have been expected.
I am absolutely sure that in the coming days more projects will deploy their products at SmartBCH and start expanding across the smart grid,
With 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, 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.